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What Is Cryptocurrency Used For

Cryptocurrency - Wikipedia

Cryptocurrency - Wikipedia

HitBTC cryptocurrency exchange terminal window A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions, to control the creation of additional units, and to verify the transfer of assets. [1] [2] [3] Cryptocurrencies are classified as a subset of digital currencies and are also classified as a subset of alternative currencies and virtual currencies . Bitcoin , created in 2009, was the first decentralized cryptocurrency. [4] Since then, numerous cryptocurrencies have been created. [5] These are frequently called altcoins, as a blend of bitcoin alternative. [6] [7] [8] Bitcoin and its derivatives use decentralized control [9] as opposed to centralized electronic money / central banking systems. [10] The decentralized control is related to the use of bitcoin's blockchain transaction database in the role of a distributed ledger . [11] Decentralized cryptocurrency is produced by the entire cryptocurrency system collectively, at a rate which is defined when the system is created and which is publicly known. In centralized banking and economic systems such as the Federal Reserve System , corporate boards or governments control the supply of currency by printing units of fiat money or demanding additions to digital banking ledgers. In case of decentralized cryptocurrency, companies or governments cannot produce new units, and have not so far provided backing for other firms, banks or corporate entities which hold asset value measured in it. The underlying technical system upon which decentralized cryptocurrencies are based was created by the group or individual known as Satoshi Nakamoto . [12] As of September 2017 [update] , over a thousand cryptocurrency specifications exist; most are simil Continue reading >>

What Is Cryptocurrency. Guide For Beginners

What Is Cryptocurrency. Guide For Beginners

What is Cryptocurrency. Guide for Beginners What is Cryptocurrency, is cryptocurrency legal, what is cryptocurrency mining, list of cryptocurrencies, cryptocurrency market cap, history of cryptocurrency Guide for Beginners on cryptocurrency. History of cryptocurrencies, what can you do with cryptocurrency, buying goods with cryptocurrency, investing in cryptocurrency, mining cryptocurrency, is cryptocurrency legal, list of cryptocurrencies, cryptocurrency market cap What is Cryptocurrency. Guide for Beginners A cryptocurrency is a digital or virtual currency designed to work as a medium of exchange. It uses cryptography to secure and verify transactions as well as to control the creation of new units of a particular cryptocurrency. Essentially, cryptocurrencies are limited entries in a database that no one can change unless specific conditions are fulfilled. There have been many attempts at creating a digital currency during the 90s tech boom, with systems like Flooz, Beenz and DigiCash emerging on the market but inevitably failing. There were many different reasons for their failures, such as fraud, financial problems and even frictions between companies employees and their bosses. Notably, all of those systems utilized a Trusted Third Party approach, meaning that the companies behind them verified and facilitated the transactions. Due to the failures of these companies, the creation of a digital cash system was seen as a lost cause for a long while. Then, in early 2009, an anonymous programmer or a group of programmers under an alias Satoshi Nakamoto introduced Bitcoin. Satoshi described it as a peer-to-peer electronic cash system. It is completely decentralized, meaning there are no servers involved and no central controlling authority. The concept closely resembles Continue reading >>

What Is A Cryptocurrency? Cryptocurrency For Dummies

What Is A Cryptocurrency? Cryptocurrency For Dummies

What is a Cryptocurrency? Cryptocurrency for Dummies So, what is a cryptocurrency? Lets talk! Back in 1990, people started asking What is the Internet?. Twenty-eight short years later, its a question that no longer needs to be asked. In twenty-eight years from now, people wont need to ask, What is a cryptocurrency?. It will be a normal part of their everyday lives, just like the Internet is today. And by the end of this guide, you wont need to ask either. After reading this guide you will be able to answer, What is a cryptocurrency? and many other questions too. Youll know why they were invented, what they are used for and why we will still be talking about them in 2046! Theres no time to wait, so lets get started! 7 What Is a Cryptocurrency and How Can It Change the World? What is a Cryptocurrency: Cryptocurrency Definition There are many kinds of cryptocurrencies, but they all have the same six things in common. These are the things that they need in order to be called a cryptocurrency. Get ready for some big words! Digital: Cryptocurrency is digital money (or digital currency, it means the same thing). This means that it only exists in computers. Cryptocurrencies dont have coins with a picture of a Queens head on them or paper notes with In God We Trust written on them either. Peer-to-Peer: Cryptocurrencies are passed from person to person online. Global: There isnt one cryptocurrency for Spain and another for China (for example). A cryptocurrency is the same in every country. They can be used freely between countries and across borders. Encrypted: There are no rules about who can use cryptocurrency and what they can use it for. Real names arent used for accounts. Each user is given codes instead. This is where we get the crypto part of the cryptocurrency definition Continue reading >>

