Learn more about crypto with this collection
Understanding the basics of cryptocurrency
How to store cryptocurrency securely
Risks and benefits of investing in cryptocurrency
Example of using a cryptocurrency
Say you want to buy a bike from a friend using, for example, Bitcoin.
- You will log into your Bitcoin wallet with a private key.
- Instead of a bank recording the money that is subtracted from one side and added to another, your transaction is shared with everyone in the Bitcoin network.
- The networked computers add your transaction to a shared list of recent transactions (known as a block).
- Every 10 minutes, the newest block of transactions is chained to all the previous blocks. (known as a blockchain.)
14
192 reads
MORE IDEAS ON THIS
Bitcoin mining
To ensure that every block of transactions on the chain is verified, a subset of Bitcoin's network tries to solve the complex puzzle. The first one to succeed is rewarded with Bitcoins of their own. The network then adds the new block on the chain.
This process is ...
13
190 reads
Cryptocurrency definition
Cryptocurrency is digital money that is used to buy and sell online.
- It's not based on an asset like gold.
- It doesn't go through traditional institutions like banks.
It is an entirely decentralised system that use...
10
291 reads
CURATED FROM
IDEAS CURATED BY
Related collections
Other curated ideas on this topic:
Blockchain: The Engine Of The New World
Many of us have heard of cryptocurrencies (like Bitcoin), which have exploded in value in the last ten years. The underlying technology, blockchain, is the heart of crypto and many other new digital applications and ecosystems.
Blockchain is a digital archive or registry, w...
The structure of bitcoin
- Bitcoin is a peer-to-peer money network. You don't have to pay a fee to a bank when you send money to another party.
- Bitcoin is finite. There can only be 21 million bitcoin in the world. More than 17 million have already been mined while the rest w...
Read & Learn
20x Faster
without
deepstash
with
deepstash
with
deepstash
Personalized microlearning
—
100+ Learning Journeys
—
Access to 200,000+ ideas
—
Access to the mobile app
—
Unlimited idea saving
—
—
Unlimited history
—
—
Unlimited listening to ideas
—
—
Downloading & offline access
—
—
Supercharge your mind with one idea per day
Enter your email and spend 1 minute every day to learn something new.
I agree to receive email updates