From the course: AI in Fintech Essential Training

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What are cryptocurrencies?

What are cryptocurrencies?

From the course: AI in Fintech Essential Training

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What are cryptocurrencies?

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- [Instructor] Cryptocurrencies are a major area in FinTech. And so it's important that you understand them for the potential they represent for the future. Now to start with crypto currencies, as the name implies, are designed to act as a currency. On other words, they're supposed to be a medium of exchange to help facilitate commerce. Unlike traditional currencies, though, they're backed by a government or in the case of the EU when the Euro, a quasi government entity, there is no central authority, no central agency behind most of the cryptocurrencies out there. Moreover, most of these cryptocurrencies have no physical form. Instead, the coins themselves are just an alphanumeric sequence, which gets assigned to essentially an account, a digital wallet, and then that digital wallet is used to keep track of the transfer, the inflow and outflow of those cryptocurrencies. The nice thing about cryptocurrencies…

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