Cryptocurrencies are the coin which is not made of any precious metal such as gold or silver, but it is worth many US dollars. It is a digital currency, not a physical one. Which means it only exists electronically. It is not attached to any state or government. It doesn’t have a central issuing authority or a regulatory body. So basically there is no one to monitor anything about Cryptocurrency. Funds are raised for new Cryptocurrency venture in the form of ICO (Initial Coin Offering).
The first Cryptocurrency in the market was Bitcoin launched in 2009. Bitcoin is a fully digital currency and you can exchange bitcoin between computers in a worldwide peer-to-peer network.
The Cryptocurrency is based on blockchain technology. The blockchain is the public ledger of all transactions that have ever occurred on a peer-to-peer network. It is same all over the world. The people who keep track of these ledgers are called as miners. Cryptocurrency involves mining. It is a process in which transactions for various forms of Cryptocurrency are verified and added to the blockchain digital ledger.
Topmost important Cryptocurrency in the market apart from Bitcoin are- Litecoin (LTC), Ethereum (ETH), Zcash (ZEC), Dash, Ripple (XRP), Monero (XMR).
Some of the main features of Cryptocurrency are:-