Bitcoin Mining

Chances are you hear the phrase “bitcoin mining” and your mind begins to wander to the Western fantasy of pickaxes, dirt, and striking it rich. As it turns out, that analogy isn’t too far off. Far less glamorous but equally uncertain, bitcoin mining is performed by high-powered computers that solve complex computational math problems (read: … Read moreBitcoin Mining

Proof of Work

This explanation will focus on proof of work as it functions in the bitcoin network. Bitcoin is a digital currency that is underpinned by a kind of distributed ledger known as a “blockchain.” This ledger contains a record of all bitcoin transactions, arranged in sequential “blocks,” so that no user is allowed to spend any of their holdings … Read moreProof of Work

Satoshi Nakamoto

Satoshi Nakamoto is considered the most enigmatic character in cryptocurrency. To date it is unclear if they are a single person, or if the name is a moniker used by a group. What is known is that Satoshi Nakamoto published a paper in 2008 that jumpstarted the development of cryptocurrency. The paper, “Bitcoin: A Peer-to-Peer Electronic Cash … Read moreSatoshi Nakamoto

Blockchain

What is Blockchain? If this technology is so complex, why call it “blockchain?” At its most basic level, blockchain is literally just a chain of blocks, but not in the traditional sense of those words. When we say the words “block” and “chain” in this context, we are actually talking about digital information (the “block”) … Read moreBlockchain

What is Bitcoin

What is Bitcoin? Bitcoin is a digital currency created in January 2009. It follows the ideas set out in a white paper by the mysterious Satoshi Nakamoto, whose true identity has yet to be verified. Bitcoin offers the promise of lower transaction fees than traditional online payment mechanisms and is operated by a decentralized authority, unlike government-issued currencies. There … Read moreWhat is Bitcoin

Digital Money

Any means of payment that exists purely in electronic form. Digital money is not tangible like a dollar bill or a coin. It is accounted for and transferred using computers. The most successful and widely-used form of digital money is the cryptocurrency Bitcoin. Digital money is exchanged using technologies such as smartphones, credit cards, and online cryptocurrency … Read moreDigital Money

Bitcoin Wallet

A Bitcoin wallet is also referred to as a digital Wallet. Establishing such a wallet is an important step in the process of obtaining Bitcoins. Just as Bitcoins are the digital equivalent of cash, a Bitcoin wallet is analogous to a physical wallet. But instead of storing Bitcoins literally, what is stored is a lot … Read moreBitcoin Wallet

Cryptocurrency

A cryptocurrency is a digital or virtual currency that uses cryptography for security. A cryptocurrency is difficult to counterfeit because of this security feature. Many cryptocurrencies are decentralized systems based on blockchain technology, a distributed ledger enforced by a disparate network of computers. A defining feature of a cryptocurrency, and arguably its biggest allure, is its organic nature; it … Read moreCryptocurrency

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