A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a digital.
It typically does not exist in physical form (like paper money) and is typically not issued by a central authority.
Some cryptocurrencies use decentralized control as opposed to centralized digital currency and central banking systems.
When a cryptocurrency is minted or created prior to issuance or held on a centralized exchange, it is generally considered centralized.
When implemented with decentralized control, each cryptocurrency works through distributed ledger technology, typically a blockchain, that serves as a public financial transaction database.