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Tuesday, October 24, 2017

Crypto News: The State of Cryptocurrency: What it is and How it Works

The State of Cryptocurrency: What it is and How it Works

If you’re new to blockchain (or if you’ve never heard of it), it can seem a bit daunting. Cryptocurrency as an industry is in its infancy, but the barriers to entry are complex. Without a solid understanding of the premise of blockchain or the platforms on which cryptocurrencies are bought and exchanged, it can be difficult to enter the marketplace, and even harder to transact in it.

One of the first things to understand is that blockchain has nothing to do with bitcoin (cryptocurrency), which is a common misconception. Blockchain is the technology behind bitcoin, first invented to serve as a digital ledger to solve the double spending problem without the use of a singular authority or server.

The decentralized technology uses a peer-to-peer network to record and validate transactions (called blocks) across multiple computers so that the records cannot be altered, you can view it and add to it, but you can’t change the information that’s already there. It’s essentially an online database that anyone can use but no one owns, it’s able to stay relatively hack proof because of blockchains’ millions of users.

The gap in the market that remains is that between traditional financial services and cryptocurrency transactions. Bridging that gap will play a significant role in our ability to integrate cryptocurrency into our mainstream lives.

Full story at

Source: Huffington Post

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