https://commons.wikimedia.org/wiki/File:Cryptocurrency_logos.jpg
Cryptocurrency shares the fundamental definition of all forms of money: it is a medium of exchange, a measure of value, and a store of value. What sets it apart from fiat currency, though, is the following:
It has no physical form and exists solely as a digital bit of data.
It is not issued by a government entity.
It is completely decentralized and clears transactions through network consensus rather than through the authorization of a central bank.
Transactions cannot be reversed or charged back as is the case for those cleared by banks.
Beginning with Bitcoin
Though there had been some plans for a system of digital currency set out in the late 20th century, for the early part of the 21st century, the Bitcoin system and its currency unit, bitcoin or BTC was synonymous with cryptocurrency.
In October 2008, the name Satoshi Nakamoto appeared on the paper, Bitcoin: A Peer-to-Peer Electronic Cash System, which explained how the setup of blockchain technology was used in the cryptocurrency.
A blockchain is a decentralized ledger that allows a peer-to-peer network to obtain confirmation of transactions without waiting on a central clearing authority.
Read more in The Differences Between the Top 3 Cryptocurrencies
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