How would you explain cryptocurrency to a layman?

A cryptocurrency is a type of currency that uses digital files as money. ... The first cryptocurrencies were made to be independent of government-issued currencies. Cryptocurrencies use 'decentralized control', which means that they aren't controlled by one person or government.

A cryptocurrency is a mode of exchange like ordinary monetary standards, for example, USD, however, intended to exchange advanced data. Cryptocurrency is characterized by Investopedia as a decentralized "advanced or virtual cash that utilizes cryptography for security" making it hard to fake

It was made in the wake of the 2008 worldwide financial emergency as a route for individuals to control their cash themselves, without depending on organizations, banks, or governments and their charges and controls. Non-Bitcoin cryptographic forms of money are all in all called altcoins.

Satoshi Nakamoto

The originally decentralized cryptocurrency, bitcoin, was made in 2009 by probably pseudonymous engineer Satoshi Nakamoto. Bitcoin can be exchanged through convert bitcoin to usd

. It utilized SHA-256, a cryptographic hash work, as its verification of-work conspire.