How cryptocurrency works
Simply Cryptocurrency explanation
Cryptocurrency works by using advanced mathematical algorithms and computer networks to
secure and verify transactions made using the currency. The most popular and well-known
cryptocurrency is Bitcoin, but there are thousands of other cryptocurrencies available.
The underlying technology that enables the existence of cryptocurrency is called blockchain.
It is a decentralized, digital ledger that records all transactions made using a particular
cryptocurrency. Each block in the chain contains a number of transactions, and once a block is
added to the chain, the information contained within it is considered to be permanent and
unchangeable.
When a person wants to send cryptocurrency to another person, they broadcast a transaction to
the network. This transaction is then verified by a network of computers, called nodes, using
complex mathematical algorithms. Once a transaction is verified, it is added to a block, which is
then added to the blockchain.
The process of adding blocks to the blockchain is called mining. Miners are rewarded with new
units of the cryptocurrency for their efforts. This is how new units of the currency are created and
added to the overall supply.
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