Cryptocurrency is digital cash with a cryptographic approach to transferring funds. Nowadays, cryptocurrency is also a popular payment method. Customers can use cryptocurrencies to pay for various goods and services. In this way, cryptocurrencies are similar to fiat funds.
The main advantage of cryptocurrencies is that they run in a global and decentralized network of computers. Cryptocurrencies don’t have a single point of failure. They are not controlled by a single entity and are independent of central authorities like governments and banks. Still, cryptocurrencies can be transferred from person to person quickly and with low commissions. Additionally, sending cryptocurrencies over far distances does not require confirmation by third parties, such as banks or payment providers.
There are many use cases for cryptocurrency. Users can store them in digital wallets, trade them for fiat currencies, and even use them to pay for goods and services.