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[QUOTE="Peppul, post: 74458, member: 27039"] Firstly crypto currency is an encrypted, decentralized digital currency transferred between peers and confirmed in a public ledger via a process known as mining. To understand how cryptocurrency works, you will need few basic concepts, specifically. 1. Public ledgers. All confirmed transactions from the start of a cryto currency's creation are stored in public ledger. The identities of the coin owner are encrypted and the system uses other cryptographic techniques to ensure the legitimacy of record keeping. The ledger also ensure that corresponding digital wallets can calculate an accurate spendable balance. Also , new transactions can be checked to ensure that each transactions uses coins currently owned by the spender. 2. Transactions. A transfer of funds between two digital wallets is called transaction. That transaction get submitted to a public ledger and awaits confirmation. Wallets uses can encrypted electromagnetic signature when a transaction is made. This signature is an encrypted piece of data called a cryto graphic signature and it provides a mathematical proof that the transaction came from the owner of the wallet. 3. Mining. Mini g is the process of confirming transactions and adding them to a public ledger. To add a transaction to the ledger, the miner must solve an increasing my complex computational problem like a mathematical puzzle. Mining is open source so that anyone can confirm the transaction. The first miner to solve the puzzle adds a block of transaction to the ledger. If you also have any idea you can also add for people that don't know. [/QUOTE]
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