A cryptocurrency is a medium of exchange like normal currencies such as USD, but designed for the purpose of exchanging digital information through a process made possible by certain principles of cryptography. Cryptography is used to secure the transactions and to control the creation of new coins. The first cryptocurrency to be created was Bitcoin back in 2009. Today there are hundreds of other cryptocurrencies, often referred to as Altcoins.
Put
another way, cryptocurrency is electricity converted into lines of code
with monetary value. In the simplest of forms, cryptocurrency is
digital currency.
Unlike
centralized banking, like the Federal Reserve System, where governments
control the value of a currency like USD through the process of
printing fiat money, government has no control over cryptocurrencies as
they are fully decentralized.
Most
cryptocurrencies are designed to decrease in production over time like
Bitcoin, which creates a market cap on them. That’s different from fiat
currencies where financial institutions can always create more, hence
inflation. Bitcoin will never have more than 21 million coins in
circulation. The technical system on which all cryptocurrencies are
based on was created by Satoshi Nakamoto.
While
hundreds of different cryptocurrency specifications exist, most are
derived from one of two protocols; Proof-of-work or Proof-of-stake. All
cryptocurrencies are maintained by a community of cryptocurrency miners
who are members of the general public that have set up their computers
or ASIC machines to participate in the validation and processing of
transactions.
What is Bitcoin?
Bitcoin is an innovative payment network and a new kind of money.
Bitcoin
uses peer-to-peer technology to operate with no central authority or
banks; managing transactions and the issuing of bitcoins is carried out
collectively by the network. Bitcoin is open-source; its design is
public, nobody owns or controls Bitcoin and everyone can take part.
Through many of its unique properties, Bitcoin allows exciting uses that
could not be covered by any previous payment system.
What is Bitcoin Mining?
Mining is the process of spending computing power to process
transactions, secure the network, and keep everyone in the system
synchronized together. It can be perceived like the Bitcoin data center
except that it has been designed to be fully decentralized with miners
operating in all countries and no individual having control over the
network. This process is referred to as "mining" as an analogy to gold
mining because it is also a temporary mechanism used to issue new
bitcoins. Unlike gold mining, however, Bitcoin mining provides a reward
in exchange for useful services required to operate a secure payment
network. Mining will still be required after the last bitcoin is issued.
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Do your own due diligence.
No one knows tomorrow's price or circumstance.
I intend to portray my thoughts and ideas on the subject which may s be used as a tool for the reader.
I do not accept responsibility for being incorrect in my speculations on market trend.
I intend to portray my thoughts and ideas on the subject which may s be used as a tool for the reader.
I do not accept responsibility for being incorrect in my speculations on market trend.