What is a Cryptocurrency? + How it works!
Many people know what a cryptocurrency is, but don’t actually know why they are different or why they're better than other currencies.
What is a Cryptocurrency?
A cryptocurrency is basically an online currency where there is no physical form of it. It isn't governed by anyone, no banks, no government no control!
How it works.
To have ownership of a cryptocurrency you need something called a wallet. If you want to buy some STEEM (A Steemit based cryptocurrency) then you should create a steemit account.
Each time someone makes a transaction from wallet to wallet, a “block” is uploaded to a ledger recording the transaction. Blocks are uploaded one after the other creating a “blockchain”. Anyone who wants to, can a have a copy of the ledger.
Hackability?
Crytpocurrencies are un-hackable. If someone uploads a transaction to the ledger that is not the same as everyone else's copy, than it automatically is deleted. If someone was going to hack a cryptocurrency, they would have to hack everyones computer who holds a copy of the ledger, this would be unfeasible.
Why is it so popular?
All other currencies have a middle man whereas cryptocurrencies are peer-to-peer. When sending money to someone through a crypto, it goes straight to the other person. When using a bank, the money you send can be held onto by the bank for up to 3 days! Your money doesn't need to be held onto by someone else, that’s why people like cryptos better!
Hello! I would really appreciate it if you took your time to kindly upVote this post, check out my other posts like this and even possibly follow me! I would tremendously appreciate it as it encourages me to keep on creating more educational steemit articles just for you.
Thank you!! - Bronson
Don't know what STEEM currency is? Click here:
https://steemit.com/steemit/@bronsonhill/everything-you-need-to-know-about-steem-currencies
New to Steemit and want to grow? Click here:
https://steemit.com/steemit/@bronsonhill/top-3-tips-on-how-to-grow-on-steemit
A weak man is just by accident. A strong but non-violent man is unjust by accident.
- Mahatma Gandhi
nice, what about doing an article on the different steem applications like D-tube and Steemit Chat? How many are there etc? I'm still finding them by accident...
Resteemed your article. This article was resteemed because you are part of the New Steemians project. You can learn more about it here: https://steemit.com/introduceyourself/@gaman/new-steemians-project-launch
Hola @gaman gracias por tu apoyo y el de muchos. @bronsonhill muchas gracias por tu información, es muy interesante esta clase de tema, en lo nuevo que estamos trabajando.
Hello @gaman thank you for your support and that of many. @bronsonhill thank you very much for your information, it is very interesting this kind of subject, in the new thing that we are working.
thanks for the useful information
no problem (;
i liked it nyc
follow me at @zazaibot i will follow you back upvote me restreem my posts i will do yours to become both rich :D
thanks
Give mee bitcoin
I am really educated, it's been just a while I joined Steemit but with you I have much insight to
how Steemit works.
Thank you.
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