Cryptocurrency is a digital asset designed to work as a medium of exchanges wherein individual coin ownership records are stored in a ledger existing in the form of a computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership.
It typically does not exist in physical form (like paper money) and is not issued by a central authority. Cryptocurrency typically uses decentralized control as opposed to centralized digital currency and central banking systems.
It is generally considered centralized when a cryptocurrency is minted or created before issuance or issued by a single issuer. However, when implemented with decentralized control, each cryptocurrency works through a distributed ledger technology, typically a blockchain, that serves as a public financial transaction database.