Or put more simply, cryptocurrency is electricity converted into lines of code, which have a real monetary value. All cryptocurrencies exist as encrypted decentralized monetary units, freely transferable between network participants. Two words-“cryptography” and “currency”-combine to form “cryptocurrency,” which is electronic money, based on the principles of complex mathematical encryption.

Today, people all over the world use cryptocurrencies to buy things, sell things, and make investments.

You may be familiar with names like Ethereum or Dogecoin, for instance. Bitcoin’s success inspired dozens of other cryptocurrencies that operate in more or less the same way. One of the earliest, most successful forms of cryptocurrency, Bitcoin, came out in 2009, and gained mainstream recognition in the years following. They were created as an alternative to traditional money, and gained popularity for their forward-looking design, growth potential, and anonymity. What are cryptocurrencies?Ĭryptocurrencies are forms of digital money that exist only in the online world, with no actual physical form. To understand the mechanics of the threat and how to protect yourself against it, let’s begin with a bit of background. Like most other malicious attacks on the computing public, the motive is profit, but unlike many threats, it’s designed to stay completely hidden from the user. Malicious cryptominers often come through web browser downloads or rogue mobile apps. Cryptojacking can compromise all kinds of devices, including desktops, laptops, smartphones, and even network servers. Cryptojacking (also called malicious cryptomining) is an online threat that hides on a computer or mobile device and uses the machine’s resources to “mine” forms of online currency known as cryptocurrencies.

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