Cryptocurrencies are built on the principle of cryptography. This is a process that has been used for years for the conversion of intelligible information into a difficult-to-crack code. It is also used for tracking transfers and purchases.
A cryptocurrency is a digital currency that is equally used as a means of exchange in some countries around the world. It is a secure, anonymous, and decentralized digital currency that performs a similar function as the traditional currencies such as the dollar, pound, and the like. However, cryptocurrencies are not in physical form like the aforementioned currencies, they are in digital form.