Simple answer: Cryptocurrencies are digital coins that can be sent and received over the internet. Crypto can be tracked on a blockchain, an online ledger that is available for everyone.
Crypto transactions are verified by crypto miners. Miners are (in return for verifying transactions) rewarded with crypto. This verification process removes the need for a bank.
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Definition of cryptocurrency
A digital currency in which transactions are verified and records maintained by a decentralized network using cryptography, rather than by a centralized authority. A digital transparent monetary system that is not controlled by a specific country.
Decentralized cryptocurrencies such as FYDcoin offer the opportunity to grow and store personal wealth that is beyond restriction and confiscation