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In some instances, the term &lsquo;currency crisis&rsquo; may be used interchangeably with &lsquo;financial crisis&rsquo;.</p>\n<p>A speculative attack occurs in foreign exchange markets when a currency that is trying to maintain a <strong>pegged exchange rate</strong> is suddenly attacked by speculators. A shortage of foreign currency reserves to purchase enough domestic currency can lead to the pegged value dropping significantly.</p>\n<p>If a currency is devalued, people influenced by the situation may <strong>panic-sell it</strong> at rates that are far lower than acceptable. This leads to further depreciation of the currency.</p>\n<p>Currency crises cause significant damage to small-scale open economies or less stable countries. Governments have to take the responsibility for <strong>fending off speculative attacks</strong>. In this case, the currency reserves or foreign reserves must meet the excess demand for the currency experiencing the crisis.</p>\n<p>There are numerous causes for currency crises. Some of the most prominent are <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-inflation/">inflation, <strong>credit unbalancing</strong>, debt rise, and political troubles. The high <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-volatility/">volatility of currency exchange rates in the national economy can also influence a currency crisis.</p>\n<p>There have been several instances of <strong>financial crises</strong> throughout history, including:</p>\n<ul>\n<li>The Great Depression (1929-1939) &ndash; following the Wall Street crash in 1929, a financial crisis started, leading to unemployment levels of 25%;</li>\n<li>The 1997 Asian Crisis &ndash; caused by speculative capital flows, it led to massive credit and debt accumulation in Thailand, later affecting all of East Asia;</li>\n<li>The 2007-08 Global Financial Crisis &ndash; the first global-scale financial crisis of the 21st century that is considered to be one of the worst economic crashes in history. It started in the US after the investment bank Lehman Brothers declared bankruptcy.</li>\n</ul>\n<p><a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-bitcoin-btc/">Bitcoin (BTC)</strong></a>, the world&rsquo;s first <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-cryptocurrency/">cryptocurrency, was founded in November 2008 and officially launched in January 2009. It was created by an unknown entity going by the pseudonym <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/who-is-satoshi-nakamoto/">Satoshi Nakamoto</strong></a>. The goal was to create a fully <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-decentralization/">decentralized digital currency that would not be controlled by central banks.</p>\n<p>In 2010, the value of one BTC was below a dollar. In November 2021, over a decade since its inception, <strong>Bitcoin reached its peak at around $69,000 per coin</strong>. It is considered to be the biggest cryptocurrency in the world by <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-market-capitalization-market-cap-mcap/">market capitalization</strong></a>.</p>\n<p>Although, unlike <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-fiat/">fiat money</strong></a>&nbsp;which is more prone to currency crises, cryptocurrencies are <strong>decentralized and highly volatile</strong>. However, the volatility of crypto makes some investors feel wary.</p>","level":"medium","meta_title":"What is Currency Crisis? Definition & Meaning | Crypto Wiki","meta_description":"Currency Crisis meaning: Currency Crisis - a financial emergency event caused by the fiat currency of a state losing its value, leading to reduced investments in the state’s assets.","meta_keywords":null,"language":"en","created_at":"2022-03-01T09:20:28.000000Z","updated_at":"2022-05-13T14:32:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-currency-crisis"},"prevSection":{"id":223,"original_id":null,"author_id":41,"translator_id":null,"title":"What is Cryptographic Hash Function?","slug":"what-is-cryptographic-hash-function","section":"C","keyword":"Cryptographic Hash Function","status":"published","definition":"an algorithm that produces fixed-size hash values from variable-size transaction inputs.","content":"<p>A <strong>cryptographic hash function</strong> is an algorithm used to take an arbitrary transaction input of a variable size and transform it into a fixed-size value, known as a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-hash/">hash.

