How cryptocurrency works
Cryptocurrency is a form of payment that can be traded online for goods and services. A digital payment method that does not depend on banks to verify transactions. It is a like-to-like system that can enable anyone anywhere to send and receive payments.
How it works???
Cryptocurrencies work using a technology called Blockchain. Well Now what is Blockchain ??
You must have heard of it, but many do not understand what it is.
Blockchain is a decentralized technology circulate across many computers that manages and records transactions. Cryptocurrencies maintain their own record-keeping using Blockchain, an online ledger and transaction log.
Blockchain create digital records of transactions, certificates, or contracts that can only be added to, rather than changed or deleted. This independent transaction log, crypto converts insist, is far more reliable than paper records or ordinary digital accounts, which could be hacked.
It archives both the buyer and seller information and record it as a “hash,” or series of letters and numbers generated by a complex mathematical function. Each hash is linked to previous hash. So unauthorized changes to the ledger will become noticeable immediately after a hash is altered.
Once a specific number of hashes is reached, this group is converted into a “block” and linked to the other blocks on the server hence the name “Blockchain.”
It is an intersection of technology, finance, and the digital community, you can see why so many people find cryptocurrency attractive. Moreover, it is not as complex as it first seems.
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