What is Cryptocurrency and how does it work?

Every country has its own currency, and through that currency the country's economy operates. But nowadays some such currency has also come in the world, which is in digital form and we do not see it. Today we are going to talk about one such currency, whose name is cryptocurrency. In this article, we are going to give you all the information about what is cryptocurrency, how it works, and what are the cryptocurrency, and their features etc.

What is a Cryptocurrency?

Cryptocurrency is a digital currency using a laser system created and distributed by a technology such as cryptography, in which the block chain functions. Through this technology, developers aimed to create such kind of currency, which is secure, private, traceable and de-centralised for long time. When we have to pay to buy something or take a service at a big level, then we can make payment in digital form through online money exchange. Therefore, payments made in it are made using the internet as some wallets. Crypto currency is visible to us, so it is the most advanced version of cashless payment, which is in digital form.

How does cryptocurrency work?

To know how cryptocurrency works, you should pay attention to some of the following points -

• The main function of cryptocurrency is to transfer money from one computer to another. And this work is done through blockchain.
• Blockchain acts like a bank. In this blockchain, all the transactions are done in this blockchain, which reduces the chances of fraud.
• This technology is monitored and investigated by some people through powerful computers. This process is the mining process of cryptocurrency.
• Those who do this monitoring and investigation, they act like clerks in a bank, they work in the same way, and they are called Minors.
• Now, the way these miners monitor and investigate this, let us tell you that they get a code for doing this, and they get this code only when one of them is presented They solve the problem of mathematics correctly.
• Here the mining process of cryptocurrency is completed and after this comes the exchange process, in which the cryptocurrency is transferred from one account to another.
• When buying, selling or trading through cryptocurrency, then it comes to know where you have it, then tell you that there are some wallets for it. In which this store lives.
• In fact it is a program to store public and private keys on a computer. And it enables users to send, receive and monitor digital currency balance. And this is how cryptocurrency works.