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Sunday, August 16, 2020

Crypto in Brief

 Crypto in Brief



The "online"currencies, somewhat similar to traditional currencies but not in a physical form - they'd be kept in a "wallet" and to pay for something or transfer to someone else, a "blockchain" would be used to carry out the transaction with the help of mining... See below for more detail...

A cryptocurrency is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in a form of computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership. It typically does not exist in physical form (like paper money) and is typically not issued by a central authority. Cryptocurrencies typically use decentralized control as opposed to centralized digital currency and central banking systems. When a cryptocurrency is created prior to issuance or issued by a single issuer, it is generally considered centralized. When implemented with decentralized control, each cryptocurrency works through distributed ledger technology, typically a blockchain, that serves as a public financial transaction database.
Bitcoin, first released as open-source software in 2009, is the first decentralized cryptocurrency. Since the release of bitcoin, over 6,000 altcoins (alternative variants of bitcoin, or other cryptocurrencies) have been created.

Cryptocurrency Mining
Cryptocurrency mining, or cryptomining, is a process in which transactions for various forms of cryptocurrency are verified and added to the blockchain digital ledger. Also known as cryptocoin mining, altcoin mining, or Bitcoin mining (for the most popular form of cryptocurrency, Bitcoin), cryptocurrency mining has increased both as a topic and activity as cryptocurrency usage itself has grown exponentially in the last few years.
Each time a cryptocurrency transaction is made, a cryptocurrency miner is responsible for ensuring the authenticity of information and updating the blockchain with the transaction. The mining process itself involves competing with other cryptominers to solve complicated mathematical problems with cryptographic hash functions that are associated with a block containing the transaction data.
The first cryptocurrency miner to crack the code is rewarded by being able to authorize the transaction, and in return for the service provided, cryptominers earn small amounts of cryptocurrency of their own. In order to be competitive with other cryptominers, though, a cryptocurrency miner needs a computer with specialized hardware.

A blockchain is a growing list of records, called blocks, that are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data.
By design, a blockchain is resistant to modification of the data. It is "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way". For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for inter-node communication and validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without alteration of all subsequent blocks, which requires consensus of the network majority. Although blockchain records are not unalterable, blockchains may be considered secure by design and exemplify a distributed computing system with high Byzantine fault tolerance. Decentralized consensus has therefore been claimed with a blockchain.

Also something to consider about BitCoin (BTC) - there are now claims that it is (or should be) worth $400,000 - see here from Bloomberg! This may or may not induce further speculation...

You can start for free with Bitcoins using:

  • A free fast browser based on Chrome which can run on most devices from desktop PC through to mobiles. Click bannerto get it - once registered you can pass on your own link to your friends and contacts - someone in my upline with 50+ direct referrals makes $1000+ per month... NB This isn't a money for nothing gimmic - earnings come from the browser's BTC mining!
  • Press a button in your browser hourly to make between $0.002 and $200 in BitCoin. They also pay 4.08% per annum (paid daily) on account balances of 30,000 satoshi or more, plus if you are into gambling, there are a few options here too - you could win a Lamborghini! All earnings/wins are paid for from advertising and profits the site makes from the gambling part of the site. Register at banner - earn from referrals too...


    Earn Bitcoins in Interest everyday on your FreeBitco.in Balance



    30,000 Satoshi
    Minimum Balance Required


    4.08% Annual Interest
    Balance Compounded Daily


    Cash Out Anytime!

Then there's FOREX Trading with crypto:

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