/n

A simple example of how hash functions work is to <strong>add up the digits of a multi-digit number until a single-digit output is reached</strong>. If the input is 173, adding up 1, 7, and 3 is <strong>11</strong>. The sum of adding 1 and 1 is 2, which is the final output. The output <strong>always has to be a</strong> single-digit, no matter how long the input number is digits-wise.</p>\n<p>Hash functions have several typical characteristics:</p>\n<ul>\n<li>Calculating the output for any given input has to be easy. However, it must be <strong>nearly impossible to reverse the process</strong>;</li>\n<li>Determinism &ndash; if a specific input is given to the algorithm, the same output must always be produced;</li>\n<li>Collision resistance &ndash; it should be very unlikely for two different inputs to produce an identical output;</li>\n<li>Avalanche effect &ndash; changing a single bit of the input data should create a completely different output.</li>\n</ul>\n<p>Hash functions can be utilized for various situations, like randomizing functions. They can also be <strong>applied as checksums for the integrity verification of computer files</strong> after their transmission of prolonged storage.</p>\n<p>Hash functions serve a vital role in <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-mining/">cryptocurrency mining</strong></a> via the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-proof-of-work-pow/">Proof of Work (PoW)</strong></a> consensus algorithm. <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-bitcoin-btc/">Bitcoin (BTC)</strong></a>, one of the PoW-mined cryptocurrencies, relies on the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-sha-256/">SHA-256 <strong>hash function</strong></strong></a>. Miners working on adding a new <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-block/">block to the chain need to produce a target &ndash; a hash value below a specific threshold. A successful outcome yields them rewards.</p>\n<p>Hashes are <strong>pseudorandom</strong>, meaning that they are deterministic. It is impossible to predict the output of an input of any value before it has been run through the hash function. This mechanic means that miners cannot generate new Bitcoin blocks randomly and their <strong>proof of work must be verified</strong>.</p>","level":"medium","meta_title":"What is Cryptographic Hash Function? Definition & Meaning | Crypto Wiki","meta_description":"Cryptographic Hash Function meaning: Cryptographic Hash Function - an algorithm that produces fixed-size hash values from variable-size transaction inputs.","meta_keywords":null,"language":"en","created_at":"2022-03-01T09:01:18.000000Z","updated_at":"2022-05-13T14:32:23.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-cryptographic-hash-function"},"currentChapter":"C","currentSection":"what-is-currency","chapterTitle":"C","readingLevel":"easy"},"url":"/crypto/learn/crypto-terms/what-is-currency","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0">

Handbook Cover Page
Crypto Terms: Letter C

What is Currency?

Currency MEANING:
Currency - a financial medium of exchange that is used to define value.
Easy
1 minute

Let's find out Currency meaning, definition in crypto, what is Currency, and all other detailed facts.

Currency is an exchange medium. It’s used to define value by referencing a specific geographical location whose authorities are responsible for its maintenance. A currency is defined as monetary assets, either physical or digital, that are in circulation or used for exchange. It can also be defined as the money system used by people in a certain nation.

Physical currency usually takes the form of paper or coin money and is used for business procedures. For example, the US uses dollar bills, quarter, nickel, dime, and penny coins, while some European Union nations use the euro banknotes and euro coins of varying values.

Currency can act as a nation or a union’s monetary system, as well as a medium of exchange. In the crypto space, currencies can be categorized into two groups – cryptocurrencies and fiat currencies.

Cryptocurrencies

Cryptocurrencies are digital currencies. They are developed using blockchain technology, and their security measures are reinforced by cryptographic tools. It is nearly impossible to create counterfeit cryptocurrencies.

The blockchain technology used in crypto development is decentralized. Blockchain acts as a distributed ledger that is supported by a network of computer nodes scattered around the world.

Fiat Currencies

Fiat currencies, or fiat money, are government-issued currencies that are usually physical and are not backed by other commodities. Fiat currencies typically act as legal tender and are centralized, as is the case for EUR, GBP, and USD, among others. Central banks that regulate the amount of printed money have a significant influence on the overall economy.
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