Cryptocurrencies operate on a decentralized network called blockchain. When you send or receive digital coins, your transaction is recorded on a public ledger maintained by computers worldwide. In this system, each transaction is verified by network participants known as miners, who solve complex mathematical puzzles to secure the network and add blocks of transactions to the blockchain. Once verified, transactions become permanent and irreversible. This decentralized structure eliminates the need for intermediaries like banks and ensures transparency, as all transactions are visible to everyone on the blockchain. The process is fast, secure, and efficient, with minimal transaction fees. Overall, blockchain technology underpins many digital currencies, enabling seamless, trustless transactions that revolutionize the way we exchange value in the digital age.
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