Cryptocurrency Blog

Sure, Bitcoin is a cryptocurrency. The blockchain was invented for Bitcoin, But bitcoin ISN’T the only cryptocurrency out there. As I write, there are over 8,000 different types of cryptocurrency in existence – some are variants of Bitcoin, while others are completely new, stand-alone cryptocurrencies. Bitcoin is, of course, the granddaddy of them all, and it's fair to say that there wouldn't be any cryptocurrencies at all without Bitcoin. However, because Bitcoin is open source, ANYBODY (even YOU) can take the technology and start their own cryptocurrency. At this point I need to make clear that there are two different types of cryptocurrency you can create. One is a coin, the other is a token. There are some pretty big differences between them, so listen up. A coin (like Bitcoin, Litecoin, Dogecoin etc.) operates on its own blockchain. These cryptocurrencies have been started from scratch and are completely independent of each other. They act as money, and you can buy stuff w...

To most people, Bitcoin can seem like a financial concept made in a parallel universe. Yes, it’s a very complex and complicated concept, but it doesn’t mean it’s impossible to learn it. When you think about it, many people started off with no idea about bitcoins and how it worked. But look at them now, they’re probably investing left and right in various cryptocurrencies like pros and possibly profiting very nicely as well! So, in this article, we’ll try to simplify how Bitcoin works using a betting game analogy: Imagine playing a betting game with your friends, but none of you have any money on hand, so you decide to use a ledger to record the transactions, like your winnings and losses. But you don’t want to put your trust on one friend to record everything, so a lot of you decide to make a ledger simultaneously. This way, at the end of each game, those who kept ledgers can compare their records to see if it all evens out—which means that cheating the system would be virtually imposs...

Blockchain is the technology that makes Bitcoin and other cryptocurrencies very secure. It’s an open-source and distributed database that is stored in nodes or computers within the network. When new transactions or blocks are added to the blockchain, it will automatically update itself. Here are five very interesting facts about this ultra-modern technology. 1 – It’s Tamper-Proof Once an entry has been added onto the blockchain, it will be nearly impossible to remove or alter it later. If you want to alter an entry, you’d have to basically alter all the transactions that came after it. Doing this is mathematically impossible, so even genius fraudsters would have to look elsewhere to steal bitcoins without too much effort. Being tamper-proof is also the reason bitcoin payments are final and irreversible. 2 – It’s 100% Transparent Anyone with access to the blockchain can see all the transactions that have ever occurred in the past. You can even look up the first ever block (block 0) that...

Bitcoin mining is essential to keep the Bitcoin network going. The miners verify and confirm all of the Bitcoin transactions and without them the whole thing would grind to a halt. There would be no more transactions and no new Bitcoins created. What is Bitcoin Mining? Bitcoin miners use very powerful computer equipment to update the Bitcoin decentralized ledger. They need to solve very complex cryptographic challenges and the first to do this will update a block and receive a reward in Bitcoins (at the time of writing this is around 12 Bitcoins). With Bitcoins being worth thousands of dollars these days this seems like a really good idea. But is it really? You cannot perform Bitcoin mining successfully with a powerful desktop computer. You need to invest a ton of money into very high end computing power and then pay for the running costs of these computers. The Process of Bitcoin Mining Anyone can get involved in Bitcoin mining. There are already thousands of Bitcoin miner...

If you do a search for free bitcoins, you will be deluged with great offers to earn bitcoin by visiting websites or playing online games. There are suggestions that you start mining. After all, everyone knows that miners get great payouts. First of all, most of the places that recommend joining sites where you earn bitcoins for watching videos, visiting websites, or any of the usual online low-paying schemes pay in satoshis. What is a satoshi? It’s the smallest unit of bitcoin that gets to be recorded in the blockchain. What is it worth? One hundred millionth of a bitcoin (0.00000001 BTC). What does this mean in terms of dollars? It converts to $0.0000824865 USD. This is on a day when a bitcoin is worth about $8,300. It’s a fraction of a cent. If you had a thousand satoshi, you would have 8 cents. Be careful before you enter into the world with enticing suggestions that you can earn bitcoin. If it seems too good to be true, then it likely is too good to be true. About...