Hello, this article aims to serve as a reference for future articles and also to put a little clarity in the eyes of new followers in the fabulous world of crypto. 😉
Outsider when they are curious will talk to you about virtual money, which basicaly mean is not real.😂😂😂
You must first have an account assigned to 2 key numbers, a public key and a private key. The easiest way is to download a mobile application or software that will act as a wallet for one or more crypto currency. You can then import an external account number or the application will assign you a new one.
Public key: Enables you to receive cryptos units, it also identifies the 2 parties involved in the transaction.
Private Key: Enables you to unlock you account and make change to your crypto units.
- NEVER DISCLOSE YOUR PRIVATE KEY, NEVER LOSE YOUR PRIVATE KEY, ALWAYS KEEP THE 12 SECRET WORDS TO RECOVER ITS ACCOUNTS. *
The Blockchain
The " Blockchain(https://en.wikipedia.org/wiki/Blockchain) "
is a shared public ledger on which everything rests. Every crypto or almost has its own blockchain. All confirmed transactions are included in the blockchain. In this way, the portfolios can calculate their expendable balance and new transactions can be verified to spend cryptos that are actually held by the buyer. The integrity and chronological order of the Blockchain are applied with cryptography.
A block is created, encrypted and added to the chain at regular intervals. It will contain all the transactions made in a given period of time and by its encryption will add a security level to the previous block.
Basically, it's the miners, the miners are actually computers whose microprocessors are dedicated to the approval and encryption of transactions. In order to create blocks with thousands of transactions encrypt within a reasonable period of time, the miners grouped into pools and are assigned a transaction batch to encrypt. They will then be rewarded for their work by being assigned a portion of the transaction fees and or new coins. They then keeps a copy of the transaction log and ensures the continuity and integrity of the Blockchain.
Credit image : https://wikirouge.net/Monnaie, http://www.getsolarize.com/, http://hanriverconsulting.com
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