How does cryptocurrency work
Cryptocurrency works on the basis of blockchain technology, which is a decentralized, digital ledger that records all transactions across a network of computers. Each block in the chain contains a record of multiple transactions, and once a block is added to the chain, its information cannot be altered or deleted.
When a user wants to make a transaction with cryptocurrency, the transaction is broadcast to the network and verified by multiple computers, called nodes. These nodes then compete to solve a complex mathematical problem, and the first node to solve it adds the transaction to the next block in the chain.
Once a transaction is added to a block and confirmed through the process of mining, it becomes a permanent part of the blockchain, and the transaction is complete. Cryptocurrency allows for secure, peer-to-peer transactions without the need for intermediaries like banks.
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