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Blockchain: Understanding the Digital Ledger for Cryptocurrency

What is Cryptocurrency?

Cryptocurrency is a digital currency that doesn't require a bank or financial institution to verify transactions. It can be used for purchases or as an investment.

Blockchain Technology

Blockchain is the technology that supports cryptocurrencies. It's a digital ledger that keeps a secure and tamper-proof record of transactions.

How Does Blockchain Work?

When a transaction occurs, it's broadcast to the entire blockchain network. Each node in the network verifies the transaction and adds it to its own copy of the ledger. The transaction is then confirmed and broadcast to the rest of the network.

This process makes blockchain extremely secure. Because each node has a copy of the ledger, there is no single point of failure. Even if one node fails, the rest of the network can continue to operate.

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