27 June, 2022
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What is cryptocurrency and how does it work?

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What is cryptocurrency?

 

Cryptocurrency is a digital currency that has no regulating authority and can be used only on the internet. It allows secure transaction to be made through the internet from anywhere in the world by the help of cryptography.

The first crytopcurrency was founded in the year 2009 and was named Bitcoin which as at the writing of this article; Bitcoin is the leading crytopcurrency with the highest market capitalisation of over $734 billion.

 

What is cryptography?

 

Cryptography is the techniques for securing communication from unauthorised users but gives access to the sender and the intended recipient . So, crytopcurrency was built on a peer-to-peer system that allows sending and receiving of online payment very secure.

 

How does cryptocurrency work?

 

Cryptocurrencies run on a distributed public ledger called blockchain in which a record of all transactions updated and held by currency holders. A unit of every cryptocurrency is created through computer power by solving complicated mathematical problem and this process is called mining.

Every holder of crytopcurrency must have cryptographic wallet where coins are stored basically for spending through the internet.

 

Disclaimer

All cryptocurrency information provided on this Site are for educational purposes only and is not intended to constitute investment or other advice on any financial assets.

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