Top 10 Cryptocurrencies With Practical Use Cases

Top 10 Cryptocurrencies With Practical Use Cases

Top 10 Cryptocurrencies With Practical Use Cases By: Sudhir Khatwani In: Cryptocurrency Last Updated: The list of cryptocurrencies on CoinMarketCap just keeps on increasing At the time of writing this article, there are more than 860 cryptos listed on CoinMarketCap, with a total market cap of $145 billion. Out of this $145 billion, $79 billion is the market cap of the biggest cryptocurrency Bitcoin . The remaining $76 billion is shared by the remaining 860 altcoins (i.e. alternative cryptocurrencies). Some people might think that Bitcoin is the only useful coin out there, simply because of how its dominating over 50% of the market. <br /> Can't load widget<br /> But I would say this is not fair because of 3 reasons: Bitcoin is the worlds first cryptocurrencies and therefore, it has the first movers advantage. All/most altcoins/cryptocurrencies are addressing different problems and use cases that Bitcoin doesnt aim to solve. The crypto market is a decentralized free market where no one has autonomous power. Bitcoin could drastically fall in price in an instant. Crypto-projects are evaluated by market sentiments and the use cases the project is intending to solve. Im also not denying the existence of scams, and pump and dumps, and MLM coins, but the market will eventually filter these coins out. So lets look at some of the best cryptos with real, functional, and effective use cases. Top 10 Cryptocurrencies With Practical Usecases Of course, I will start my list with the king of cryptocurrencies Bitcoin. Bitcoin has been effectively solving a real-world problem since it was born in 2009. It was invented by Satoshi Nakamoto and meant to be an alternative to the traditional banking system for the global masses. Satoshi understood thatcentral bank Continue reading >>

What Is Cryptocurrency And How To Use It: Everything You Need To Know

What Is Cryptocurrency And How To Use It: Everything You Need To Know

Cryptocurrency is a form of digital money that is designed to be secure and, in many cases, anonymous. It is a currency associated with the internet that uses cryptography, the process of converting legible information into an almost uncrackable code, to track purchases and transfers. Cryptography was born out of the need for secure communication in the Second World War. It has evolved in the digital era with elements of mathematical theoryand computer science to become a way to secure communications, information and money online. The first cryptocurrency was bitcoin , which was created in 2009 and is still the best known. There has been a proliferation of cryptocurrencies in the past decade... Register or log in to view this and other Technology Intelligence articles. It's free and easy to do. Access brilliant stories, features and analysis Sign up to our exclusive Technology Intelligence daily newsletter Become part of our ambitious new Tech networking community Continue reading >>

What Is Cryptocurrency And Why Do Cybercriminals Love It?

What Is Cryptocurrency And Why Do Cybercriminals Love It?

What is cryptocurrency and why do cybercriminals love it? Ever pretend you know what your friends are talking about because you want to sound smart and relevantand then trap yourself in a lie? Wow, looks like those hackers were mining for cryptocurrency. You know what cryptocurrency is, right? Oh yeah, totally. Cryptocurrency. Bad stuff. You know. Currency? In the crypt? Bad. Okay, so the next time someone asks, Whatiscryptocurrency, anyway? instead of awkwardly shrugging, be prepared to dazzle them with your insider knowledge. In its simplest form, cryptocurrency is digital money. Its currency that exists in the network onlyit has no physical form. Cryptocurrency is not unlike regular currency in that its a commodity that allows you to pay for things online. But the way it was created and managed is revolutionary in the field of money. Unlike dollars or euros, cryptocurrency is not backed by the government or banks. Theres no central authority. If that both excites and scares you, youre not alone. But this technology train has left the station. Will it be a wreck? Or will it be the kind of disruptive tech that democratizes the exchange of currency for future generations? Lets take a closer look at what cryptocurrency is, how it works, and what are the possible pitfalls. What makes cryptocurrency different from regular money? If you take away all the techno-babble around cryptocurrency, you can reduce it down to a simple concept. Cryptocurrency is entries in a database that no one can change without fulfilling specific conditions. This may seem obtuse, but its actually how you can define all currency. Think of your own bank account and the way transactions are managedyou can only authorize transfers, withdrawals, and deposits under specific conditions. When you do so, Continue reading >>

