Cryptocurrency

Cryptocurrency, also known as digital currency or virtual currency, is a form of money that uses cryptography to protect it and make it hard to counterfeit. Cryptocurrencies, unlike traditional currencies issued and controlled by governments, operate on decentralized networks using blockchain technology.

This is a distributed ledger enforced through a network (nodes) of computers. Bitcoin was created in 2009. It is the most popular cryptocurrency. Other cryptocurrencies include Ethereum, Ripple, and Litecoin. Cryptocurrencies allow peer-to-peer payments without intermediaries such as banks. They offer benefits like lower transaction fees and greater privacy. They also present challenges such as regulatory scrutiny, volatility in prices, and concerns over security and illegal activity.