What is cryptocurrency and how does it work?

eCrypto.co.in

March 21, 2022

What is cryptocurrency?

Cryptocurrency is a digital payment system that doesn't rely on banks to verify transaction

How does cryptocurrency work?

Cryptocurrencies run on a distributed public ledger called a record of all transactions updated and held by currency holder

Cryptocurrency example

There are thousands of cryptocurrencies. Some of the best known include:Bitcoin,Ethereum

Bitcoin

Founded in 2009, Bitcoin was the first cryptocurrency and is still the most commonly traded.The currency was developed by Satoshi Nakamoto

Ethereum

Developed in 2015, Ethereum is a blockchain platform with its own cryptocurrency, called Ether (ETH) or Ethereum

Litecoin

This currency is most similar to bitcoin but has moved more quickly to develop new innovations, including faster payment

Ripple

Ripple is a distributed ledger system that was founded in 2012. Ripple can be used to track different kinds of transactions, not just cryptocurrency.

How to buy cryptocurrency ?

The first step is deciding which platform to use. Generally, you can choose between a traditional broker or dedicated cryptocurrency exchange

How to buy cryptocurrency ?

These are online brokers who offer ways to buy and sell cryptocurrency, as well as other financial assets like stocks, bonds, and ETF

Traditional brokers.

How to buy cryptocurrency ?

There are many cryptocurrency exchanges to choose from, each offering different cryptocurrencies, wallet storage, interest-bearing account options.

Cryptocurrency exchange

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