About Cryptocurrencies

A cryptocurrency is a digital asset programmed to function as a medium of exchange between users through a blockchain and using cryptography to secure, control, verify etc.. all transactions processed on the cryptocurrency network. Cryptocurrencies use a decentralized control system different from the usual centralized electronic money and central bank systems. Note that the main purpose of why Bitcoin was created was, to create a payment platform that is safe from the control of a single organization, individual or government and many of the new platforms that the cryptocurrencies are now part of is a sign of how the cryptocurrencies can benefit users in their day to day activities.
 


The Blockchain

A blockchain is a public transaction database linking all cryptocurrencies processed and verified data very safe from any modification or tempering. The purpose of the blockchain is to validate each cryptocurrency transaction, store safely all records by using a process known as cryptography. All validated, official Cryptocurrencies are connected to the blockchain which is a public open, distributed ledger that records transactions between two parties efficiently in a verifiable and permanent way to avoid fraud, theft, double transactions and other problems just like how the accounting system provides a clear financial status of transactions.