Cryptocurrency is a digital or virtual currency that is used to perform secure transactions without a regulating authority to control and track transactions. It is a decentralized way of exchanging money and issuing new units.

Cryptocurrencies use an online database for transactions generally recorded in a digital public ledger, and the currencies are stored in digital wallets.

One of the primary reasons behind their popularity is based on the safety and security they provide over the internet for every transaction by using various encryption techniques. In addition, they follow blockchain technology to store information on a distributed public ledger and ensure safer transaction processes through various digital wallets.