Cryptocurrencies rely exclusively on blockchain technology for support. All transactions are recorded on an open distributed ledger that the currency holders control.
Cryptocurrencies are produced via an established process called mining, using special mining hardware called ASICs.
ASIC miners mine cryptocurrency by solving complex and challenging computations to produce new coins.
Another way to acquire cryptocurrency is to purchase them through online exchanges or brokers and store them safely in a crypto wallet for future transactions.
All transactions conducted without the involvement of intermediaries or third parties promote transparency and decentralization - two central goals of blockchain technology.
After each successful transaction and validation of transaction blocks, rewards are distributed among miners who successfully mine cryptocurrency. With few restrictions in place, this system also addresses double spending issues effectively.
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