Cryptocurrency is designed as a medium of exchange. It uses advanced cryptography functions as a safeguard against forgery. Most cryptocurrencies rely on distributed databases called blockchains, which make them decentralized and free from traditional central banking systems.
Due to their nature, cryptocurrencies have many unique use cases, including near-instant and cheap cross-border transfers of wealth, the issuance of non-fungible tokens (NFTs) and more. The most well- known cryptocurrency is Bitcoin or BTC, but there are many other cryptocurrencies such as Ethereum (ETH), Litecoin (LTC) and XRP — all of which have varying functionalities and attributes.