Explain Like I’m Five (ELI5): Cryptocurrency
Cryptocurrency is like digital money. It’s different from the paper money you use to buy things in the store because it doesn’t exist in physical form. Instead, it exists online, and people can send it back and forth using computers or special apps on their phones. You can think of cryptocurrency as virtual coins that are kept safe in a digital wallet. The most popular cryptocurrencies today are Bitcoin, Ethereum and Litecoin.
Just like with regular money, when you have cryptocurrency you can use it to buy things or trade for other currencies. But since cryptocurrency isn’t issued by any government or central bank, there’s no one regulating how much of it is out there – so its value goes up and down depending on what people are willing to pay for it at any given time! That means if you want to make money off your investments in cryptocurrency, you have to keep an eye on the market prices and be ready to act quickly when they change!
