Cryptocurrency

Definition

Cryptocurrency is a digital or virtual form of currency that uses cryptography for security and operates on decentralized networks based on blockchain technology. Unlike traditional currencies issued by central banks, cryptocurrencies are typically not controlled by any single authority. Bitcoin, created in 2009, was the first cryptocurrency and remains the largest by market capitalization. Other major cryptocurrencies include Ethereum, Solana, and XRP. Cryptocurrencies can be used for payments, store of value, smart contracts, and decentralized applications. They are known for high volatility, with prices capable of moving 10-20% in a single day.