A distributed public ledger known as blockchain
which is updated and maintained by currency holders, is the foundation of cryptocurrencies
Through a process known as mining, which employs computer power to solve challenging mathematical problems, units of Bitcoin are created
Additionally, users have the option of purchasing the currencies from brokers, then storing and spending them in digital wallets
When you hold cryptocurrencies, you don't actually own anything
What you possess is a key that enables you to transfer a record or a unit of measurement between people without the use of a reliable third party.
Despite the fact that Bitcoin has been available since 2009
the financial applications of cryptocurrencies and blockchain technology are constantly developing, and more are anticipated in the future
The technology could someday be used to trade bonds, equities, and other financial assets.