What Is Cryptocurrency??
Cryptocurrency is formed from two words - “crypto” (data encryption) and “currency” (medium of exchange). Thus, a cryptocurrency is a medium of exchange (like ordinary money) that exists in the digital world and uses encryption that ensures the security of transactions. Cryptocurrency is an alternative form of payment in cash and credit cards.
In simple terms, cryptocurrency is a type of digital or virtual money. It serves as ordinary money, such as dollars, pounds, euros, yen, etc. But it has no physical counterparts — banknotes or coins that can be carried around, that is, the cryptocurrency exists only in electronic form.
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