How does it work?
The requested transaction is broadcast to P2P network consisting computers known as nodes.
The network of nodes validates the user's status and the transaction using algorithms.
The new block is then added to the existing blockchain, which is permanent and cannot be changed.
After the verification, the transaction is combined with other transactions to create a new block of data for the ledger.
Cryptocurrency is a medium of exchange which is electronically created and stored, using encryption techniques to control the creation of monetary units and to verify the transfer of funds. An example of a cryptocurrency is Bitcoin.
What is Cryptocurrency?
Someone requests a transaction.
The transaction is complete.