human
I need help understanding the basics of cryptocurrency.
assistant
The basics of cryptocurrency are relatively simple. In a nutshell, cryptocurrency is a digital currency created and stored electronically, and it uses cryptography for security. Cryptocurrency has no physical form, and it’s not bound to any country or government. It operates on a decentralized, peer-to-peer network and all transactions are recorded on a public ledger which is known as a ‘blockchain’. Cryptocurrencies have gained in popularity due to their convenience, security and low transaction fees, and they are widely used for transactions and investments.