What Is Cryptocurrency And How Does It Work?



Cryptocurrency is decentralized digital money that is based on blockchain technology and secured by cryptography.

In the context of cryptocurrencies, blockchain is a digital ledger with access restricted to authorised users.

In 2008, a group of people developed the guiding principles behind Bitcoin, the first and dominant cryptocurrency on the market today.

The cryptocurrency industry is expected to reach $4.94 billion by 2030, growing at a compound annual growth rate of 12.8% since 2021.

As a concept, cryptocurrency operates outside of the banking system, employing many brands or types of coins, the most prominent of which being Bitcoin.

Bitcoin was the first widely recognised kind of cryptocurrency in the world.