How Cryptocurrency Works? – Beginner’s Guide

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April 9, 2020

Blockchain (surprise! is a chain of blocks. This chain carries digital data about the last operations in the network. The more operations we have, the more blocks in a chain.

Blockchain Definition

All the blocks together create Bitcoin blockchain and observe all the transactions that took place since its origin. Also, there is no central server that stores and manages blockchain data. Instead of that blocks are shared among all nodes in the network. So blockchain can’t be modified in any way at all.

Cryptocurrency

It’s best to compare bitcoin with the gold or diamonds, not Dollar. Both of them are limited, somehow mined, and have no real value, except the value that people are ready to pay for it. Like the gold, bitcoin also needs to “mined”. But in the Bitcoin case, you need to resolve complex numerical tasks. In a nutshell, one solved task matches one Bitcoin.

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