We are all familiar with fiat currency which has its value backed up by governments (the UK’s pound sterling, the Euro, the US dollar). Such currencies are also recognised as ‘legal tender’ in their respective regions. Cryptocurrencies, in contrast, are decentralised and not supported by a particular country. They are “cryptographically secured representations of value or contractual rights: that can be transferred, stored and traded electronically, a digital asset or token which can be exchanged.
