Cryptocurrency is the decentralized digital money based on the blockchain technology. In simple word, it is the digital or virtual currency (which cannot be touched or cannot keep in the pocket). It is secured by the cryptography.
Cryptocurrency are the systems that allow secure payments online which are dominated in the terms of virtual tokens.
But you see tow complicated terms in the above definition which are “decentralized” and “cryptography”
So, first let us understand these two terms in simple words
Decentralized refers to transfer the control and decision making power from the centralized entity and there are so many associated benefits with the decentralized system which are:
Trustless environment:
In decentralized environment, no one has to trust anyone else. Each member of the network has a copy of the exact data in the form of a distributed ledger. If any member ledger is corrupted, it will be rejected by the member of the network
Overcoming points of weakness:
Too much reliance on specific actors may be the cause of system failure. Decentralization refers not to a reliance on any weak actor that may be the cause of system failure.