Crypto… What? and How does it work?

Crypto… What? and How does it work?

 Crypto Currency, what is it and how does it work? Crypto currencies are a new way of transferring money across the Internet. *We begin by giving all the credit to this post to it’s originator and the original article. I still believe that the information is vital to Eliminate the Confusion that surrounds this topic. My thanks goes out to Scott Maxwell for his time and expertise. The original article was written in June of 2014. Many more issues have been resolved since that time. This is Part 3 of a 4 part series. If you missed the beginning you can catch up right here:  Part 1          Part 2   Crypto currencies rely on cryptography not only to ensure anonymity but also to provide a secure peer-to-peer network for the transfer. In such a transfer, traditional cash is exchanged for the crypto currency at an online exchange (wallet).  It is then transferred across the network to the new owner.  The new owner can choose to hold the crypto currency, or to convert it back into cash. Because of the nature of the cryptography used neither party needs to trust the other and neither party needs to divulge their identity.  Moreover, the transfer is irreversible and does not need to go through a bank or third party. What does a crypto currency coin ‘look’ like? Crypto currency or ‘digital’ coins are numbers in the publicly held history of that currency.  This history shows all transactions carried out since it was created.  Anyone can claim ownership of these digital coins if they can prove two things. The first is that the...
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