Ethereum Vs Bitcoin: What Is The Most Popular In Norway?
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- 17 Aug 2022
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Cryptocurrency has become an unstoppable global trend. People from all over the world are venturing into the crypto experience and having positive results. Nevertheless, for newbies and people who may lack digital mastery, the crypto niche may be perceived as complex and exclusive.
Even though there is plenty of online information for free regarding cryptos, it can be overwhelming if you do not know where to start. This article will take you through some basic concepts that will surely help you understand this trend better.
What does cryptocurrency mean?
Cryptocurrency is a term of the digital era. It consists of virtual currency secured by intricate cryptographic systems that process every transaction.
One of the most noticeable characteristics of cryptos is that they are not centralized, that are not issued by a unique and central authority. There is a particularly attractive feature since it ensures freedom of trade and no government interference or manipulation.
These digital coins allow users to conduct simple operations such as buying, selling, and even trading. It is possible for users all over the world to receive and send payments. They can also store their crypto savings in digital wallets.
The main technology that allows the existence of cryptos is called Blockchain.
What is Blockchain?
When talking about Blockchain, people make reference to a digital ledger of transactions that is public and decentralized. It can store any kind of data, but it is principally used for transactions with cryptocurrencies.
The feature that makes Blockchain unique is that it is not being maintained in one digital location, it is distributed in the form of identical copies across a network of computers. This makes it a bulletproof system since it is extremely hard to cheat or forge.
As new data regarding transactions comes in, the digital ledger called Blockchain is updated so that every version of it remains identical. Read More…
