Like my teacher back in school taught me, when faced with a two-syllabled word you didn't understand or know the meaning, the best to do was break the two words into separate entities and attack them separately. So let's employ the same technique here and see what happens whether it works.

In the word "Cryptocurrency", there exists two words: Crypto and currency. Crypto means secret and covert, and from Crypto Cryptography was gotten. This is the ability of being able to encode and decode secret messages meant for a select few.
While currency is simpler to understand, it is in its most simplified terms money or any other means used to facilitate transactions and accepted as payment.

Drawing from what we know about these two phenomena, we can say that Cryptocurrency is a digital currency that is secured by means of cryptography to avoid breach and used works as a medium of exchange within a peer-to-peer (P2P) economic system.

A more comprehensive definition of Cryptocurrency would be to define Cryptocurrency as an internet based medium of exchange or a currency which is decentralised in nature and immune to traditional control by Governments and other regulatory bodies. The beautiful thing about Cryptocurrency that makes it so special and sought after is that it is supported by Blockchain technology which by extension means that it allows for peer-to-peer transactions without the involvement of a third party like we see with Banks.