Altcoins Talks - Cryptocurrency Forum
Further Discussions => Blockchain Technology => Topic started by: Prabhu Pawar on July 01, 2022, 06:09:10 AM
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Cryptocurrency — also known as crypto — is a digital currency designed to work as a medium of exchange. It uses cryptography to secure and verify transactions, as well as to control the creation of new units of a particular digital currency.
Many cryptocurrencies are built on blockchain technology, which is a distributed ledger enforced by a distributed network of computers. Cryptocurrencies are distinguished from fiat currencies like the United States dollar or the British pound because any central authority does not issue them, making them potentially impervious to government intervention or manipulation.
This article will discuss various concepts of a cryptocurrency to help you understand the novel financial innovation.
How does cryptocurrency work?
The majority of cryptocurrencies function without the backing of a central bank or government. Instead of relying on government guarantees, decentralized technology called blockchain underpins the operation of cryptocurrencies.
Cryptocurrencies do not exist as a stack of notes or coins. Instead, they live only on the internet. Consider them virtual tokens, the value of which is decided by market forces created by those seeking to purchase or sell them.
Cryptocurrency is formed through a process known as mining, which entails employing computer processing power to solve complex mathematical problems to earn coins. Users can also purchase the currencies from brokers, which they can then store and spend using encrypted wallets.
See more for yourself here.
https://cointelegraph.com/blockchain-for-beginners/what-is-a-cryptocurrency-a-beginners-guide-to-digital-money (https://cointelegraph.com/blockchain-for-beginners/what-is-a-cryptocurrency-a-beginners-guide-to-digital-money)
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