Is this correct?
1. Crypto currency is a digital asset. It is designed to work as a medium of exchanging ''value''. It uses cryptography to secure its value, to create additional units and to verify transactions.
I do not get the ''it is designed to work as a medium of exchanging ''value'' part. And what does ''uses cryptography to secure its value'' mean? What is the ''value here''?
Yes, it's basically correct. However, not all cryptocurrencies use cryptography to create additional units. Right now, only cryptocurrencies with "mining" do that.
The "value" is what you can trade cryptocurrency for. Right now the price of Bitcoin is between $15,000 and $20,000 which is the price of some cars. So you can trade 1 BTC for a new car. See the value?
2. Blockchain is a continously growing list of records called ''blocks''. They are linked and secured using cryptography. Each block contains all sorts of informations such as ''hash pointed'', which points to the previous block, timestamp and transactions data. Blockchains are inherently resistant to modification. It is also described as an open, distributed ledger that can record transactions between two parties in a verifiable and permanent way.
What does the ''securing transactions in a VERIFIABLE way mean? How is it be verified?
Cryptography allows things to be verified. I can't explain that in a few sentences as it's an entire field. However, for the basics all you need to know is it's based on math. I'll give you an example. I will tell you that 2 + 2 = 4. Can you verify that? Yes you can. Just go to a store and buy a calculator, then press the buttons 2 + 2 and see if the answer is 4. If it is you verified what I said. That's similar to cryptography.
