Cryptocurrency

Cryptocurrencies are intended as medium’s of exchange where ownership of a blockchain’s currency are recorded on a distributed ledger secured via cryptography. 

Bitcoin is generally considered to be the first cryptocurrency. It was the first network to organize it’s transactions in a series of block’s stored on a distributed ledger and secured using common cryptographic tools such as:

•  Encryption algorithms 
• Public-private key pairs
• Hash functions

Cryptocurrency networks are typically permissionless. Anyone can set up a wallet, deposit currency into it, and start transacting with other users. Transactions are then verified using the public/private key pair generated when the user set up their wallet.

Further Reading Cryptocurrency

Bitcoin: A Peer-to-Peer Electronic Cash System (White Paper)