Cryptocurrency is a form of payment that can be exchanged online for goods and services. Many companies have issued their own currencies, often called tokens, and these can be traded specifically for the good or service that the company provides. Think of them as you would arcade tokens or casino chips. You’ll need to exchange real currency for the cryptocurrency to access the good or service.
More than 14,500 different cryptocurrencies are traded publicly, according to CoinMarketCap.com, a market research website. And cryptocurrencies continue to proliferate. The total value of all cryptocurrencies on Nov. 19 2021, was more than $2.5 trillion, having fallen off an all-time high above $2.9 trillion days earlier. The total value of all bitcoins, the most popular digital currency, was pegged at about $1.1 trillion.