What are cryptocurrencies?

Cryptocurrencies are virtual intangible currencies, which are used to carry out economic transactions, either of goods and services, like any other traditional currency but with the exception that an intermediary is not needed, such as governments and financial institutions since they are totally decentralized.

Currently there are various types of cryptocurrencies, each cryptocurrency has different characteristics which have a different practical use, among the most popular cryptocurrencies are: Bitcoin, Ether and Litecoin.