What is a CryptoCurrency and how it works

What is CryptoCurrency?

CryptoCurrency is based off of a new technology called Blockchain Technology.  Blockchain is, simply put, a digital, decentralized ledger that keeps a record of all transactions that take place across a peer-to-peer network. The major innovation is that the technology allows market participants to transfer assets across the Internet without the need for a centralized third party, and IT’S TOTALLY SAFE AND SECURE.

Unlike traditional payment option, like credit cards and eWallets, Bitcoins have proven to be the safest and most secure payment methods online. See, while scammers have found a way of hacking and getting some of the information on the ‘traditional’ payment options, Bitcoins have proven to be very difficult. This is because they use a modernized encryption technology that keeps all your personal information safe.

BLOCK CHAIN

A blockchain is a public ledger of all transactions that have been executed. The blockchain has complete information about the transaction and those who process it resulting in a form of check and balance that is automatically verified and is continuously updated for accuracy. 

SECURITY

As with all things, people can utilize this platform for great things but there will be others who make attempts to exploit the benefits of the service for personal gain at the expense of others. The Key is to be educated and protect yourself! 

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MINING

Mining is the process by which transactions are verified and added to the block chain, and also the means through which new bitcoin are released. The rewards, which serve as a mining incentive, pay transaction fees as well as newly released coins. Rewards are paid to the first to post the transaction. 

 

LIMITLESS

Since the emergence of CryptoCurrency, providers have seen incredible growth within their networks and have also seen the value of the currencies rapidly increase which not only makes it an option for payments but an opportunity for investment, wealth generation, and more!