Cryptocurrency - 2018 sec 2 | X

What is a cryptocurrency ? https://www.crowdfundinsider.com/2014/09/49760-guide-crypto-currency-infographic/ A cryptocurrency ( or crypto currency ) is a form of digital money to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units, and to verify the transfer of assets . https://www.crowdfundinsider.com/2014/09/49760-guide-crypto-currency-infographic/ It is a currency associated with the internet that uses cryptography, the process of converting legible information into an almost uncrackable code, to track purchases and transfers . https://www.crowdfundinsider.com/2014/09/49760-guide-crypto-currency-infographic/ Cryptocurrencies are a type of digital currencies, alternative currencies and virtual currencies . Cryptocurrencies use decentralized controlas opposed to centralized electronic money and central banking systems . https://www.crowdfundinsider.com/2014/09/49760-guide-...

What is Bitcoin ? https://www.slideshare.net/weusecoins/what-is-bitcoin-may-2011 Bitcoin is the first decentralized digital currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto . They are digital coins you can send through the Internet . They are transferred directly from person to person without going through a bank or clearinghouse . This is the reason why the fees are much lower . You can use them in every country, your account cannot be frozen, and there are no prerequisties or arbitrary limits . http://money.cnn.com/infographic/technology/what-is-bitcoin/ How Bitcoins Work             Bitcoins are generated all over the Internet by anybody running a free application called a Bitcoin miner . Several currency exchanges exist where you can buy and sell bitcoins for dollars, euros and more . Your bitcions are kept in your digital wallet on your computer or mobile d...

Is bitcoin a currency? http://www.dascoin.com.au/how-do-i-get-bitcoin/                   No, it isn ’ t . There are two big problems with bitcoin as a currency. First, its value is unstable. Second, itstransaction processing is too slow. https://medium.com/@zeallous/why-bitcoin-is-not-currency-4a05a2b9135e How do we consider it?                          The most important feature of a currency is that it be a stable store of value . This credo, ably explained by Steve Forbes  here   ( among many places ) , is vital for a developing country economy to attract the investment it needs . Even in developed countries, as John Tamny explained  here  on Forbes . com, a stable currency value is the key to investment because those who invest are expecting a stre...

How do Bitcoin works http://techglamour.com/what-is-bitcoin-and-how-does-bitcoin-work/ Bitcoin is a kind of self - contained virtual currency . We can assume that bitcoin is like a money in digital . We can use it to trade and purchase goods and service online . Unlike real money, bitcoin does not need intermediaries like bank . It proceeds through the system called BLOCKCHAIN . Transaction When there is no regulator bitcoin need fraud protection . Under Bitcoin policy, every transaction we made are public . For example, account A sent 0 . 8912 bitcoin to account B When this transaction occur everyone can realize it . Then, when we collect all the transactions that account A has been made and do the algebra we will get the balance of account A . Finally, we can compare the information we get with other to make sure that what we get it is correct . This way allows the receivers to check the sender ’ s transaction that has been occurred in the past and verify that...

What is the purpose of a distributed ledger  ? Decentralization https://daily.financialexecutives.org/smart-contracts-pushing-blockchain-beyond-bitcoin/ This is a core concept and benefit of blockchain. There is no need for a trusted third party or intermediary to validate transactions; instead a consensus mechanism is used to agree on the validity of transactions. Cost saving http://www.manchem.co.za/take-control-of-your-business-expenditure/ As no third party or clearing houses are required in the blockchain model, this can massively eliminate overhead costs in the form of fees that are paid to clearing houses or trusted third parties. ------------------------------------------------------------------------------------------------------ --------------------------------- Additional Pros Transparency and trust http://www.ibtimes.co.uk/caf-discusses-how-100-blockchain-transparency-could-literally-be-killer-app-charities-1533546 As blockcha...

H ow does distributed ledger work (compares to a bank) ? https://www.wikihow.com/Write-an-Accounting-Ledger Ledgers, the foundation of accounting, are as ancient as writing and money. http://www.olcinc.com/General-Ledger.php Their medium has been clay, wooden tally sticks (that were a fire hazard), stone, papyrus and paper. Once computers became normalized in the 1980s and '90s, paper records were digitized, often by manual data entry. These early digital ledgers mimicked the cataloguing and accounting of the paper-based world, and it could be said that digitization has been applied more to the logistics of paper documents rather than their creation. Paper-based institutions remain the backbone of our society: money, seals, written signatures, bills, certificates and the use of double-entry bookkeeping. Computing power and breakthroughs in cryptography, along with the discovery and use of some new and interesting algorithms, have allowed the creation of...