How does Cryptocurrency work?

Cryptocurrency works on a decentralized, peer-to-peer network, often referred to as the blockchain. On this network, transactions are recorded and maintained by individual computers known as “nodes”. Every time a transaction is made, it is recorded onto the blockchain as a block in a chain of blocks, forming a public ledger of all transactions. New blocks are secured using cryptographic techniques to prove their authenticity. Cryptocurrency is encrypted with a public key and a private key; the public key is used to receive cryptocurrency while the private key is used to spend it.