Cryptocurrencies are a subset of digital currencies that may also be called virtual currencies. In simple terms, a cryptocurrency is money that exists only in the digital world. The most well-known cryptocurrency is Bitcoin
Cryptocurrencies use cryptography and advanced mathematical principles with data to achieve three objectives: (1.) secure transactions, (2.) control the creation of additional units of currency, and (3.) verify the transfer of value. They use a peer-to-peer decentralized system to conduct transactions and protect the anonymity of users. The entire process is online.