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How does cryptocurrency work
Cryptocurrency is defined as money stored and transferred in digital form. Sounds simple enough, but how does it all work? This type of currency is good for making purchases on the internet because transactions are anonymous and untraceable back to the payer or user.
This means that hackers would no longer be able to gather personal information from people who use their credit cards to make online purchases. This effectively decreases the number of stolen identities that occur every day online.
The distribution hub of cryptocurrency is a system called “Blockchain”.
In simple language, “Blockchain” is Decentralized Distributed Ledger Technology.
When one person sends money to another person a new line and Blockchain number is created.
That line of information is sent around to a lot of other computers who have a copy of the record.
When the entry is confirmed by the other computers as legit, it updates across the network.
The coin is then transferred.
What’s in circulation is all that’s available making it a much more valuable commodity.
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