What is Cryptocurrency ? | What is Bitcoin ? - The digital currency

From last few months you guys probably heard about the term Bitcoin or Cryptocurrency. But are you really know what is cryptocurrency actually is ? and what is bitcoin ?
So...

What is Cryptocurrency ?

    Cryptocurrency is basically a digital currency that hasn't any existence physically. It uses cryptography to secure and verify transactions as well as to control the creation of new units of a particular cryptocurrency. Essentially, cryptocurrencies are limited entries in a database that no one can change unless specific conditions are fulfilled.

    Cryptocurrency have not any central authority to control unlike the government or bank has the authority to print or release the currency in form of notes or coins. The decentralized control of each cryptocurrency works through distributed ledger technology, typically a blockchain, that serves as a public financial transaction database. Some of the famous cryptocurrencies are Bitcoin, Ethereum, Lightcoin, Monero, Bash etc.

What is Bitcoin ?

    Bitcoin is a decentralized digital currency that has no single authority or administrative to control. Bitcoin can be transferred from an user to another user using a pear-to-pear connection through the bitcoin network without any intermediaries. As it hasn't any central authority the transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called blockchain. Bitcoin was invented by an unknown group of people or a person using the name of Satoshi Nakamoto in 2009. It was publicly released as a open source software. 

    The total number of Bitcoin throughout the world is particular and can be increased upto 21 million. Bitcoins are created as a reward for a process known as mining. So, the number of Bitcoin is increasing everyday.

    Bitcoin can be converted into different currencies. The current value of 1 Bitcoin is 6,310 United States Dollar. One time in last year it reached to around 20,000 Dollars. The prize of Bitcoin is fluctuating so much all the time. For that reason many people chooses it for investment like share-market.

    But Bitcoin is more famous for it's illegal transactions. Bitcoin is vastly used for transaction in Dark web because the transaction made through Bitcoin is quite anonymous. The another point is the transaction fee. The transaction fee of Bitcoin is optional or very less. User can choose what type of transaction will be made.