2. WHAT IS CRYPTOCURRENCY
Simply a crypto currency is a digital currency.
Medium of exchange like normal currencies.
Crypto currencies are classified as a subset of digital currencies and are
also classified as a subset of alternative currencies and virtual currencies.
3. WHAT IS THE PURPOSE OF
CRYPTO CURRENCY
A crypto currency is a medium of exchange like normal currencies such as
USD, but designed for the purpose of exchanging digital information
through a process made possible by certain principles of cryptography.
Cryptography is used to secure the transactions and to control
the creation of new coins.
4. CHARACTERISTICS OF CRYPTO
CURRENCIES
Use a number of different algorithms.
Traded in different ways.
Main characteristics that should consider by the customer are;
Market capitalization and daily trading volume
Verification method
Retailer acceptance
5. MINING
Mining programs tap into your computer's hardware resources and put them to
work mining Bit-coin, Lit coin or another type of crypto-currency
And no, even if your hardware is used to generate money for them, you don't get
any of it.
They get all the money from putting your hardware to work
6. HOW DO CRYPTO-CURRENCIES
WORK?
Cryptocurrency doesn’t require a bank or financial institution to verify
transactions and can be used for purchases or as an investment.
Cryptocurrencies run on a distributed public ledger (open acess network)
called blockchain, a record of all transactions updated and held by
currency holders
