Crypto, short for “cryptocurrency,” is a digital or virtual currency that uses cryptography for security and operates independently of a central bank. Cryptocurrencies are decentralized and operate on a peer-to-peer network, meaning that transactions are made directly between users without the need for intermediaries such as banks.
The most well-known cryptocurrency is Bitcoin, but there are now thousands of different cryptocurrencies in existence, each with their own unique features and use cases.
Cryptocurrencies are often stored in digital wallets and can be used to make purchases or transferred to other users. Transactions are recorded on a public ledger called a blockchain, which is secured by complex cryptographic algorithms.
The adoption of cryptocurrencies has been on the rise in recent years, with many businesses and individuals accepting them as a form of payment. However, due to their decentralized nature, cryptocurrencies can be subject to price volatility and are not yet widely accepted as a mainstream form of currency.