What is cryptocurrency?

Cryptocurrency is a type of digital or virtual currency that uses cryptography for security and operates independently of a central bank. It is based on blockchain technology, which is a decentralized ledger that records all transactions and allows for peertopeer transactions without the need for intermediaries like banks. Cryptocurrencies can be used to buy goods and services, as well as traded on cryptocurrency exchanges for traditional currencies like the US dollar or other cryptocurrencies. Some of the most wellknown cryptocurrencies include Bitcoin, Ethereum, and Litecoin.