What are cryptocurrencies backed by?

Unlike traditional money, which is backed by the gold and foreign exchange reserves of the issuing state, cryptocurrencies do not have such security. The value of cryptocurrencies lies in the demand of users, on which the cost of each type of coin depends. Algorithms and tasks that can be solved with its help also affect the value of the crypt. Cryptocurrencies do not have a single emission center, as they are based on a decentralized blockchain system. Formally, the cryptocurrency is provided by the price that the seller sets for a certain product or service, guaranteeing to sell them for a certain number of coins. Information about the most popular cryptocurrencies is presented on specialized resources such as coinmarketcap.com.