What is cryptocurrency?

Cryptocurrency is a digital or virtual currency that uses cryptography for security and operates independently of a central bank. Cryptocurrencies use decentralized technology known as blockchain, which is a distributed ledger that records all transactions and ensures that they cannot be altered.

One of the most well-known cryptocurrencies is Bitcoin, but there are many other cryptocurrencies in existence, including Ethereum, Litecoin, and Ripple. Cryptocurrencies can be bought and sold on cryptocurrency exchanges, and can also be used to purchase goods and services from merchants who accept them as payment.

Cryptocurrencies are often viewed as a revolutionary development in the world of finance, as they provide a way for people to transact directly with one another without the need for intermediaries such as banks. However, they also come with some risks, such as price volatility, security concerns, and regulatory uncertainty.