Q. What is bitcoin/crypto currency things i keep hearing about?
kirti

dark knight in a day


What is bitcoin/crypto currency things i keep hearing about?

bitcoin is the most trending word right now which i hear several times in a day but i have no time to research on it


doge
1

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12

Feb, 2018

Blockchain
 104.09 q
1 Answer
  • jonberg17

    I see there are a lot of views but no answers - not that easy to explain in a short answer.
    Satoshi Nakamoto’s (person or group?) wrote a white paper in 2008 about how to set a payment system from one party to another without the need of a 3rd party (banks). Turns out the technology behind this first coin “Bitcoin” was incredibly secure and is call the Blockchain. All information instead of being stored on one computer and able to be hacked or able to fail - the Blockchain is on many, many, many (it’s a large number) computers and is extremely unlikely to be hacked.
    Now 10 years later, all these other coins have come out and the use of the Blockchain technology is starting to explode with fantastic ideas. These Cryptocurrency coins are like having shares in a startup company about to invent Facebook or Google etc. We are still not sure which ones will still exist in the next few years but it is very exciting.
    The funny thing is that banks thoughout the world are starting to looking into utilising Blockchain technology - yes it is that good.
    Long live the Bockchain.


       

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Asked in Category

Blockchain

Blockchain is the backbone technology that powers cryptocurrencies. Simply put, it’s like email for money (and many other things) which anyone can access, no central authority controls, and is practically impossible to censor.
Blockchains are already beginning to transform everything in our financial system, from commerce to capital markets. It is still early days but blockchains will be as transformative as the printing press, the internal combustion engine, or even the internet itself. The exponential and disruptive growth of Blockchain will come from the convergence of public and private Blockchains to an ecosystem where firms, customers and suppliers can collaborate in a secure, auditable and virtual way.

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