“A cryptocurrency is a digital or virtual currency that uses cryptography for security. A cryptocurrency is difficult to counterfeit because of this security feature. Many cryptocurrencies are decentralized systems based on blockchain technology, a distributed ledger enforced by a disparate network of computers. A defining feature of a cryptocurrency, and arguably its biggest allure, is its organic nature; it is not issued by any central authority, rendering it theoretically immune to government interference or manipulation.
The first blockchain-based cryptocurrency was Bitcoin, which still remains the most popular and most valuable. Today, there are thousands of alternate cryptocurrencies with various functions or specifications. Some of these are clones of Bitcoin while others are forks, or new cryptocurrencies that split off from an already existing one.”
Funny video on cryptocurrency
How to store cryptocurrency or crypto as it is called for short?
It is 3 main ways to store crypto.
2. Hot wallet
3. Cold wallet
1: Exchange(site where you can buy or trade) or a wallet where you do not own your private keys(proof of ownership). This is wallets(software) where private keys can not be exported. It can be secure but most likely not, but this is high risk way of storing your funds. Most likely when the company goes “poof” your funds are gone.
2: This is comenly a day to day wallet and private key can be exported and you own your funds. It is pron to hacking so it is your internet habits that will determine how securely your funds are stored. Many ways to secure this type of wallet
3: This is totally offline, for the best security private key is physically stored in multiple locations.