A decentralized democracy
Unlike traditional currencies controlled by governments or banks, cryptocurrencies are decentralized – meaning they operate on a peer-to-peer network without a central authority. This democratizes the system, putting the power back in the hands of the people.
So, how does it work?
Cryptocurrency is digital money that doesn’t require a bank or financial institution to verify transactions and can be used for purchases or as an investment. Transactions are then verified and recorded on a blockchain, an unchangeable ledger that tracks and records assets and trades.
Cryptocurrencies are fungible, meaning the value remains the same when bought, sold, or traded. Cryptocurrency isn’t the same as non-fungible tokens (NFTs) with variable values. For example, one dollar in crypto will always be one dollar, whereas the value of one NFT dollar depends on the digital asset it’s attached to. Although government regulations are absent from the cryptocurrency market, they are taxable assets (Staff, 2024).
What is Mining?
Mining is the process that Bitcoin and several other cryptocurrencies use to generate new coins and verify new transactions. It involves vast, decentralized networks of computers around the world that verify and secure blockchains – the virtual ledgers that document cryptocurrency transactions. In return for contributing their processing power, computers on the network are rewarded with new coins. It’s a virtuous circle: the miners maintain and secure the blockchain, the blockchain awards the coins, the coins provide an incentive for the miners to maintain the blockchain.
The Crypto Marketplace
We have curated a special marketplace of cryptocurrencies which are on the famous side of the cryptocurrencies, making it easier for you to track them. The prices and data change dynamically. The price of the currency is live using an API from CoinGecko, a famous trading market and changes on being refreshed every few minutes.