Cryptocurrency is a digital or virtual currency that relies on cryptographic techniques for security and operates on decentralized networks based on blockchain technology. Here are the key components and concepts associated with cryptocurrency:

### Key Components and Concepts:

1. **Blockchain Technology**:
- A blockchain is a distributed ledger that records all transactions across a network of computers. Each block contains a number of transactions, and once a block is completed, it is added to the chain in chronological order. This technology ensures transparency and security as it is immutable and decentralized.

2. **Decentralization**:
- Unlike traditional currencies managed by central banks, cryptocurrencies operate on a decentralized network. This means no single entity has control over the entire network. The decentralized nature of cryptocurrencies ensures that they are resistant to censorship .