Cryptocurrency is a type of digital payment that can be exchanged online for buying goods and services. Cryptocurrency doesn't rely on banks to verify transactions and is a peer-to-peer system that enables anyone anywhere to send and receive payments. You store your cryptocurrency in a digital wallet. Instead of physical money that is normally carried around and exchanged in the real world, cryptocurrency payments are purely digital entries to an online database. When you transfer cryptocurrency the transactions are documented in a public ledger.
Cryptocurrency got its name because it uses encryption to verify transactions. The encryption is to provide security and safety. It uses advanced coding for storing and transmitting cryptocurrency data between wallets and public ledgers.
Popularity of cryptocurrencies - Cryptocurrencies appeal to users and supporters for a variety of reasons. Supporters see cryptocurrencies (for example Bitcoin) as the currency of the future and hence there is a demand to buy them like gold as people see its value increasing over time. Some supporters like the fact that cryptocurrency removes central banks from managing the money supply. This is because over time banks tend to reduce the value of money via inflation. Other supporters like the technology behind cryptocurrencies as it is a decentralized processing and recording system and believe it can be more secure than traditional payment systems.
Some speculators like cryptocurrencies because they are going up in value. There are hundreds of different cryptocurrencies traded publicly according to CoinMarketCap.com, a market research website. The total value of all cryptocurrencies is currently more than $2.2 trillion and the total value of all bitcoins, the most popular digital currency, is about $1.2 trillion.
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