Cryptocurrency is a digital form of currency that is based on blockchain technology, and uses cryptographic techniques to ensure secure and transparent transactions and to protect against counterfeit coins.
The inception of cryptocurrency is most commonly attributed to Bitcoin, which was introduced in 2009 by an anonymous person or group known as Satoshi Nakamoto, and remains the most popular cryptocurrency to this day. Bitcoin was designed to be a peer-to-peer electronic cash system, allowing online payments to be sent directly from one party to another without going through a financial institution.
As blockchain developed, however, so too has its use cases. The successful launch and adoption of Ethereum and its smart contract technology fueled a steep rise in cryptocurrencies being used as more than just a payment system.