What is cryptocurrency? (Video)

What is cryptocurrency? If you are a member of the website https://odysee.com/ you probably know what cryptocurrency is, because, the platform is built on the concept of LBRY Credits. To find out more information please visit this link https://coinmarketcap.com/currencies/library-credit/

However; perhaps you have never heard of the word "cryptocurrency" or you may have heard of it and never looked into it.

To be as short and to the point as possible cryptocurrency is made up of two words. Cryptographic math and currency.

What does that mean? Well, here is an article that explains it easily or not, depending on your technical skills. However; you only need to read this sentence to understand it "Cryptography Mathematics – This refers to the use of mathematical techniques to encode plain text with hash functions and perform crypto-analysis to identify the original text from encrypted keys." The rest of the paper you can read at this link if you are interested https://privacycanada.net/mathematics/#:~:text=Cryptography%20Mathematics%20%E2%80%93%20This%20refers%20to,original%20text%20from%20encrypted%20keys.

Essentially, it does what alot of online programs do by encrypting the data. The difference is the data is broadcast to the entire internet as encrypted information. Since it is encrypted bad guys can see your data without understanding anything of it.

Example, here is the latest block on LBRY Block Explorer https://explorer.lbry.com/blocks/1000170

Do you understand what any of that means? No. Because it is all encrypted for everyone's privacy. However; all of that information is kept. All transactions are kept secure.

The best part is you don't have to fully understand the math behind it to use it. The developers have to understand that math to build the blockchain platforms but you the user luckily do not have to understand it fully to use it.

Finally what is currency? Definition of currency 1a: circulation as a medium of exchange b: general use, acceptance, or prevalence a story gaining currency c: the quality or state of being current : CURRENTNESS needed to check the accuracy and currency of the information 2a: something (such as coins, treasury notes, and banknotes) that is in circulation as a medium of exchange b: paper money in circulation c: a common article for bartering Furs were once used as currency. d: a medium of verbal or intellectual expression … neither side possessed any currency but clichés … — Jan Struther https://www.merriam-webster.com/dictionary/currency

Unlike government money, cryptocurrencies are an internet type of money. Anyone with an internet connection can join the community.