A cryptocurrency is a digital currency built on blockchain technology, allowing users to transact in a virtual, decentralized, and cryptographically secure manner. It is a tradable digital asset that exists only in the virtual form and can be used for fast and cheap online transactions.
Users can buy cryptocurrencies on crypto exchanges and use them to purchase online goods and services for digital money transfer and investment purposes. The value of a cryptocurrency is not determined by a central authority such as a bank and rests entirely on its users and participants within the respective blockchain network.
