Basics of Cryptocurrency & Blockchain
Read Time: 3 mins We all have heard of Bitcoin and many other cryptocurrencies over the past few years. So let's have a look at what cryptocurrency is, what blockchain is, how does blockchain links to cryptocurrency! Let's dive straight into cryptocurrency and see what it is! By definition "A cryptocurrency is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets." The easy one : "A cryptocurrency is a digital currency that is created and managed through the use of advanced encryption techniques." A few keywords that you need to know when talking about cryptocurrency are as follows: Wallet A place to store your cryptocurrency credentials: namely your private key Private key A 256-bit number expressed as a hexadecimal Eg: 9873D79C6D87DC0FB6A5778633389F4453213303DA61F20BD67FC233AA3326 NOTE: ...