Hey friends .today i want to share with you the meaning of cryto currency. this information is very important to new members .i know your wondering what steemit is about and this cyto currency they talk about is it illumiunit or something else. Don't worry your self anymore. i will help you answer all your questions today .
First and foremost,cytocurrency is a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds ,operating independently of the central bank.
In cryptocurrency networks ,mining is a validation of transactions.for this effort successful miners obtain new crytocurrency as a reward.
Cryptocurrency is pseudonymous rather than anonymous in that the cryptocurrency within a wallet is not tied to people .but rather to one with more specific keys. thereby,cryptocurrency owners are not identifiable ,but all transactions are publicably avaliable in the block chain.
Block chain
The validity of each crytocurrency's coin is provided by a block chain .A block chain is a continous growing list of records called blocks which are linked and secured using cryptography.
Wallets
A cryptocurrency wallet stores the public and private keysor addresses which can be used to receive or spend the cryptocurrency with the private keys . It is possible to write in public ledger ,effectively spending the associated crytocurrency. with the public key. it is possible for others to send currency to the wallet.
In conclusion,gradually decreases production of currency .cryptocurrency can be more difficult for seziure by law enforcement.i know it confusing but u will get a hang of it with time. Dont worry.it was nice sharing thia with you.nice time till next time.
Here are the types of block chains
