deepstash

Beta

What Is Cryptocurrency? Everything You Need To Know

A Work in Progress

Cryptocurrencies are new and constantly improved due to their digital nature.

Blockchain, the revolutionary technology is now being applied to increasingly complicated work.

Example: Ethereum Blockchain work is a decentralized verification process for contracts.

51 SAVES


This is a professional note extracted from an online article.

Read more efficiently

Save what inspires you

Remember anything

IDEA EXTRACTED FROM:

What Is Cryptocurrency? Everything You Need To Know

What Is Cryptocurrency? Everything You Need To Know

https://www.daydreamerlive.com/business/economy/what-is-cryptocurrency

daydreamerlive.com

6

Key Ideas

Cryptocurrency Explained

Cryptocurrencies are a new, digital, and secure form of currencies. They have special encryption techniques that make them virtually impossible to be tracked or be stolen.

Cryptocurrencies use a revolutionary method of encrypted digital distribution known as 'blockchain'.

The Value of Cryptocurrency 

Digital currencies are tricky when it comes to their value.

Initially, they had value due to their being encrypted and secure, and now there is some fluctuation. 

Cryptocurrencies have an intrinsic value mainly because of the mass adoption of the currency and the buyers, who spent old-school money to buy cryptocurrencies, have jointly agreed and decided that there is a value.

Blockchains

  • Cryptocurrencies work in a decentralized form due to the technology engine called Blockchain.
  • Digital ledgers add on to all the transactions happening digitally, and they can be having tons of information stored, due to them being digital.
  • The problem of security is handled by encrypted signatures used to confirm ledger transactions.
  • People transacting in cryptocurrencies have unique secret keys and public keys, both acting as handles to identify and verify the transactions.
  • Each ledger transaction also has a unique secure handle to ensure it is approved and cannot be forged.

The Mining Process

The process of 'mining' is used to add new capital in the cryptocurrency database.

Mining is a verification process that works on the blockchain using a massive amount of computing power. The 'miners' who use such strong computing power 'earn' cryptocurrency for each verification.

A Work in Progress

Cryptocurrencies are new and constantly improved due to their digital nature.

Blockchain, the revolutionary technology is now being applied to increasingly complicated work.

Example: Ethereum Blockchain work is a decentralized verification process for contracts.

Criticism of Cryptocurrencies

Cryptocurrencies have been in the news for the wrong reasons, leading to many attempts to demolish or regulate them.

The underlying technology of cryptocurrencies makes it undeniably powerful and disruptive, and this will increase as technology moves forward.

EXPLORE MORE AROUND THESE TOPICS:

SIMILAR ARTICLES & IDEAS:

Obesity: The Facts

  • According to the Centers for Disease Control and Prevention, nearly 80 %of adults and about one-third of children now meet the clinical definition of overweight or obese. More Americans live w...

Diets and Health

For half a century, doctors and researchers have known two things that could have improved, or saved, millions of lives:

  • Diets do not work. Not just paleo or Atkins or Weight Watchers or Goop, but all diets.
  • Being fat does not necessarily mean being unhealthy.

About Diets

  • A 2016 study that followed participants for an average of 19 years found that unfit skinny people were twice as likely to get diabetes as fat people, who were relatively fit.
  • Americans spend more on dieting every year than on video games or movies.

9 more ideas

Digital minimalism

Digital minimalism

It means using technology with more intention and purpose.

It's a “philosophy of technology use” rooted in reclaiming control and intention back from the devices and platforms that hav...

Techno-maximalism

It promtes the basic idea that technological innovations can bring value and convenience into your life.

It just looks at the positives. And it's view is more is better than less, because more things that bring you benefits means more total benefits. 

Putting FOMO into perspective

If you want to maximize the amount of value you feel in your life, you want to put as much of your time and effort as possible into the small number of things to give you huge rewards. 

When you think about it that way, fear of missing out looks like, just mathematically speaking, a really bad strategy.

The main parties

In the US, there are only two parties considered by most voters - the Democrats (the liberal party) and the Republicans (the conservative party).

Others, like the Libertarian, Green ...

The present

At present, presidential hopefuls are battling for their party's nomination in caucuses and primary elections across the country.

State governments run primary elections the same way as a general election.

If a candidate wins a primary election, they win either all or a proportion of the state's delegates. These delegates will then vote for them at the party convention, where the presidential nominee is named.

Caucuses

A handful of states have caucuses instead of primaries. The parties run caucuses in precincts across the state.

Caucuses give parties more flexibility in determining the rules. In Democratic caucuses, votes are determined by standing in groups around a room.

4 more ideas