I am relatively new to the world of cryptocurrencies and trying to understand the concept better. Specifically, I am interested in knowing more about decentralized cryptocurrencies. I have come across this term while doing some basic readings but found it difficult to comprehend fully.
From my understanding, the term decentralized refers to something that does not rely on a central authority or central system for functioning. However, when it refers to cryptocurrency, I am not exactly sure what it means. How does a decentralized cryptocurrency work, and what are its key defining features?
Also, Is there any real-world application or examples of such decentralized cryptocurrencies? I am interested in knowing how they are being used practically. If anyone could provide a simplified explanation, it would be very helpful for me to understand this concept better.