Cryptocurrency refers to a digital or virtual currencies that use cryptography for security and operate independently of a central authority, such as a government or a bank. The first cryptocurrency was Bitcoin that was created in 2008.
It introduced the concept of a decentralized digital currency based on a technology called blockchain. Bitcoin allows for peer-to-peer transactions without the need for intermediaries like banks, using a distributed ledger to record all transactions. It's known for its decentralized nature, limited supply (capped at 21 million coins), and the transparency provided by its blockchain technology.
Simply put, think about cryptocurrencies like a digital casino chip; it holds value within the digital world and it can:
