Everything You Need to Knowcrypto tech.Cryptocurrency is the internet-based medium of exchange that uses cryptographical functions which conduct financial transactions. It leverages blockchain technology to gain decentralization, transparency, and immutability. It is not controlled by any central authority. Sent directly between two parties through private and public keys. Transfers may be done with minimal processing fees, allowing users to avoid the fees charged by traditional financial institutions. It has become a global phenomenon known to most people.1. How Cryptocurrency Workschains in blocksTransactions are sent among peers by the use of software called Cryptocurrency wallets. The transactions made uses the public address to transfer balances from one account to another. To transfer funds, a private key associated with the account is needed. Transactions made between peers are encrypted and then broadcast to the cryptocurrency\u2019s network and then queued up to be added to the public ledger. Transactions are then recorded on the public ledger through a process called mining. Users of a given Cryptocurrency have access to the ledger if they choose to access it, for example, by downloading and running a copy of the software called a full node wallet. The transaction amounts are public, but who sent the transaction is encrypted. Each transaction leads back to a unique set of keys. Whoever owns a set of keys, owns the amount of cryptocurrency associated with those keys. Many transactions are added to a ledger at once. These blocks of transactions are added sequentially by miners. The ledger and the technology behind this are called blockchain. It is a chain of blocks of transactions.2. Blockchain and Cryptocurrencybit coinBlockchain brings out cryptocurrencies into play. The blockchain is the technology that serves as the distributed ledger which forms the network. This network creates the means for transacting, enabling the transfer of information and\u2026<\/p>","protected":false},"excerpt":{"rendered":"
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