Cryptocurrencies are all over the news, but what exactly is it?

Launched in 2008, cryptocurency is a decentralized digital money used over the internet.   It is called Decentralized because it is not issued or controlled by any bank, government or central authority.  Cryptocurrency, often shortened to "crypto," is a form of digital money that exists only in the virtual world. Unlike the dollars in your bank account, which are backed by a government, cryptocurrencies are decentralized.   t the heart of how cryptocurrencies work is the revolutionary technology known as the blockchain. Think of it as a shared, unchangeable digital receipt book for all transactions. When someone sends cryptocurrency, the transaction is broadcast to the network. This transaction, along with others, is then gathered into a "block" by individuals known as miners or validators. These participants use powerful computers to solve complex mathematical problems to verify and add the new block to the chain. This process, often called "mining," not only secures the network but also creates new units of the cryptocurrency as a reward. This decentralized verification process is what removes the need for a traditional financial intermediary.