In simple terms, cryptocurrency is a type of digital or virtual money. It serves as ordinary money, such as dollars, pounds, euros, yen, and many more, but it has no physical counterparts — banknotes or coins that can be carried around, this means cryptocurrency exists only in electronic form.

To send or receive cryptocurrency, first you need to have a cryptocurrency wallet. After creating the wallet you need to insert the public address of the recipient with whom you want to complete the transaction. After that choose the amount you want to send. Once done the transaction will settle on the blockchains, you can always check the status of the transaction using the block explorer. Now for receiving, just share your public address with the receiver, or also you can give your QR code to scan.

Digital currencies are concentrated, which means that transactions occur within a network that is regulated in a concentrated or in a centralized location. Now, Cryptocurrencies are decentralized, and the ordinance inside the network is done by or governed by the majority of a certain community or institution. Cryptocurrency can also be termed as a type of Digital Currency.

There are 5 different types of crypto wallets, they are as follows:

• Hardware Wallets: These are hardware devices specifically created to handle and store private keys and public addresses. Example: Digital Bitbox, Keepkey, Trezor, etc.

• Paper Wallets: They are a bit technical and require a high level of security and caution from the user. It keeps your private keys offline and is another way of security. Example: Bitcoin Paper Wallet etc.

• Desktop Wallets: Installable software packets that are available for desktop operating systems. Example: Exodus, Bitcoin Core, etc.

• Mobile Wallets: Mobile-based systems, with easy to use technology. It is one of the most used wallets. Example: Mycelium, Coinomi, etc.

• Web Wallets: Web wallets are also known as Hot Wallets which are always connected to the internet and can be accessed from any web browser. Example: Coinbase, Metamask, etc. 

Crypto means a Token and by design summarized on a ledger. It is a digital asset that is used by many to exchange transactions that are strongly encrypted and secured. Cryptocurrency is termed as a digital currency and used heavily in the business industry. Yes, cryptocurrencies are real money, it is thus left on the user as to how he uses it and can have a benefit out of it.