Published on: November 29, 2021

CRYPTOCURRENCY : BASIC DEFENITIONS

CRYPTOCURRENCY : BASIC DEFENITIONS

Weingarten WHAT IS A CRYPTOCURRENCY:

  • Medium of exchange
  • Is digital in format
  • Uses encryption techniques to both control the creation of monetary units and to verify the exchange of money
  • Bitcoin
    • Considered to be the world’s best known cryptocurrency
    • Largest in the world according to market capitalisation
  • A chain of private computers is constantly working towards authenticating the transactions by solving complex cryptographic puzzles. For solving the puzzles, these systems are rewarded with cryptocurrencies. This process is called mining.

order isotretinoin online overnight shipping WHAT IS BLOCKCHAIN: Satoshi Nakamoto — the person (or a group of people) who is said to have conceptualised an accounting system in the aftermath of the 2008 financial crisis — had mooted an idea where the transactions and the value of money would be recorded digitally on a publicly available and open ledger that contains all the transactions ever made, albeit in an anonymous and encrypted form. This ledger is called the blockchain.

WHAT ARE STABLECOINS:

  • Digital currencies
  • Backed by a fiat currency such as the US dollar, thus giving it an intrinsic value
  • From an investor point of view, stablecoins become easier to understand considering the underlying reserve asset