Cryptocurrencies are digital or virtual tokens that use cryptography to secure their transactions and to control the creation of new units. Cryptocurrencies are decentralized, meaning they are not subject to government or financial institution control.
The first cryptocurrency, Bitcoin, was created in 2009. Since then, thousands of other cryptocurrencies have been created. Cryptocurrencies are often traded on decentralized exchanges and can also be used to purchase goods or services.
Cryptocurrencies have the potential to disrupt the financial landscape. They are faster and cheaper to transact than traditional fiat currencies, and their decentralized nature makes them less subject to government regulation.
Cryptocurrencies are also becoming more widely accepted. In 2017, the Japanese government recognized Bitcoin as a legal form of payment, and major retailers such as Overstock and Microsoft began accepting Bitcoin as payment.
The use of cryptocurrencies is still in its early stages, and the full extent of their potential is not yet known. However, they have already begun to change the way we think about and use money.