Blockchain is a decentralized internet-based form of currency. It uses cryptographical functions to process financial transactions: Decentralization, immutability, and transparency leverage your learning about blockchain.
The most popular well-known cryptocurrency is BITCOIN, but there are many more types. While Bitcoin is still the standard in the industry, ten others are Ethereum, Ripple, Litecoin, Monero, Ethereum Classic, Dash, Augur, NEM, and Waves.
Here are some basics of cryptocurrency. Hopefully, this will help you understand the benefits.
Breakdown of Bitcoin
The world’s first form of decentralized money is here! Cryptocurrency has given us the ability to purchase goods and services online without the hassle of hefty fees typically charged by financial institutions. This new currency is now part of our global economic system. There is a lot to know about Bitcoin, and here I will give the best introduction I can. Learn more here!
THE BASICS
Satoshi Nakamoto is the “unknown” inventor of Bitcoin. The goal of Bitcoin was to create a decentralized peer-to-peer network. Therefore, it is an electronic cash system that no single entity can control. Many people tried to make a currency system not regulated by the government, but they ran into a significant problem of double-spending. Finally, Satoshi Nakamoto announced in January of 2009 his invention and that he had figured out the double-spending problem.
Double spending is spending the same money twice. This is counterfeiting or duplicating paper money, or in the crypto world, this would be repeating a transaction and disbursing the same money twice. In a “Centralized” system, the one “server” within that entity would correct the records and balances. If this entity is corrupt, it could contribute to counterfeited money.
BLOCKCHAIN
In a “Decentralized” system, there is no one server or one entity, but rather EVERY computer or entity connected to the BLOCKCHAIN has a record of the “ledger” on that computer. ALL the computers or “peers” must validate every transaction.
The blockchain is a peer-to-peer network; therefore, “every” peer is a part of the ultimate “decision” or transaction.
When a transaction is made from one party to another, the “Blockchain” must approve it. It is final once the transaction is confirmed and can never be reversed. The definition of BLOCKCHAIN is a database that timestamps a series of irrevocable records. The database records are managed by a collection of computers rather than one single entity. Decentralization takes the government out of your hard-earned money.
CRYPTOCURRENCY PROTECTION
There are many “Compliant Token Solutions.” This particular one is the leader in the industry. They were one of the first to make fiat-to-crypto transactions available. They maintain influential and trustworthy relationships with reputable banks to make this happen. You can trade your cryptocurrencies in USD, EUR, RUB, and GBP. They’ve made it available to most devices like your computer, smartphones, and tablets.
Cryptocurrency used with the BLOCKCHAIN is a very safe system. However, someone somewhere will try and hack the system. This platform helps with regulations and compliance to protect bitcoin users.
In conclusion, there is more to understand about Cryptocurrency and Blockchain. As I learn more about it, I will continue to add information to this site. Check back often as we work hard to find great, trustworthy opportunities online.
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