Introducing cryptocurrency to the world and why you should invest in bitcoin NOW
Based on the internet, cryptocurrency is an exchange medium responsible for carrying out financial transactions using cryptographical features. It leverages blockchain technology for transparency, decentralization, and immutability.
No central authority controls cryptocurrency, making it decentralized. As a result, cryptocurrencies are theoretically immune to government interference and control.
Additionally, you can send cryptocurrencies directly from one party to another using public and private keys. The transfers cost low fees, eliminating the high fees most traditional financial firms charge.
Cryptocurrency and Blockchain
A cryptocurrency transaction is broadcast in the network and confirmation made after a pre-determined amount of time.
Transaction confirmation is an important cryptocurrency concept. A transaction pends if it’s unconfirmed, and can easily be forged.
A confirmed transaction is set in stone; it can neither be reversed nor forged. It makes up the blockchain, immutable transactions of historical records.
Miners are responsible for confirming transactions, explaining their role in a cryptocurrency network. They’re responsible for stamping transactions for legitimacy before spreading them across the network.
After confirmation of a transaction, each node in the network adds it to its database, making it part of the blockchain network.
Miners are rewarded with cryptocurrency tokens such as Bitcoins for work done. The most important component of the cryptocurrency system is the activity of miners.