Cryptocurrency is a medium of exchange, created and stored electronically in the blockchain, using encryption techniques to control the creation of monetary units and to verify the transfer of funds.
Bitcoin is digital cash that can be sent anywhere in the world over the internet. Bitcoin is a currency, just like $, £, €, ¥. But bitcoin is a decentralised, digital money created, held and spent electronically around the world.
How does it work?
Bitcoin works via open source software over a peer-to-peer network, bypassing banks and traditional payment systems. No central authority is there to control.
A blockchain is a decentralised ledger of all transactions across a peer-to-peer network. Using this technology, participants can confirm transactions without a need for a central clearing authority. Potential applications can include fund transfers, settling trades, voting, and many other issues.
By mining, you can earn cryptocurrency without having to put down money for it. Bitcoin miners receive Bitcoin as a reward for completing "blocks" of verified transactions which are added to the blockchain. Mining rewards are paid to the miner who discovers a solution to a complex hashing puzzle first, and the probability that a participant will be the one to discover the solution is related to the portion of the total mining power on the network.
Cryptocurrency wallets store the digital credentials for bitcoin holdings and allow accessing them.
Losing the crypto wallet directly indexes losing the currency within it
The block time is the average time taken to generate an extra block in the blockchain. The block time for bitcoin in 10 minutes.