Crypto Basics

Cryptocurrency is a digital or virtual currency that uses cryptography for security and operates independently of a central bank or government. Cryptocurrencies are decentralized, meaning they are not controlled by any single entity or organization.

The most popular and well-known cryptocurrency is Bitcoin, which was created in 2009. Since then, thousands of other cryptocurrencies have been created, each with their own unique features and functions.

Cryptocurrencies are typically created through a process called mining, where individuals or groups use powerful computers to solve complex mathematical problems that verify and record transactions on a blockchain, which is a public ledger that records all cryptocurrency transactions.

Cryptocurrencies can be bought and sold on cryptocurrency exchanges, where their value fluctuates based on supply and demand. Some people use cryptocurrencies as a store of value or a means of investment, while others use them as a way to make purchases or transfer funds without the need for a traditional financial institution.