How do you explain crypto simply?

Bitcoin, often described as a cryptocurrency, a virtual currency or a digital currency – is a type of money that is completely virtual . It’s like an online version of cash. You can use it to buy products and services, but not many shops accept Bitcoin yet and some countries have banned it altogether.

Bitcoin is known as a type of cryptocurrency because it uses cryptography to keep it secure . There are no physical bitcoins, only balances kept on a public ledger that everyone has transparent access to (although each record is encrypted).

Simply put, cryptocurrencies are electronic peer-to-peer currencies . They don’t physically exist. You can’t pick up a bitcoin and hold it in your hand, or pull one out of your wallet.2 Oca 2018