What is cryptocurrency, and how is it different from traditional currency?

[jAmes.]

I have recently learned about Bitcoin and its fluctuations in the market. Now I want to understand the basics of cryptocurrency, as I am totally unfamiliar with this field. What is cryptocurrency, and how is this different from traditional currencies?

[Mark]

Cryptocurrency is a digital currency that employs cryptography techniques to safeguard transactions. This method directly converts information into a code format, which only an authorized party can decode.

Cryptocurrency operates on decentralized networks; that means there is no central authority controlling their creation or distribution.

There are many factors that differentiate the cryptocurrency from any other traditional currencies, like decentralization, cryptography, transparency, and volatility.

Bitcoin, Ethereum, Tether, and Solana are some common examples of cryptocurrency.