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How Do Cryptocurrencies Work? | Global Finance Magazine

Global Finance FAQ web series on cryptocurrencies. June 28, 2021 How does one acquire cryptocurrency? The easiest way to acquire cryptocurrencies is to purchase them from one of the many crypto exchanges, which can hold the asset for the investor like a brokerage. Investors also buy digital currencies in private transactions with other parties, similar to an over-the-counter trade. However, an investor would need an app to hold the newly acquired assets, which is commonly called a “digital wallet.” Another way to acquire cryptocurrencies like Bitcoin is to mine for them. Bitcoin’s mining process introduces new Bitcoins into the Bitcoin ecosystem via ‘hashing’, which solves complex cryptographic calculations that are then used to validate and encrypt transactions before adding them onto the “blockchain” distributed ledger.

Elon Musk met with bitcoin miners to discuss making the cryptocurrency environmentally friendly

Elon Musk met with Bitcoin miners to discuss making the cryptocurrency more environmentally friendly

Elon Musk met with Bitcoin miners to discuss making the cryptocurrency more environmentally friendly Dominick ReuterMay 25, 2021, 05:02 IST Bitcoin mining uses huge amounts of energy.Andia/Getty Images Elon Musk met with leading Bitcoin miners to discuss the environmental impact of their industry. In a tweet, the Tesla CEO called the proposed next steps potentially promising. Bitcoin prices shot up after Musk s tweet from about $38,000 to a peak of $39,600. Elon Musk joined a discussion among leading Bitcoin miners centered around ways to improve the cryptocurrency s environmental impact, the Tesla CEO tweeted on Monday. MicroStrategy founder and CEO Michael Saylor said he convened industry leaders including Blockcap, Hut 8, Marathon Digital Holdings, and Riot Blockchain to discuss forming an organization that would establish reporting standards and ESG goals for mining. The companies did not immediately respond to a request for comment. The miners have agreed to form the

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