Cryptocurrency is generally defined as a type of digital asset that can be created and traded on a decentralized digital network, commonly referred to as the blockchain.

Users can easily download and install a cryptocurrency wallet on their smartphone or any other compatible device. Here’s how crypto wallets function: To transact in crypto, you need two things – your wallet address, also known as your public key, and your private key.

Setting up a wallet is a simple and straightforward process that can be completed in just a few steps: Step 1: Select the software wallet app you want to use.
Step 2: Download the wallet app to your phone or computer.
Step 3: Create an account.
Step 4: Transfer assets.

Cryptocurrencies operate on a distributed public ledger called the blockchain, which is a record of all transactions that is updated and maintained by currency holders. Units of cryptocurrency are created through a process called mining, where computer power is used to solve complex mathematical problems, generating new coins in the process.

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