Cryptocurrency/ Bitcoin

Cryptocurrencies are digital assets used in order to exchange goods in services in much the same way that all other forms of currency are used. However, because of the ephemeral nature of a digital currency that only exists on a computer screen, there are a variety of characteristics that distinguish cryptocurrencies from their more traditional counterparts. The most important part of establishing any kind of cryptocurrency is security, for somewhat obvious reasons. Cryptocurrencies rely on encryption and cryptography to secure all financial transactions, control the creation of more of the currency, and to verify that transactions have occurred. Without strong cryptography, it is impossible to prevent theft and fraud on a level that would render the cryptocurrency worthless. One of the main defining characteristics of a cryptocurrency is a form of decentralized control, as an alternative to a centralized digital currency or the current banking system being used across the world today. The way that this works is almost always through something called a blockchain. A blockchain is a constantly growing list of recorded data, which are called blocks, which have all been linked together through the use of cryptography. Blockchain was invented in 2008, by someone (or possibly a group of individuals) using the name of Satoshi Nakamoto, for the purpose of being used by Bitcoin. Bitcoin was the first cryptocurrency to become widely used throughout the world, and remains the most popular of the various cryptocurrencies today.  The reason that blockchain has so quickly become used prevalently throughout …

Blockchain

Blockchain is a term used in the realm of computer programming, referring to a specific method of recording information and sharing it with others online. A blockchain is a constantly growing list of recorded data, which are called blocks, which have all been linked together through the use of cryptography. These blocks all have to contain a cryptographic hash (which links each block directly to the one that came before it), a time stamp, and also the data being recorded. All of these components are necessary in order to be considered a Blockchain and be used for their intended purpose. Blockchain was invented in 2008, by someone (or possibly a group of individuals) using the name of Satoshi Nakamoto, for the purpose of being used by Bitcoin. Bitcoin is a cryptocurrency used so that individuals can transfer money and make payments through the internet. A major problem facing any business that facilitates the transfer of funds through the internet is that their systems are vulnerable to being hacked remotely, meaning that users could be suddenly robbed without any warning or way to get their money back. Blockchain was designed in order to solve this problem and help secure the online transfer of money.  Today, it is being used by essentially every cryptocurrency in existence and a variety of other financial services. The reason that Blockchain has so quickly become used prevalently throughout all of the various cryptocurrency services is because of the simple but ingenious way that it is resistant to …