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

  1. 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
  2. Send your (fraction of) bitcoins to a merchant’s wallet to purchase goods.
  3. The transaction creates a block to add to the chain.
  4. 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/

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