What do you understand about the word 'Cryptocurtency'?

As per my knowledge, cryptocurrency is a particular kind of electronic money that uses cryptography technology in order to secure it. This is an internet based, digital form of money and it is transactional using cryptography. Blockchain technology assures cryptocurrencies with decentralization, transparency, and changeability. There is no central authority for issuance and regulation of these entities which are recorded through the distributed network of transaction records and issuance of new units.

What new features are present in cryptocurrency which are not present in Fiat money?

The key features that distinguish cryptocurrencies from traditional fiat money are:

1. Digital and Virtual: Cryptocurrencies are simply electronic data files that cannot be touched or hold by hand.
2. Decentralized and Peer-to-Peer: In such a system, there are no centralized administrations while they run on a distributed network, using ad hoc and unstructured peer-to-peer file transfers via the Internet.
3. Anonymity: Cryptocurrencies provide the non-identification feature, as no identification is required to get them and use them.
4. Irreversible and unchangeable: Transactions once inscribed unto a blockchain are unchangeable and unalterable.
5. Limited Supply: The potential value of cryptocurrencies lies in the fact that there are limited amounts.

When was the first cryptocurrency launched and who was the master mind behind it?

According to my knowledge, Bitcoin, the first cryptocurrency; introduced in 2009. A person known as Satoshi Nakamoto, he invented it. Nobody know his true identity of this establishment and it's still hidden. One should begin with a mention that Bitcoin is the first decentralized cryptocurrency, which is still the most popularly traded one. There have been several failed tries to establish a digital currency before introducing Bitcoin. The first version of electronic money, called eCash, was released in 1990 by DigiCash company. Cryptographer David Chaum came up with them, the idea and the firm. Bitcoin led to other digital currencies but they did not gain public attention until some time later.