What is Cryptocurrency?
Cryptocurrency is a digital currency or internet money for which encryption techniques are used to regulate its use and generate its release. Unlike fiat currency — like US dollars, euros, rupees and yen —These are not regulated or controlled by any bank, government or centralized financial authorities. Instead, it relies on the power of the Internet to guarantee its value and confirm transactions. Users on a network verify every transaction, and those transactions then become a matter of public record. This prevents the same digital currency or coin from being spent twice by the same person.
The simplest explanation is that cryptocurrencies are a form of digital money which allow you to make purchases online. Unlike regular currencies, they only live online and aren’t backed or controlled by banks and governments.