How cryptocurrency works – In a nutshell
A cryptocurrency is a digital, decentralized, and encrypted medium of exchange
All cryptocurrencies run on blockchain technology, a distributed public ledger or database that records every transaction held by currency holders
Groups of transactions are collated to the ‘chain’ as blocks.
This procedure confirms the validity of the transactions then keeps the network up and running
Mining or cryptocurrency mining is the procedure to check for recent transactions, create cryptocurrency units, or add new blocks to the blockchain
Cryptocurrency investors hold their assets via digital addresses, with public and private keys – long strings of numbers and letters
There are plenty of cryptocurrencies, Bitcoin, Ethereum, Litecoin, Cardano, Binance Coin, Tether, Dogecoin, USD Coin, Polkadot, Stellar.