Cryptocurrencies are digital or virtual currencies that use cryptographic techniques for securing transactions and controlling the creation of new units. They are decentralized, meaning they are not controlled by any government or financial institution. The most well-known cryptocurrency is Bitcoin, which was created in 2009 by an individual or group of individuals under the pseudonym Satoshi Nakamoto.

Cryptocurrencies are designed to be a medium of exchange, a store of value, and a form of investment. They allow for peer-to-peer transactions without the need for intermediaries such as banks or financial institutions. Transactions are secured and verified by a decentralized network of computers, making them less susceptible to fraud and manipulation.

Cryptocurrencies are powered by blockchain technology, which is a distributed ledger system that records transactions in a secure and transparent manner. Each transaction is verified and added to the blockchain, creating a permanent and tamper-proof record.

There are thousands of cryptocurrencies in existence today, each with its unique features, purposes, and use cases. Some of the other prominent cryptocurrencies include Ethereum, Ripple, Litecoin, and Bitcoin Cash.