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.)
16
238 reads
CURATED FROM
IDEAS CURATED BY
The idea is part of this collection:
Learn more about crypto with this collection
Understanding the basics of cryptocurrency
How to store cryptocurrency securely
Risks and benefits of investing in cryptocurrency
Related collections
Similar ideas to Example of using a cryptocurrency
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