Like money, a cryptocurrency is a medium of exchange. However, the cryptocurrency is virtual or digital, this means that there are no physical coins that owners of the currency possess. The “crypto-“ part of its name comes from the fact that it uses cryptography to secure and verify transactions. Additionally, a common feature of many cryptocurrencies is their decentralized nature: Whilst typical currencies are issued from a central bank, cryptocurrencies cut out the middlemen as a peer-to-peer system. This feature is praised as one of its major benefits, as it might increase transaction speed and let users avoid fees charged by banks and other more traditional financial institutions.