Let's talk about Blockchain. A blockchain is an open and decentralized ledger consisting of a growing list of transactions, which are permanently verifiable and are linked using cryptography, with each block having a cryptographic hash of the previous block, a timestamp, and transaction data. For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for inter-node communication and validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without alteration of all subsequent blocks, which requires consensus of the network majority.
Blockchains are the bedrock of cryptocurrencies. A cryptocurrency (or a digital asset) is a digital asset designed to work as a means of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets.
CRYPTOCURRENCY EXCHANGES
So now, we're getting warm. What is a crypto exchange then. Cryptocurrency exchanges are sites(whether physical or virtual) where cryptocurrencies are traded for each other or traditional fiat currencies like Euro, Pound Sterling or US Dollar.