Cryptocurrency is a digital or virtual currency that uses cryptography for security and operates independently of a central bank. It is based on decentralized, distributed ledger technology known as the blockchain, which records all transactions in a secure and transparent manner. Cryptocurrencies are not physical or tangible, and they exist only in digital form.
The most well-known and widely used cryptocurrency is Bitcoin, but there are now thousands of other cryptocurrencies available, each with its own unique characteristics and uses. Cryptocurrencies can be bought and sold on cryptocurrency exchanges or used to make purchases with merchants who accept them as payment.
Cryptocurrencies are not backed by any government or financial institution, and their value is determined by market demand and supply. The decentralized and transparent nature of cryptocurrencies has made them attractive to many people who value privacy, security, and freedom from government and financial institutions' control.