Cryptocurrencies use blockchain technology. Blockchain is a shared technology managed by many computers in a decentralized manner. Cryptocurrency doesn’t need banks to make a transaction. Anyone can send and receive payments via this device. Instead of actual money that is carried around in the real world, cryptocurrency transactions exist as digital entries to an online database. When you move money, the transactions are added to a public ledger.
- It’s a peer-to-peer system that can enable anyone anywhere to send and receive payments.
- When you transfer cryptocurrency funds, the transactions are recorded in a public ledger.