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Cryptocurrency is a digital or virtual currency that runs on distributed ledger technology called a blockchain and uses cryptography for security. It is decentralized and operates independently of a central bank.
Unlike traditional currencies, cryptocurrencies are not backed by a physical commodity or government, and their value is determined by market supply and demand. Cryptocurrencies can be used to purchase goods and services, transfer money and trade on markets. Popular cryptocurrencies include Bitcoin, Ethereum, Litecoin, Ripple and Cronos.
Many cryptocurrencies, such as Bitcoin, are created through a process called mining, which requires solving complex mathematical equations to validate and record transactions on a blockchain. This mechanism is also called Proof of Work (PoW). Another consensus mechanism that has grown in popularity – because it is more energy efficient – is Proof of Stake (PoS). Instead of mining, PoS relies on network participants validating transactions. Ethereum, the second largest cryptocurrency, uses this consensus mechanism.

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