The Basics

Getting to grips with cryptocurrency

Storing your cryptocurrency: Wallets

A Wallet, in Cryptocurrency terms, holds no funds but is where your Public and Private Key(s) are stored.  The wallet provides the functionality to these keys and allow you to send and receive transactions as well as use unique features of specific cryptocurrencies. In general if you are utilising cryptocurrencies you will need a wallet in one form or other.

What is the Blockchain?

Behind all cryptocurrencies is blockchain technology or a derivative of it. A blockchain is a chain of blocks that store information. The main feature of blockchain tech is that it stores an indisputable record as it is a distributed ledger. This means that it’s very difficult (and in many cases impossible) to change the information that is stored. Whilst there are other uses for this technology, the main one for cryptocurrencies is that you can record transactions in a tamper-proof way.

What is cryptocurrency mining?

Cryptocurrency mining is the process by which certain cryptocurrencies are secured. As mentioned above behind most cryptocurrencies is an indisputable, distributed public ledger. This distribution comes from miners which secure the network by performing complex calculations in a process called proof of work which creates this ledger.