What are cryptocurrencies, and how do they work?

It was more than a decade ago that bitcoin was launched, introducing with it the digital ledger known as blockchain. The first cryptocurrency ever created, bitcoin is by far the most popular and most valued cryptocurrency to this day. But even with all the relentless buzz surrounding bitcoin, ethereum and other digital coins, cryptocurrencies and the revolutionary blockchain technology on which they're built remain a mystery to most. 

Despite the evangelizing by crypto investors, including some celebrities, a 2021 poll by Pew Research Center found that just 16% of Americans said they have ever invested in cryptocurrencies. That broadened to 31% between the ages of 18 and 29 and to 43% of men in that age range, compared with 19% of women in that same age range.

For the many people outside of those percentages, it may be that a healthy skepticism of digital currencies has deterred them from attempting to understand the lingo or the technology.