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Summary On Crypto

So we’ve covered a range of topics over the span of four blogs, I think its safe to say if you’ve stuck around long enough that you are at least better off on the knowledge side of things on crypto. The main takeaway from my vlogs so far is: Cryptocurrency is ever-growing. It's never too late to jump on and try it out for yourself. As the first blog shows that the market has the opportunity to expand into legal tender and thus grow in value for those that own coins. Crypto is not a perfect system. Like all systems made by people, crypto has faults but it's up to you to decide on whether they go against your moral judgment or whether you think it best to change the system as an insider. The negatives may include things such as high carbon emissions, high volatility, and potential black market activity. How it's made. It's pretty complicated but the gist of it is that a bunch of smart people end up solving problems in order to unlock crypto tokens while also process...
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What is Blockchain and mining?



So we’ve covered types of cryptocurrencies, how they are used, how they tie to NFT’s and also how they contribute to climate change.

However, you may be wondering how they are created, by who and what technology it uses.

To start with cryptocurrencies are created by mining coins. These coins are not mined in the traditional sense, using machinery to dig into the ground, but are instead mined digitally.

The process involves miners, who as the name suggests mine the crypto, by using state-of-the-art computers in order to solve mathematical problems (transactions) at a speed that allows them to be rewarded with crypto like that of bitcoin. This intern sends more bitcoins into distribution and allows for new purchases to be verified.

So in layman’s terms, miners do a lot of hard work in order to be paid with coins.

So as the discovery of gold in California led to a gold rush, so did the opportunity for investors to start mining crypto for profits. With miners from all over the globe contributing to the circulation of crypto.

Now before you go out investing in the latest hardware, I must warn you that the work done takes a lot of money and it is very unlikely to consistently lead to success. It also takes a lot of time and dedication to learn how to do it.

 

Blockchain on the other hand is very complex and will take more words to explain than I or you are willing to read, so ill try and explain it in a non-convoluted way. At its core, it is a database that is formed by a chain of blocks within them holding data.

This database is shared and open to everyone, once data is recorded into the database it becomes extremely difficult to change that information. For example, information that would be in a bitcoin blockchain would be details like the receiver and sender as well as the amount sent.



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