Post #1375502
2026-04-04 10:03 UTC
@Mystix @Hkaizen @Undercity4 You're not a dummy, it just works differently than other monetary systems. Instead of a bank having a ledger of your past transfers (and thus your account balance), a cryptocurrency uses a distributed ledger. It's a big peer-to-peer network that keeps one giant ledger intact and correct. When you "send" crypto to someone else, you're just pushing a new entry to the big ledger.
New "coins" are created by users who run mining software, which requires a lot of energy and specialized hardware. (This last part is not true for Monero however.)
Wallet software is just software to interact with the ledger. A bank or other intermediary is not needed at all. Because the network is entirely peer-to-peer, you don't need permission from anyone to receive and spend cryptocurrency.
Replies (1)
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@Mystix@baraag.net 2026-04-04 10:11
@lolicon @Hkaizen @Undercity4 Thanks for trying to help. Most of what you said is like a foreign language to me. Perhaps there's a "Crypto for Dummies" guide out there. Anyways, I just got home from a long night-shift, I'm in pain (had an injury this last few weeks I'm slowly healing from), I'm cranky and tired. Maybe I'll try to research it, yet again, when I'm feeling better, I'll see if I can find a Beginners Guide somewhere and see if I can make some sense of it. The world's changing so fast