A cryptocurrency is just like any other currency, except it uses a blockchain to record its transactions instead of a third party like a bank.
You’ve probably heard of the earliest cryptocurrencies:
#Bitcoin (BTC),
#Ethereum (ETH)
#Ripple (XRP) for example.
Given the low barrier to entry (i.e. you don’t have to be a bank) there are thousands of others and new ones crop up regularly.
There are some significant advantages to cryptocurrency as a concept:
#It’s inherently designed to eliminate fraudulent transactions, so you don’t need auditors and the checks and balances we rely on now.
#You don’t need a third party to operate it, so you don’t pay the 1.5-2% premium we’ve paid banks for the last century or so to perform the role of ledger-keeper.
#It’s 100% electronic, so you don’t have to worry about issuing notes and coins like fiat currencies do now. Without hard currency, those who control the ledger can theoretically control inflation (a major incentive for countries).
#With cash handling now out of favour (thanks, COVID-19) crypto could also be considered hygienic!
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