A cryptocurrency, or “crypto,” refers to a free payment method from central monetary authorities such as banks and governments. Instead, Cryptocurrency is created using cryptographic techniques that make it possible to trade, buy or sell them securely.

While cryptocurrencies are easily exchangeable for goods and services, they are also invested. Decentralized financial networks are also dependent on Cryptocurrency, and Cryptocurrency is a crucial part of their operation, and digital tokens can be used to carry out transactions.

The most widely used Cryptocurrency, Bitcoin, has experienced volatile prices in recent years. In 2021, Bitcoin reached an all-time high of $65,000 before it fell back. (You can find the current Bitcoin prices here.

This episode is also available as a blog post: https://anynft.in/2022/01/21/what-is-cryptocurrency-and-how-does-it-work-heres-what-you-need-to-know/