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Cryptocurrencies are a medium of exchange and store of value like currencies; however, they have no physical or digital existence. Instead, cryptocurrencies are account amounts held in a digital ledger that can be transferred to other users. The term cryptocurrency is really a misnomer because there is no such thing as a cryptocurrency with an identification number such as token number “1234567.” In fact, none of the cryptocurrency coins have unique identifiers because a cryptocurrency is not actually a coin in the traditional definition of the term. Rather, each cryptocurrency account name is linked to a certain number of cryptographic accounting units, and these accounting units have been given the name cryptocurrency.

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Written by

Stefan Thume

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