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Cryptocurrencies, what is it ?

Precious metal, exchange of goods have served as currency in the past, as human race advances and their knowledge of market, financial innovations surfaces. This time its about the Cryptographic currencies.
You might have heard about Block Chain, Bitcoin, Titcoin, Primecoin etc.. all of them are digital way of exchanging values. These frameworks outlines how participants can exchange values securely. Security of transaction is very important as system without faith will not even last for seconds. It has to be time tested and robust.
BTW Why we call it Cryptocurrencies ?
digital because we do not need it in physical form, Cryptocurrencies because this whole thing is bullet proofed by Cryptographic system. Which supports encryption/decryption, public/private keys, transformation, block and stream ciphers almost everything that can make even a Geek to Freak.
Is it Legal ?
The whole idea is to make the value exchange system decentralized. Crptocurrencies are not regulated by Central Banks(Regulatory authority for the country), from that angle its very interesting, Central banks responsibility is to centralized the control of Money supply in the market and act as a regulatory authority for the interest of various stakeholders. However Cryptocurrencies system has decentralized control. Even though the platform is distributed, it works. It is legal in many countries and many others have restricted it. Country have to make decision by keeping this thing in mind that they have to strike balance between Cryptographic currency and currency which is backed by central banks and government.
Stakeholders involved
Miners - Those who mines the block chains and receive intensive. There intensive decreases as the time passes. You need to have sophisticated hardware to act as miner in this crypto currencies network.
These currencies exist in the form of transaction, so there wont be single digital file on you computer, your money here exist on the basis of transactions that you made and these transactions exist in many systems.
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