What is Cryptocurrency
Cryptocurrency is an alternative and parallel value based instrument to the USD, EUR, GBP etc. Cryptocurrency is electronic. There is no physical paper or coin.
Cryptocurrency is open-source, peer-to-peer, digital decentralized currency in electronic form. Cryptocurrency exists in Blockchains. Cryptocurrencies' defining characteristics are its decentralization, ease of use, fast transactionability and advanced security.
Bitcoin is the original crypto or digital currency. The video below explains what Bitcoin is. The fundamentals of most crypto (digital) currencies, are the same as for Bitcoin as shown in the video below. Typical additional digital currencies include: Ethereum, Ripple, Monero, EOS, Steller and Cardano.
There is no central governing authority, such as a central bank or a ministery of finance.
Bitcoin and all digital/cryptocurrencies are being focussed on by regulatory bodies in most countries. Like any other conventional currency, as digital/cryptocurrencies evolve and find their place in the global economy, they are becoming and will be subject to regulation.
Ease of Use and Fast Transactionability:
Cryptocurrency gives the user ease of use and fast transactionability around the globe. Transactions can be made on a smart phone from anywhere in the world to anywhere in the world.
The security features of Bitcoin are highly advanced. There is no similar security of any kind in traditional monetary systems.