How are cryptocurrencies different from traditional currencies?

Cryptocurrencies are digital or virtual tokens that use cryptography to secure their transactions and to control the creation of new units. Cryptocurrencies are decentralized, meaning they are not subject to government or financial institution control. Bitcoin, the first and most well-known cryptocurrency, was created in 2009. Cryptocurrencies are different from traditional currencies in a few key ways. First, cryptocurrencies are decentralized, meaning they are not subject to government or financial institution control. Second, cryptocurrencies use cryptography to secure their transactions and to control the creation of new units. Finally, most cryptocurrencies are not backed by fiat currencies or commodities, and their value is derived primarily from supply and demand on cryptocurrency exchanges.