So, here is your answer:
Crypto:
Crypto refers to the practise of securing communication and information through encryption techniques. It involves using complex mathematical algorithms to encode data in such a way that it can only be accessed or understood by authorised parties. Cryptography plays a crucial role in ensuring the security and integrity of transactions and user information within cryptocurrencies.
Currency:
Currency serves as a universally accepted medium of exchange for conducting transactions involving goods and services. Traditional currencies, such as the US dollar or euro, are regulated and issued by central banks and governments. In contrast, cryptocurrencies are a form of digital or virtual currency that can be generated by individuals and employ cryptography to ensure transaction security and regulate the creation of new units. While cryptocurrencies aim to function as mediums of exchange similar to traditional currencies, their decentralized nature and cryptographic foundations set them apart.
By combining elements from the concepts of cryptography and currency, the term ‘cryptocurrency’ was coined to describe these digital assets. Cryptocurrencies leverage cryptographic techniques to secure transactions, verify the transfer of funds, and maintain the integrity of the overall system. The use of the word ‘currency’ emphasises their intended purpose as a medium of exchange in the digital realm, further distinguishing them from other types of digital assets or tokens.
