Cryptocurrency with Hayden Kane
Definitions
Cryptocurrency
(https://www.merriam-webster.com/dictionary/cryptocurrency)
Any form of currency that only exists digitally, that usually has no central issuing or regulating authority but instead uses a decentralized system to record transactions and manage the issuance of new units, and that relies on cryptography to prevent counterfeiting and fraudulent transactions.
Blockchain
(https://blockgeeks.com/guides/what-is-blockchain-technology/)
An incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions but virtually everything of value.
How it works
- Create a wallet and buy a fraction of a bitcoin from exchange, like As of 3/6 at 2:30 pm – 1 bitcoin would cost you $10,645.01
- Send your (fraction of) bitcoins to a merchant’s wallet to purchase goods.
- The transaction creates a block to add to the chain.
- Miners come along and verify the transaction.
http://money.cnn.com/infographic/technology/what-is-bitcoin/
Mining
The math is so complex now that there are dedicated machines whose only function is to solve the problem.
The Fortune Article I mentioned: http://fortune.com/2017/08/22/bitcoin-ethereum-blockchain-cryptocurrency/
Movie
Banking on Bitcoin
https://www.hoopladigital.com/title/11797318
Food for Thought
PGP stands for Pretty Good Privacy
http://www.bitcoinnotbombs.com/beginners-guide-to-pgp/
