Cryptocurrencies, such as BitCoin, are an innovative type of currency that relies on Blockchain technology. The whole point of these digital currencies is to make transactions quick, easy and without third parties such as banks charging fees. Several businesses have already begun making use of cryptocurrencies, most notably BitCoin (BTC). Getting set up couldn’t be easier!
Our data is our own. For the past decade we have become increasingly concerned with our own privacy. Monero is one of the most secure and private cryptocurrencies out there to date, putting BitCoin and other cryptocurrencies to shame. While Monero has a lot in common with BitCoin, Monero’s transactions are completely private and untraceable, making it the wiser option.
Bitcoin, as well as several other cryptocurrencies, adopt this latter model. Every time a Bitcoin is mined, it creates a new “block” which is added to the Blockchain, a string of code that acts as the ledger in all Bitcoin transactions.
The processes which take part in making transactions happen with Bitcoin are done by thousands of computers worldwide which are connected to the internet. This process is referred to as mining.
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