What are cryptoassets?

Cryptoassets (also known as cryptocurrencies) were originally intended to function as a type of electronic cash. They use secure technology to record who owns what and for making payments between users. They only exist electronically and use a type of technology that enables the sharing and updating of records in a distributed and decentralised way (distributed ledger technology) so that there is no central bank or government to manage the system. A cryptoasset is secured using very complex cryptography and individuals will have a private key (or code) to enable them to access their cryptoasset.

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