What is cryptocurrency?

The word ‘cryptocurrency’ has become ubiquitous and it seems everyone wants to know what it is. There is a budding cryptocurrency ecosystem in African countries (e.g. South Africa, Ghana, Nigeria, Uganda, Kenya and Zimbabwe), although it is usually associated with either a scam or Bitcoin. Globally, cryptocurrency is also regarded as an ‘hype or a bubble’ versus the ‘Future’.  What then is a cryptocurrency?   One must understand what money is in order to understand what cryptocurrency is. Money came about in response to the inefficiency in the barter system- the lack of transferability and divisibility of goods.  Unlike...

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