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Crypto currency decline | Proof of work is the consensus algorithm used to secure bitcoin, ethereum and many other large cryptocurrencies. The value of a cryptocurrency usually depends on the utility of its underlying blockchain � though there have been many instances where social media hype and other superficial factors have played a role in pumping up prices. Once each block is added to the chain, it becomes immutable, meaning the data stored inside it cannot be changed or removed. Bitcoin sank to a two-year low this week, before bouncing back on Thursday. Cryptocurrency private key concept Getty Images. Every block of transactions is linked together chronologically in the order the transactions were validated. This incentive system sets the rules that govern the process of picking validators who would, in turn, verify the next batch of transactions. |
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