What are cryptocurrencies and why are they needed?

Cryptocurrencies are digital money that is not printed in the form of banknotes and is not controlled by banks or governments. Instead, they operate on the basis of blockchain technology — it's like a large internet ledger where all transactions are recorded and cannot be forged.

The most well-known cryptocurrency is Bitcoin. But there are others: Ethereum, Solana, BNB, XRP, and hundreds more.

Why do people need cryptocurrency?

Here are a few reasons why cryptocurrencies are becoming popular:

Freedom — no bank or intermediary is needed. Money is under the control of the owner.

Fast transfers — money can be sent in seconds to any point in the world.

Investments — many buy cryptocurrency in the hope that it will increase in value.

Protection from inflation — in countries with unstable economies, crypto can be a "safe haven."

What does the future hold for cryptocurrencies?

Analysts expect that cryptocurrency will become part of everyday life:

Digital currencies from central banks (CBDC) will start to coexist with decentralized ones.