Cryptocurrency, also called crypto, is a digital payment system that exists entirely online. Unlike traditional currencies printed by governments, crypto relies on cryptography for security and operates on a decentralized network called blockchain. Here's the gist in 200 words:
Digital Money: Think of it as virtual coins or tokens stored electronically. Popular examples include Bitcoin and Dogecoin.
Decentralized: No central bank controls it. Transactions are recorded on a public ledger (blockchain) accessible to everyone, eliminating the need for intermediaries like banks.
Secured by Cryptography: Complex algorithms protect transactions and prevent counterfeiting.
Unregulated: This can be both a benefit (freedom from government control) and a drawback (lack of stability and potential for scams).
Volatile: Crypto prices can fluctuate wildly, making them a risky but potentially rewarding investment.
Cryptocurrencies are still evolving, and their long-term impact remains to be seen.
