What is Cryptocurrency?
Key Takeaways 🔑
Cryptocurrency is a digital currency that uses principles of cryptography, computer science, and economics to build a decentralized and secure financial system.
Cryptocurrency utilizes blockchain technology, a decentralized ledger that securely records transactions.
Protecting your cryptocurrency includes choosing the appropriate wallet type and developing good security habits to safeguard your assets.
Security and Integrity🛡
The name blockchain comes from the way it "links" information "blocks" (such as transaction details) together, incorporating information from the previous block into each new block.
Each new block's header contains the hash of the previous block, along with other data, serving as a unique digital fingerprint for that block. This creates an immutable blockchain that anyone can verify.
It is this process that makes the blockchain ledger tamper-proof, because even changing a single transaction within a block completely alters its unique fingerprint. An attacker would also need absolute control over the network (more than 50% of the staking or mining power) to manipulate the order of new blocks and potentially double-spend.
How to Buy Cryptocurrency 🧑💻
Step 1: Create a Cryptocurrency Platform Account
Many believe that the safest and most convenient way to buy popular cryptocurrencies is through a cryptocurrency trading platform like NEXBIT.
Step 2: Deposit into Your Account
After creating and depositing funds into your account using a bank account, debit card, or credit card, you can buy any of the listed cryptocurrencies for trading.
Step 3: Place an Order
Placing an order is very simple; just use the platform's user interface. Select "Buy," enter the quantity you want to purchase, and then confirm your order.
