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What is Cryptocurrency?A Simple Explanation.

Everything you need to know about the basics of what is Cryptocurrency.

Cryptocurrencies have skyrocketed in value over the last few years. Almost everyone has heard about Bitcoin, but how many people actually know what Bitcoin is? How many people know where they come from and how they work? Our video Cryptocurrency Explained will tell you everything you need to know about cryptocurrencies in an easy to understand format.

To realize digital cash you need a payment network with accounts, balances, and transaction. That‘s easy to understand. One major problem every payment network has to solve is to prevent the so-called double spending: to prevent that one entity spends the same amount twice. Usually, this is done by a central server who keeps record about the balances.

In a decentralized network, you don‘t have this server. So you need every single entity of the network to do this job. Every peer in the network needs to have a list with all transactions to check if future transactions are valid or an attempt to double spend.

But how can these entities keep a consensus about this records? Listen and find out.

Copyright Blockgeeks.

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