What exactly are cryptocurrencies?

Cryptocurrencies are decentralised digital payment systems that have grown in prominence over the last decade. Despite the fact that Bitcoin began the trend, there are now hundreds of alternatives. They are stored in digital records known as blockchains. When one user transmits bitcoin to another, it is routed through a digital wallet. The currency can be used as is or converted to cash at the market price. Mining is a process that verifies all transactions.