Question

What is cryptocurrency and how does it work? Use Bitcoin as an example.

Answer 1

Cryptocurrency is a form of digital money that can be used on the internet and is not backed by a central banking system. Cryptocurrencies run on a distributed public ledger called blockchain, a record of all transactions updated and held by currency holders. Units of cryptocurrency are created through a process called mining, which involves using computer power to solve complicated mathematical problems that generate coins.

Answer 2

Step-by-step explanation:

Cryptocurrency is a string of encrypted data that is used at a form of currency. It uses a network called a block-chain, which helps ensure that it is secure as a form of currency.

Bitcoin is this form of digital currency, and is free from the control and grasp of the government and banks. It instead uses cryptography. Instead of a banking record, transactions are recorded through public records on a variety of servers revolving the globe.

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