What Is Cryptocurrency? Everything You Need To Know

• Cryptocurrencies work in a decentralized form due to the technology engine called Blockchain.
• Digital ledgers add on to all the transactions happening digitally, and they can be having tons of information stored, due to them being digital.
• The problem of security is handled by encrypted signatures used to confirm ledger transactions.
• People transacting in cryptocurrencies have unique secret keys and public keys, both acting as handles to identify and verify the transactions.
• Each ledger transaction also has a unique secure handle to ensure it is approved and cannot be forged.

The process of 'mining' is used to add new capital in the cryptocurrency database.

Mining is a verification process that works on the blockchain using a massive amount of computing power. The 'miners' who use such strong computing power 'earn' cryptocurrency for each verification.

Cryptocurrencies are new and constantly improved due to their digital nature.

Blockchain, the revolutionary technology is now being applied to increasingly complicated work.

Example: Ethereum Blockchain work is a decentralized verification process for contracts.

Cryptocurrencies have been in the news for the wrong reasons, leading to many attempts to demolish or regulate them.

The underlying technology of cryptocurrencies makes it undeniably powerful and disruptive, and this will increase as technology moves forward.