In late 2008, #Btcoin came into existence as the first digital currency that heralded a new future for the form of money.
Since then, many other cryptocurrencies have emerged, each with its own unique qualities and characteristics.
Although many of these currencies have their own monetary features, investors seem more interested in their potential as a digital store of value.
So it's no surprise that so many traders are drawn to the world of cryptocurrency trading.
Cryptocurrencies are treated like money but are mined like gold. Mining is simply verifying the cryptographic process. People around the world transfer cryptocurrencies from wallet to wallet, while miners use computer processing power to maintain the blockchain database and verify these transactions.
What is blockchain?
It is a list of transaction records, called blocks, that are encrypted and linked together. The blockchain is constantly growing and is completely open to anyone. Each block in the blockchain contains:
1. Details of the sender and recipient and the amount of cryptocurrencies
2. “Hash”, which is the combination that acts as a unique fingerprint.
3.Margin of the previous block in the series
When a new block is created, it is sent to all users on the network. Each user then verifies the block and adds it to the blockchain.
Every cryptocurrency that exists today has its own blockchain, and the complex calculations that lie at the heart of the blockchain data are computer-generated. In order to make a transaction on the blockchain, you need an electronic wallet (or cryptocurrency wallet).
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