Cryptocurrency - Everything You have Always Wanted to Know
Updated: Apr 17
What is Cryptocurrency?
Cryptographic currencies are strings of encrypted code that are held by somebody and the ownership of which can be transferred to another person.
Cryptocurrencies are held in a digital “wallet.”
It is necessary to have a cryptocurrency wallet to transfer, send and receive cryptocurrencies.
You can transfer ownership of cryptocurrency if you have access to the wallet holding it.
To transfer ownership of your cryptocurrency, you need access to the private key of the wallet holding the currency.
The private key is like a kind of password system.
Your wallet’s private key is what signs off the ownership of your currency.
New transactions are added to the existing blockchain ledger after miners authenticate that the funds to be transferred from one wallet to another are in fact available for transfer (based on previous blocks), preventing double spending.
All new transactions are added to the growing blockchain as new blocks are created.
Due to its decentralized peer-to-peer nature, blockchain technology enables you to transfer cryptocurrency funds to anyone, anywhere. The technology also removes the need for intermediary institutions — funds can be transferred faster and cheaper.
Cryptocurrency enables a decentralized economy to take shape.
Thousands of cryptocurrencies are available in the market, each with its unique project and use-case.
NEEbytes designed its system to back NEE currency by cookie data, enabling our community to monetize their attention.
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