A CRYPTOCURRENCY IS A DIGITAL ASSET THAT CIRCULATES INDEPENDENTLY OF A CENTRAL BANK OR GOVERNMENT.

Cryptocurrencies rely on robust cryptography to preserve ownership rights and transaction security.
The system is not administered by a single entity, but rather by a decentralized network of members whose actions are coordinated around a shared data set.

Contrary to cryptocurrencies, existing financial infrastructure is incredibly centralized at its core. In the traditional financial system, each bank is carefully regulated and must pass a number of controls before to serving a customer. Nonetheless, the bank has no authority over the money it holds.

In contrast, the crypto currency system makes no distinction between banks and customers, so each user is his or her own bank.

Also, there are restrictions in cryptocurrencies, but software rather than intermediaries enforces sanctions.

By downloading and executing a piece of software on a standard computer, anyone may set up a node, or bank, in the language of cryptocurrencies.

Since there is no centralized information source, anytime a node generates new data or receives information from another node, it instantaneously transmits that information to all linked nodes. As a result of other nodes performing the same activity, all current information spreads swiftly throughout the network. (A study of blockchain technology is required in order to acquire additional information about the nodes’ working approach.)