It would be no wrong saying that Bitcoin played a vital role in promoting cryptocurrency. Recognized for its high volatility, cryptocurrency is getting quite popular in the world. If you are having problem understanding how Cryptocurrency works, you’ve come to the right place. This blog post has answers for all your questions related to cryptocurrency.
What is Cryptocurrency?
It’s a digital form of currency that employs encryption techniques to verify funds transfers and regulate the creation of units of currency, working independently without a central bank. Let me tell how it started. Cryptocurrency became a reality after the introduction of Bitcoin, which was introduced by a anonymous character called Satoshi Nakamoto. All he wanted to introduce was a peer to peer electronic cash system, not cryptocurrency in particular. This is how the term ‘’Cryptocurrency’’ came into being.
How does it work?
All the cryptocurrencies rely on their network of peers who keep a track of all transactions, meaning you can’t trick all the accounts operating throughout the world. Whenever a transaction is made, it gets noted and detected automatically at different locations by miners. After confirmation, the transaction is accepted and added to the network.
Miners are hired to verify transactions. They get a small percentage of the cryptocurrency they’re mining for. Bitcoin is the most famous and expensive cryptocurrency being used all over the world. If you want to earn some extra money, you can set up mining machines to do mining. All you need is to make sure that all the equipment is working seamlessly.
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