What is a ‘Cryptocurrency’ – A cryptocurrency is a digital or virtual currency that uses cryptography for security. A cryptocurrency is difficult to counterfeit because of this security feature. A defining feature of a cryptocurrency, and arguably its most endearing allure, is its organic nature; it is not issued by any central authority, rendering it theoretically immune to government interference or manipulation.
Yesterday American financial services giant, Western Union, uploaded a video to their YouTube channel regarding cryptocurrency and blockchain technology. Western Union’s Global Money Transfer President