Generally, cryptocurrency is defined as a type of digital asset that can be created and traded on a decentralized digital network, also referred to as the blockchain.

Users can easily download and install a cryptocurrency wallet on their smartphone or any other compatible device. Here’s how the crypto wallets function: You need two things to transact in crypto – the first is your wallet address, which is also known as your public key, and the second is your private key. Setting up a wallet is a simple, straightforward process that can be completed in just a few steps. Step 1: Select a software wallet app you want to use. … Step 2: Download the wallet app to your phone or computer. Step 3: Create an account. Step 4: Transfer assets.

Cryptocurrencies run on a distributed public ledger called blockchain, a record of all transactions updated and held by currency holders. Units of cryptocurrency are created through a process called mining, which involves using computer power to solve complicated mathematical problems that generate coins.

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