As beginner the subject on how works may seem like robot science or climbing Mount Everest. But you worry no more for am going to highlight some of the basic things you need to know, just continue reading.
Set up an account.You must be familiar with PayPal or debit card, right?. Cryptocurrency is almost the same thing, only that you will not involve Dollars, instead you will see crypto currencies on your screen.
First, you will need to set up a cryptocurrency account, that is, a coinbase account. As a coin base user you will have the power to buy, sell or even store litecoin, bitcoin, bitcoincash, and ether all in a single wallet.
As I said earlier, cryptocurrency works more like a bank credit. The difference between the two is that cryptocurrency is issued by algorithm instead of the government and banks in the case of credit.
algorithm system has the mandate of determining the operations in transactions through software called a wallet. A public digital ledger is where all the transactions on crypto currencies are recorded.
But who confirms the transactions carried out through crypto currencies? Is it the government? Is it the hackers I hear about?
Many people a skeptic when it comes to the confirmation of the transactions. Cryptocurrency miners are the people who do the confirmation. The miners are experienced in the running of both software and hardware and breaking cryptographic codes as a way of confirming the transactions to the digital ledger.
The first step to demystify the whole thing about cryptocurrency is to open a coin base account.
Don’t forget to make Google your number one partner especially if you feel like there is something that needs clarification
. And before you go; we encourage you to pay your taxes promptly.
Plus, if anyone asks you what cryptocurrency, just grin is and tell them that; cryptocurrency is a form of digital currency that is encrypted and decentralized and that it is transferred between peers and confirmed through the process of mining.
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