Author Topic: What is Cryptocurrency?  (Read 1138 times)


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What is Cryptocurrency?
« on: August 27, 2016, 01:58:16 PM »
Bitcoin is really the first ‘brand’ of open-source cryptocurrency. It is the source from which most other cryptocurrencies are developed. There are unlimited types of cryptocurrencies ranging from those that have alpha-testing features to clones of pre-existing ones.  The market is currently exploding with new coins being released some with social implications, some with technological innovations and some just for fun. 

What each cryptocoin has in common is a backbone rooted in the blockchain technology.  This technology is a public, transparent ledger which allows everyone to see the trading, movements and total activity of the system without relying on a 3rd party to authenticate the validity of the transactions. Software can be built on-top of each one of these blockchains. No banks are needed. No government authority is required. The transactions are validated by the vast networks of nodes and miners which check and verify each transaction before cementing it into the ledger.  The large scale of the system means these checks occur in seconds, money appears in your account almost instantly, and payments are confirmed and ready-to-spend in a manner of minutes.  No involvement or need for credit card companies, banks or other centralized financial interests.

This technology is new and transformative. It's not just changing the world. It's revolutionizing it.
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