Lesson 1: What is Cryptocurrency?

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A Cryptocurrency is an online version of money; a digital asset to be precise.  The name is derived from Cryptography, which is the art of writing and solving codes.  Cryptography is used to encrypt transactions and control the production of Cryptocurrency.  It is a strictly monitored process, as it uses the Blockchain Technology. To put it very simply, Blockchain technology is a distributed database that is used to manage and maintain a growing list of data blocks, using a P2P network collectively.   A database is a collection of records.  A distributed database is one which may be located in different locations and not be attached to a common processor.  However, a distributed database may also be located in the same or different physical locations and dispersed over a computer network.  These data blocks may be situated in different locations and not connected to the same processor.  In a Blockchain, once a piece of data is recorded, it cannot normally be edited or changed.