Cryptocurrency

Currency is the medium of exchange between two parties.A cryptocurrency is a medium of exchange using cryptography to secure the transactions and to control the creation of new units.First cryptocurrency was introduced in 2009 with the name of bitcoin.

Cryptography

Cryptography is a technique that uses mathematical techniques and computer resources to secure the information / data.It is a method of storing and transmitting data in a particular form so that only those for whom it is intended can read and process it.It involves writing or handling codes to secure information.

Blockchain

It is the technology invented in 1991.
It is just like distributed ledger.
It maintains the transaction records.
It controls the second use of coin.

Cryptocurrency Mining

Miners are the most important part of a cryptocurrency network.
They contribute their computing power to solve complex cryptography algorithm.
They validate the transaction and record it into a public ledger network (Blockchain).
They create the block and announced it to the network.
They are rewarded with some coins.

Digital Wallet

A digital wallet is a software to store your coins. It is the simplest way to use a cryptocurrency. For blockchain transaction it rely on the blockchain hosted by the wallet company.You need a private key to access your assets and authorize transfers from your wallet.

Cryptocurrency Features

It is a digital currency.
It is stored in digital wallet.
Not regulated by any central institution.It is decentralized system of exchange.
Does not require any personal information.
fund transfers are done with minimal processing fees.It allows user to avoid the high charges by banks for internet online based transactions.
It is very volatile.
Peer-to-peer cryptocurrency network.
Anonymity. It is completely anonymous and at the same time fully transparent.
Transparency.The block chain keeps information about everything.
Speed.The ability to send money anywhere and to anyone in a matter of minutes.