#24 | The Basics of Cryptocurrency and Blockchain

Cryptocurrency

What is Cryptocurrency?

Cryptocurrency is an internet based “currency” that uses cryptography to secure the transactions. Cryptography is the computerized encoding of information.

While the concept may be hard to grasp as this currency is seemingly created out of nothing, it is a growing form of currency being used in the exchange of goods.

Bitcoin has lead the charge

While there were definitely other forms of what may be called cryptocurrency upwards of 20 years before Bitcoin, it’s hard to argue that Bitcoin isn’t the founding currency for how cryptocurrency is today.

In 2008, Satoshi Nakamoto released the white paper: Bitcoin: A Peer-to-Peer Electronic Cash System. There is much debate that Satoshi is not a single person, but probably a group of a few people that came up with this concept. Either way, it is through this white paper that Bitcoin was born.

Blockchain is the technology behind cryptocurrency

Per Google Dictionary: “A Blockchain is a system in which a record of transactions made in bitcoin or another cryptocurrency are maintained across several computers that are linked in a peer-to-peer network.”

It is the method of record keeping that is used for cryptocurrencies. Due to this building each block in a linear fashion to the previous block, the records grow with each added transaction. This is also why the computing power of the computers used in a blockchain must continuously keep growing in their capabilities.

Blockchain Wallets

The records of cryptocurrency transactions are stored in blockchain wallets. It is imperative that you protect your wallet just as you would a physical one.

Free Bitcoins with Faucets

While some sites may be sketchy and not trustworthy, there is this concept of faucets in the Bitcoin world. This is where you can earn free Bitcoins by playing games or spending time on the sites. However, it may be a way for you to get some free Bitcoin to get started playing in this arena.

Don’t forget the slides!

As mentioned in this episode, this topic came from an in-person presentation I did. So be sure to get your copy of the slides to get all the links!

Until next time….

Dianna

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