A Breakdown of What a Satochi Is
The technical definition a Satoshi is that it is one hundred millionth of a Bitcoin, or it is the smallest unit of the Bitcoin currency recorded on the block chain. The name Satoshi comes from the creator of bitcoin Satoshi Nakamoto. Satoshi is actually used on the block chain to describe the currency before it is put out on the network. In addition, many use the Satoshi denomination as a way to provide easier readability when...
A Break Down of Ethereum Classic
Ethereum Classic Ethereum Classic (ETC) – LINK – is a public, open source blockchain that features smart contracts, protocols that allow for the execution of credible transactions without third parties. It offers a decentralized Turing-complete machine called, the Ethereum Virtual Machine (EVM), which handles transaction across an international network of nodes. Like Ethereum, Ethereum Classic uses a coin or token called,...
Proof of Work and Proof of Stake, a Breakdown of Their Differences
Proof of Work – Proof of Stake Many people may have heard that Ethereum is considering changing to Proof of Stake (PoS) validation methods. You may have also read or heard criticism about Bitcoin because it uses a Proof of Work (PoW) validation method, which uses a large amount of electricity. This, some critics have said, is not sustainable. With all this news you may be wondering what are Proof of Stake and Proof of Work....
Ways To Purchase Cryptocurrencies Including Bitcoin
Buying Cryptocurrency There are three main ways to buy cryptocurrencies like Bitcoin. One option is to use an exchange. The second option is to exchange assets via a peer-to-peer (p2p) network. Lastly, you can use a cryptocurrency ATM. Before you go off to buy Bitcoins, you will need to purchase or select a wallet where you can store your cryptocurrencies. We won’t go into wallet specifics here, but you can have a physical...
A Breakdown of Distributed Ledgers
Accounting ledger Ledgers are used in accounting for purposes of record keeping. They are the bedrock of financial accounting. Whenever transactions occur, records are kept for a variety of reasons. In the past this was done with written language and has progressed into the digital age. With digital technology, the advancement of cryptography, and algorithms, distributed ledgers have now become a most useful tool in record keeping. A...
A Breakdown of Bitcoin Halving
Bitcoin Halving Breakdown There are a lot of news and rumors going around that speak of the upcoming Bitcoin halving. Many investors, traders and spectators are making predictions as to how this will affect Bitcoin’s price. Many investors are bullish about the event and cite history as a good example. In order to understand the Bitcoin halving you must understand the nature of Bitcoin. Bitcoin being a decentralized asset, has no...
A Straight Forward Explanation of Blockchain
Blockchain graphic Blockchain technology uses three key elements to fulfill its function: the internet, cryptography and protocols. Like many network technologies, blockchain utilizes the Internet’s vast network of servers and users as tools to distribute it’s data. It also uses cryptography to provide security and anonymity for transactions. Lastly, it utilizes a specific set of protocols to conduct each transactions....
Cryptocurrency Defined and Explained
Cryptocurrency or cryptocurrencies are digital or virtual assets which are assigned a value and are used as a medium for transaction and exchange. Cryptocurrencies utilize programming and cryptography in order to provide security of transactions, maintain features such as anonymity, and control the creation and distribution of new assets or coins. In layman’s terms, cryptocurrencies are a digital currency based on cryptography....
Bitcoin Defined
What is Bitcoin? As defined by Jennifer Shasky Calvery, Director Financial Crimes Enforcement Network United States Department of the Treasury, Bitcoin(₿) is a cryptocurrency, a form of electronic cash. It is a decentralized digital currency without a central bank or single administrator that can be sent from user-to-user on the peer-to-peer bitcoin network without the need for intermediaries. Bitcoin is a form of digital currency...
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