What is Cryptocurrency, and How Does it Work?

Cryptocurrency, therefore, refers to an arrangement of digital or virtual money that employs cryptography to secure the transactions and is almost impossible to fake. Bitcoin was invented in 2009 by an unknown person or group calledSatoshi Nakamoto, and it is often called the first cryptocurrency. With over 20,000 cryptocurrencies available when writing this document, some popular ones are Ethereum, Litecoin, andRipple Cross fees and costs, whereas the market share for cryptocurrencies is now $1.7 trillion in 2023.

However, one of the most significant advantages of using cryptocurrency is that no one—be it a government or a bank—can have jurisdiction over it.