Cryptocurrencies are basically digital or virtual currencies that can be used for transactions between individuals, businesses or institutions. They are many different cryptocurrencies with Bitcoin being the most well-known.
Cryptocurrencies are usually decentralised meaning they are not controlled by any central authority or institution.
Some Key features of crypto
Blockchain Technology: Most cryptocurrencies use blockchain technology which can provide a ledger of all transactions. Powered by a network of computers (nodes) that also provides security to the network.
Digital wallets: Cryptocurrencies are held in digital wallets that can either be a software application or a hard device.
Pseudonymity: Users' identity is usually anonymous and not tied to their real-life identity.
Limited supply: Many of the cryptocurrencies out there today have a maximum supply.