This article is specifically for those who are new to blockchain technology, I’m sure and certain that trybe is the first contribution to the blockchain technology for some people here, that is why I decided to take em on the basic knowledge surrounding the tech.
So let us start with some statements:
* Banks and governments are not going anywhere because of cryptocurrencies
* The market for cryptocurrencies is overheated and irrationally exuberant
* Very few people buying cryptocurrencies understand what’s going on
* Stop comparing Cryptocurrencies like Bitcoin and Ethereum with traditional currencies they are too different
So, what are cryptocurrencies: They are a new type of “currency” that is used for decentralized applications (a new type of software that is not controlled by any single entity) think of most softwares that we have today (microsoft, whatsapp, instagram etc, they are all controlled by a company, an individual or entity etc. However, decentralized applications are not, they are all controlled by the users of the platform and a currency they use as an incentive to ensure users keep maintaining them are called cryptocurrencies. Example of these are Bitcoin, Ethereum, Litecoin, Zcoin etc
*WHAT IS BITCOIN (SIMPLIFIED)*
Bitcoin is a form of digital currency, created and held electronically. No one controls it. Bitcoins aren’t printed, like dollars or euros – they’re produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems.
*WHAT MAKES IT DIFFERENT FROM OTHER CURRENCIES (NAIRA, DOLLAR, ETC)*
Bitcoin can be used to buy things electronically. In that sense, it’s like conventional naira, dollars, euros, or yen, which are also traded digitally.
However, bitcoin’s most important characteristic, and the thing that makes it different to conventional money, is that it is decentralized. No single institution controls the bitcoin network. This puts some people at ease, because it means that a large bank can’t control their money.
In my next article, we shall talk about “who created Bitcoin”, “who prints Bitcoin” and “General Characteristics of Bitcoin”.
Quotes Source: I read on the net and came up with the quotes
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