What Are Cryptocurrencies?

Cryptocurrencies are digital currencies that can be used for payment, exchange, or store value.

Since they are digital currencies, you can’t touch or carry cryptocurrencies like contemporary bills. Transactions also occur exclusively online.

 

Cryptocurrencies are decentralized, meaning that they aren’t backed or controlled by the government, the same way U.S dollars, for instance, are controlled.

Crypto transactions, such as buying, selling, or trading, are recorded in a permanent decentralized ledger, known as Blockchain.