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In the case of cryptocurrencies, blockchain is used in a decentralised way so that no single person or group has control over it and, instead, all users can retain control collectively. Blockchain’s most common use so far has been as a ledger for transactions. Once the block is filled with data, it is chained to the previous block, which then chains the data in a chronological order. As new data comes in, it is entered in a fresh block. Unlike a typical digital database, blockchain stores data in blocks that are then chained together.

Virtually anything of value can be tracked and traded on a blockchain network, reducing the risk and cutting costs for all involved. Their mining is painstaking, costly and only sporadically rewarding.īlockchain is a shared, immutable ledger that facilitates the process of recording transactions and tracking assets in a business network. Cryptocurrencies are digitally mined, where very sophisticated computers solve extremely complex computational mathematics problems. They carry a pre-determined store value of their own, just like any other fiat currency like the US dollar or the Indian rupee. They are tokens that can be used as a form of payment in exchange for online goods and services. However, they are often criticised for the possibility of misuse in illegal activities, exchange rate volatility and the vulnerability of the infrastructure underlying them.Ĭryptocurrencies work using a technology called blockchain.

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Plus, the digital structure facilitates free portability across geographical borders, divisibility and transparency. Because cryptocurrencies do not have an underlying economic base, they are inflation-proof. Such currencies, theoretically, are immune to government interference or any kind of manipulation. They are built on the blockchain network technology, which ensures transparency and helps track every transaction. Cryptocurrencies are decentralised, meaning that no authority regulates them. They have their own store values, and are designed to use as a medium of exchange for buying goods or services. Cryptocurrency is a digital or virtual coin secured by cryptography, which makes it next to impossible to counterfeit. The big difference is, here there is no owner-issuer and it would, at least in theory, be accepted globally. Ever received a paper token from your next-door paan shop in lieu of a small change, which he would accept the next time you visit him? Imagine that token digitally, and that's your cryptocurrency.

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