In the present scenario, the concept of crypto currency is gaining popularity among traders in different parts of the world. Satoshi Nakamoto introduced a revolutionary concept, which was new to the world, but soon it became one of the most sought after thing. We all are aware that crypto means something, which is hidden, whereas as currency is an open medium of exchange. You can understand it as a form of currency in the block chain. This is done with encryption technology to control the creation and verification of this currency. This technology ensures that fraudsters cannot verifyand create this currency. Crypto currency is digital currency. New coins are createdand this process is known as mining. The transaction process is recorded and this is called transaction block chain. Pay a visit to binance.com for more information.
How to use crypto currency
The best part is that the use of this digital currency is simple and easy for ordinary people. Here are a couple of the steps, which you need to know.
- It is imperative at your part to have a digital wallet so that you can store this currency.
- You can use your wallet to create an address, which is unique. The creation of public addresses will allow you to receive this money whenever and wherever you require.
- You can use this public address whenever you need to transfer money in the same wallet or out of it.
Crypto currency wallets
A crypto currency wallet is a software program, which can handle private as well as public keys. It has the ability to interact with different block chain so that users can receive and send money.binance.com gives them the flexibility to keep a record of their balance.
Functions of a digital wallet
You may be aware of conventional wallets, which you need to carry in your pockets. In digital wallets, there is no currency. The concept of block chain is smart and it is blended with crypto currency. You will not find any currency stored at any location. Some people even get surprised when they know that this currency does not exist anywhere in a physical form. It is a digital form and your transactions are recorded in the block chain.
A real-life example
Let us understand it with an example. Your friend sends you some digital currency. This means he transfers the ownership of that currency or the coins at your address and in your wallet. Therefore, you can use it whenever you wish; you just need to unlock the fund.
