Cryptocurrency as a broad entity is a digital, transnational currency that sits outside the existing banking system. This means it can be traded with anyone in the world – who accepts it – without the usual fees, hold ups and controls set by the banks. Removing the current banking system also provides the reported 1.7 billion people currently unbanked around the world, with the opportunity to store, move, and protect their money digitally with a smartphone. While most people have access to stable and well-regulated financial systems, those without access to such amenities may find cryptocurrency to be a more stable, and safer option.
Some cryptocurrencies – such as Bitcoin – hold a high asset value, making them very useful as a tradable currency and commodity. This means that you have the power to accumulate assets that can be transacted, traded or sold as you see fit.