Cryptocurrency Basics (before we ask the big questions)

What are Cryptocurrencies?

Cryptocurrencies are digital currencies that can be exchanged just like “normal” currency.

What is Cryptocurrency Mining?

Mining is the process by which cryptocurrency transactions are verified as also new units released.

What is Blockchain?

Blockchain is a shared digital ledger which records all transactions of a “type” (most popular type being cryptocurrencies) between two parties.

The information recorded on the blockchain is hosted by millions of computers and open to everyone, rather than being stored in one single location. This makes it both transparent and prevents modification, with no single point vulnerable to human or software error. Once the data has been verified, it cannot be retroactively changed.

“Technology is anything that wasn’t around when you were born.” – Alan Kay

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