Cryptocurrency is a form of virtual currency that is exchanged for specific goods and services and works through a revolutionary technology called blockchain. Blockchain stands for a decentralized system connected through computers that manages and records a host of transactions with utmost security.
Cryptocurrency works as payment for varied services. Many exchanges have issued their own currencies in the form of tokens to be traded specifically for different services, just like casino chips.
According to CoinMarketCap.com, at present, more than 10,000 cryptocurrencies are known to exist and are available for trading. Cryptocurrencies are now being offered through initial coin offerings, or ICOs and their value has risen to a staggering $1.6 trillion after it hovered around an all-time high of $2.2 trillion in April. Bitcoin, the largest cryptocurrency in terms of volume and value is worth $740 billion after achieving an unbelievable high of $1.2 trillion.
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