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So, despite having never met -- and with no third party overseeing the transaction -- parties seeking to transact in cryptocurrency can do so with confidence because of the security offered by blockchain technology and public key cryptography.
The maths and the technology can be trusted. Back to Mary and John. What's involved in a cryptocurrency transaction? How cryptocurrency changes hands Let's say Mary wants to send John five bitcoin. Her transaction message is sent via the internet to nodes computers in the Bitcoin blockchain network. These nodes check that the transaction is valid based on the transaction 'rules' followed by the network.
This includes checking that Mary's public key decrypts the digital signature attached to her transaction -- proving that she is the authorised owner of the bitcoin being transferred. Although validated, Mary and John's transaction is still unconfirmed; it has not yet been entered in the blockchain distributed online ledger. Their transaction is added to a pool of unconfirmed transactions.
Nodes in the network group batches of unconfirmed transactions into 'blocks' in a process termed ' mining '. No pick or head torch required, blockchain mining involves a 'race' of sorts between computers. This 'race' requires nodes to find a certain number which, when combined with the contents of a block of transactions and crunched through an algorithm, results in another number hash that has certain predefined qualities.
This is a very difficult exercise -- and even with trillions of guesses occurring every second, it takes the Bitcoin network an average of 10 minutes to guess a correct number. Herein lies the rationale for the term, 'mining'. For their efforts in maintaining the blockchain -- not to mention the costs associated with running powerful computers capable of performing these calculations -- successful miners are handsomely rewarded.
The software pays them a predetermined number of bitcoin, and they also receive any transaction fees associated with the block they mined. Once a suitable hash for a transaction block has been found, the successful miner then broadcasts their result to the rest of the blockchain network. The network checks that the newly created block is correct and starts the process all over again, seeking to mine the next block in the chain.
Even though their transaction is now confirmed , Mary and John would be wise to wait until further blocks are added to the chain before acting on their transaction. This is because each transaction block contains the hash calculated for the previous block, anchoring them in a chain-like fashion.
Cryptocurrency works a lot like bank credit on a debit card. In both cases, a complex system that issues currency and records transactions and balances works behind the scenes to allow people to send and receive currency electronically. Likewise, just like with banking, online platforms can be used to manage accounts and move balances.
The main difference between cryptocurrency and bank credit is that instead of banks and governments issuing the currency and keeping ledgers, an algorithm does. What is cryptocurrency? Cryptocurrency is best thought of as digital currency it only exists on computers.
It is transferred between peers there is no middleman like a bank. It is decentralized, meaning it is controlled by users and computer algorithms and not a central government. It is distributed, meaning the blockchain is hosted on many computers across the globe.
Meanwhile, cryptocurrencies are traded on online cryptocurrency exchanges , like stock exchanges. To transfer funds, knowledge of a password AKA a private key associated with the account is needed. The transaction amounts are public, but who sent the transaction is encrypted transactions are pseudo-anonymous. Each transaction leads back to a unique set of keys.
Whoever owns a set of keys, owns the amount of cryptocurrency associated with those keys just like whoever owns a bank account owns the money in it. Many transactions are added to a ledger at once. However, some altcoins use unique mechanics. How does blockchain work? The blockchain is like a decentralized bank ledger, in both cases, the ledger is a record of transactions and balances.
When a cryptocurrency transaction is made, that transaction is sent out to all users hosting a copy of the blockchain. Sometimes miners pool computing power and share the new coins. The algorithm relies on consensus. If the majority of users trying to solve the puzzle all submit the same transaction data, then it confirms that the transactions are correct.
Further, the security of the blockchain relies on cryptography. Each block is connected to the data in the last block via one-way cryptographic codes called hashes which are designed to make tampering with the blockchain very difficult. Offering new coins as rewards, the difficulty of cracking the cryptographic puzzles, and the amount of effort it would take to add incorrect data to the blockchain by faking consensus or tampering with the blockchain, helps to ensure against bad actors.
What is cryptocurrency mining? People who are running software and hardware aimed at confirming transactions to the digital ledger are cryptocurrency miners. Solving cryptographic puzzles via software to add transactions to the ledger the blockchain in the hope of getting coins as a reward is cryptocurrency mining. How does cryptography work with cryptocurrency? The keys that move balances around the blockchain utilize a type of one-way cryptography called public-key cryptography.
How does one obtain or trade cryptocurrency? Cryptocurrency can be obtained most of the same ways other types of currencies can. You can exchanges goods and services for cryptocurrency, you can trade dollars for cryptocurrencies, or you can trade cryptocurrencies for other cryptocurrencies. Trading is generally done via brokers and exchanges.
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