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What is a Crypto Currency or Alt Coin Anyway?
Bit coin is a crypto currency. You have probably heard of that by now. But, you may not know that there are many other coins.
How does cryptocurrency work?
I’m sure you are familiar with emails. This is how easy it is to send a payment in cryptocurrency to someone else.
You enter the address that you are sending to, enter the amount of coin, and press send. To receive a payment you just give someone
your unique coin address to receive coins.
Just like in emails you need to have an account. Accounts in the crypto world are called wallets.
Why would we ever need more than one crypto currency?
1. People accept different coins as payment
2. Different technology is in different coins, some coins have specific uses in addition to acting as a form of payment
Wordy Definition: 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 a central bank.
Defining Key Words:
Digital: This means we can’t physically touch this type of money. It isn’t a paper bill. It is the storage of
data or information that has value.
Encryption: Describes the method of making it difficult for something to be copied in the digital world.
Transfer of Funds: Who has what amount of money and what money has been received and sent.
You may often hear the world decentralized. This means that no center or core is in control. No central bank
is in control.
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