What is Cryptocurrency?
Cryptocurrency is like everyday money (like USD, GBP and EUR) but in the virtual/digital world. Cryptocurrency is not issued by any central authority which means they can't be manipulated by the government like normal currency.
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Many cryptocurrencies are digital assets that run on decentralised networks based on blockchain technology. Blockchain technology has a huge range of uses, see What types of cryptocurrencies are there? for more details about where it can be used. See below for what blockchain technology is.
What is Blockchain Technology?
Blockchain is a shared ledger that cannot be changed once set. A crypto ledger is a record-keeping system for that allows recording of transactions and tracking of assets in the network.
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How blockchains work
Once a transaction is made, it gets recorded on the network as a "block" of data. This block of data can record any information of choice (who, what, where, when, why, quantity, condition etc).
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Once created, the block connects to the block before it and after it. Connection of the blocks form a "chain" of data as the asset is moved from one owner/place to another owner/place. Chaining together the blocks allows confirmation of the time and sequence of that transaction. Blocks are linked securely together which presents blocks being inserted in between two existing blocks and prevents the blocks from being altered.
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This is the reason why its called "block-chain" technology.
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