Cryptocurrency is a digital asset designed to work as a medium of exchange.
It functions like a currency and can be used as an investment, a store of value, or a means of transferring funds without the need for a third party.
The first cryptocurrency was Bitcoin, which was released in 2009. Since then, many other cryptocurrencies have been created.
Bitcoin has become the most popular one and it is now accepted at major retailers such as Amazon and Starbucks. In 2017, there were over 800 different cryptocurrencies with their own individual values and market capitalization rates.
Cryptocurrencies are not backed by any government or central bank so they have been historically subject to high levels of volatility but have been stabilizing over time as more people invest in them and the technology becomes better understood by mainstream