Cryptocurrency is a type of digital or virtual money. Unlike paper money , digital currency does not have physical equivalence stored in the form of cash or gold.
It serves as ordinary money, such as dollars, pounds, euros, yen, etc. But it has no physical counterparts like banknotes or coins that can be carried around, the cryptocurrency exists only in electronic form.
Like regular cash, digital currencies are accepted as a means of payment and can be used to purchase goods and services. They can be transferred between accounts, and they can also be exchanged for cash.
Unlike legal means of payment, which includes most paper money , digital currency does not have physical equivalence stored in the form of cash or gold.
Cryptocurrencies are a type of digital currency. They have arisen to address the problems of centralization, confidentiality and security problems associated with conventional digital currencies.
The principle of decentralization is used in cryptocurrencies. This means that transactions made by cryptocurrency owners are not controlled and not regulated by financial authorities. Because cryptocurrencies use cryptography, they offer a robust security system that is hard to crack.