How Cryptocurrency Works | NYT - Deepstash

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How Cryptocurrency Works | NYT

How Cryptocurrency Works | NYT

The New York Times

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Cryptocurrency definition

Cryptocurrency is digital money that is used to buy and sell online.

  • It's not based on an asset like gold.
  • It doesn't go through traditional institutions like banks.

It is an entirely decentralised system that use...

Say you want to buy a bike from a friend using, for example, Bitcoin. 

  • You will log into your Bitcoin wallet with a private key.
  • Instead of a bank recording the money that is subtracted from one side and added to another, your transaction is shared wit...

Bitcoin mining

To ensure that every block of transactions on the chain is verified, a subset of Bitcoin's network tries to solve the complex puzzle. The first one to succeed is rewarded with Bitcoins of their own. The network then adds the new block on the chain. 

This process is ...

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