A cryptocurrency is a form of currency that you can not cash out from the ATM and hold in your hand. It only exists in digital form.
It is a fast-growing alternative to the paper money that is issued and controlled by governments (FIAT money).
You can use cryptocurrency the same way. Spend crypto by making purchases. Transfer it to another person. Exchange it for FIAT money. Use it for trading.
Your cryptocurrency will be securely held in your digital wallet. You can access and use this wallet from your mobile device or computer.
It is like your bank application that was likely installed on your smartphone. You already use it to pay your bills, make transfers or pay groceries.
Cryptocurrencies, tokens, and coins are issued on the blockchain networks. It is a digital database that holds records of all financial transactions.
Like a bookkeeping journal that can be used and shared within a large publicly accessible network at the same time.
These blockchain networks are decentralised and use cryptography to secure transactions. The Blockchain network verifies all transactions. If one person attempts to make a fraudulent transaction, the network will identify it. And this transaction will not be processed. It provides durable security.