How does cryptocurrency work?

Cryptocurrency is a form of digital or virtual currency that uses cryptography for security. It operates on a decentralized network called a blockchain, which is a distributed ledger maintained by a network of computers. When a new transaction is made, it is verified by a process called mining, where miners use computational power to solve complex mathematical problems. Once the transaction is verified, it is added to a block and added to the blockchain. Cryptocurrencies can be used for various purposes such as online transactions, investments, and even as a store of value.

Last updated 10/23/2023, 3:19:08 PM

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