The Basics of Cryptocurrency

The Basics of CryptocurrencyIn order to understand how cryptocurrency functions, there are main 8 concepts to become familiar with:EncryptionThe process of converting information or data into a code, especially to prevent unauthorized access.When using cryptocurrency as a medium of exchange, instead of using a single key for both encryption and decryption, separate encryption keys are used for both. A user generates a pair of keys that are mathematically...

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What is cryptocurrency, how does it work and why do we use it?

What is cryptocurrency, how does it work and why do we use it?Crypto = Using Digital EncryptionCurrency = A System of MoneyCryptocurrency is an encrypted, decentralized digital currency used to verify transactions on a distributed system with open source software between peers.The transfer of funds operates on the internet, independently of central banking and governments.Transactions are added to a public ledger – also known as the blockchain via...

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