What is Block Chain?
When you want to send money to someone or you want to pay money for the purchase you just made. The payment goes through third party services which are banks. In 2008, Satoshi Nakamoto invented a technology called Block chain. These Block Chain generates Crypto Currency.
What is Crypto Currency?
This Block Chain allow you to make peer to peer transactions directly without any third party services. Since we make transactions directly the currency is not in Dollars / Euros etc. Instead the currency will be digital. And this currency is called Crypto Currency.
Now you may ask, how do I send money or how do I receive money, where do I receive if someone is sending money? Let me explain everything to you!
What is Crypto Currency Mining?
Usually, Bank of respective country prints the money and distributes into public. In Block Chain, a person uses computer resources like CPU / GPU and Electricity to solve an algorithm. When this algorithm is solved you earn a reward. And that reward is digital currency and this process is called Mining.
So we mine and we earn this currency. At present there nearly 10,000 Crypto Currencies until Feb-2022. And top most Coins are BitCoin, Ethereum, Doge Coin, Shiba Inu etc.
Where are Wallets?
To receive or send crypto you need to have a wallet. Once you mine, the crypto that you earned are stored into your digital wallet that is created at the beginning of mining. Each wallet has unique address through which transaction is safe and secure.
So we understand the basic concept of crypto currency, block chain & mining. Please follow along to know more about how to mine a crypto currency, how to create an NFT, what is minting, how to make money using NFT etc.
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