Cryptocurrencies, or virtual currencies, are digital means of exchange that uses cryptography for security. The word ‘crypto’ comes from the ancient greek word, ‘kryptós’, which means hidden or private. A digital currency that is created and used by private individuals or groups has multiple benefits.
What is Crypto in simple words?
A cryptocurrency is a type of currency which uses digital files as money. Usually, the files are created using the same ways as cryptography (the science of hiding information). … Cryptocurrencies use ‘decentralized control’, which means that they aren’t controlled by one person or government.
To buy cryptocurrencies, you’ll need a “wallet,” an online app or and off line cold storage wallet such as a Hardware wallet or paper wallet that can hold your currency. Generally, you create an account on an exchange, and then you can transfer real money to buy cryptocurrencies such as Bitcoin or Ethereum.