Cryptocurrencies are completely virtual coins designed to be ‘self-contained’ for their value, with no need for banks to move and store the money.
Once you own cryptocurrency, they behave like physical gold coins: they possess value and trade just as if they were nuggets of gold in your pocket.
You can use your cryptocurrency to purchase goods and services online, or you can tuck them away and hope that their value increases over the years.
Cryptocurrencies are traded from one personal ‘wallet’ to another. A wallet is a small personal database that you store on your computer drive, on your smartphone, on your tablet, or somewhere in the cloud.