Cryptocurrency explained.

Cryptocurrency

Cryptocurrency is a digital or virtual currency that uses cryptography for security and operates independently of a central bank or government. It is decentralized, meaning it is not controlled by any single entity and operates on a peer-to-peer network.

Cryptocurrencies use blockchain technology, which is a public ledger that records every transaction and is maintained by a network of computers around the world. Transactions are validated by network participants and recorded on the blockchain, which ensures that they are secure, transparent, and tamper-proof.

The most well-known cryptocurrency is Bitcoin, but there are now thousands of different cryptocurrencies, each with its unique features and uses. Cryptocurrencies can be bought and sold on various exchanges, and they can be used to purchase goods and services, to transfer funds between individuals, or as an investment asset. However, they are not widely accepted as a form of payment yet and their value can be volatile.