Cryptocurrency Definition | Investopedia

Cryptocurrency Definition | Investopedia

The anonymous nature of cryptocurrency transactions makes them well-suited for a host of nefarious activities, such as money laundering and tax evasion . The first cryptocurrency to capture the public imagination was Bitcoin , which was launched in 2009 by an individual or group known under the pseudonym Satoshi Nakamoto. As of September 2015, there were over 14.6 million bitcoins in circulation with a total market value of $3.4 billion. Bitcoin's success has spawned a number of competing cryptocurrencies, such as Litecoin , Namecoin and PPCoin. Cryptocurrencies make it easier to transfer funds between two parties in a transaction; these transfers are facilitated through the use of public and private keys for security purposes. These fund transfers are done with minimal processing fees, allowing users to avoid the steep fees charged by most banks and financial institutions for wire transfers . Central to the genius of Bitcoin is the block chain it uses to store an online ledger of all the transactions that have ever been conducted using bitcoins, providing a data structure for this ledger that is exposed to a limited threat from hackers and can be copied across all computers running Bitcoin software. Many experts see this block chain as having important uses in technologies, such as online voting and crowdfunding, and major financial institutions such as JP Morgan Chase see potential in cryptocurrencies to lower transaction costs by making payment processing more efficient. However, because cryptocurrencies are virtual and do not have a central repository, a digital cryptocurrency balance can be wiped out by a computer crash if a backup copy of the holdings does not exist. Since prices are based on supply and demand, the rate at which a cryptocurrency can be exchanged Continue reading >>

Bitcoin: 3 Things To Know About Cryptocurrency Investing | Fortune

Bitcoin: 3 Things To Know About Cryptocurrency Investing | Fortune

Bitcoin has been luring some investors with potentially huge rewardsand scaring others away with equally big risks. Should it be on your investment shopping list on Black Friday? The cryptocurrency can certainly be volatile. Earlier this month, for example, it plummeted 25% over five days after concerns grew that a new currency called Bitcoin Cash, which promises to speed up transactions, would make Bitcoin itself a less attractive payment option. That fear didnt last long. Over a subsequent two-day span, investor sentiment reversed and the price jumped up 18% from its lows; by Thanksgiving, Bitcoin had soared to new highs . Not many investments engender the differences in opinion that Bitcoin and other cryptocurrencies create. Its that volatility, and uncertainty about the technologys long-term viability, that breeds whirlwind days. The currency has turned evangelists and hackers into paper millionaires overnight, while others see it as a fad, doomed to fade as countries add regulations onto whats currently a stateless, bankless Wild West of payment tools. Still, its hard to argue with the short-term results. On New Years Day, a single Bitcoin was worth $964; by Black Friday morning its value had passed $8,200, a gain of nearly 800%. Taken together, the market capitalizations of all the worlds cryptocurrencies, including other prominent players like Ethereum and Ripple, have risen even faster this year. This growth has pushed mainstream institutions to take notice and capitalize. CME Group, the worlds largest options and futures exchange owner, announced it would offer Bitcoin futures by the end of the year. That move would give Bitcoin a level of credibility that established currencies have, and also provide an infrastructure for developing exchange-traded funds (ETF Continue reading >>

How Criminals And Terrorists Use Cryptocurrency: And How To Stop It

How Criminals And Terrorists Use Cryptocurrency: And How To Stop It

How Criminals And Terrorists Use Cryptocurrency: And How To Stop It Opinions expressed by Forbes Contributors are their own. Cybersecurity I specialise in countering extremism, radicalisation and terrorism. Last November, I was doing research for a new report on the prevalence of terrorism on the Darknet , and came across an al-Qaeda linked organization by the name of al-Sadaqah (which means voluntary giving in Arabic). The group were using Facebook and Telegram to campaign for bitcoin funding. That month, a donation of BTC0.075 ($685 at the time) was sent by an unknown individual to the organization's advertised bitcoin address. Shortly afterwards, the funds (which rose to $803 overnight) were forwarded onto another address. This group is still active on Twitter. There is no doubt that digital currencies provide benefits to individuals, financial organizations, governments, and public sector institutions by facilitating better access to financial products, aiding financial empowerment, and reducing the risks of corruption and fraud. But one of the significant risks associated with digital currencies is the ability of criminals and terrorists to use these new technologies for their own benefit. While there is still no indication that digital currencies have been adopted by any terrorist organization on an institutional level, cases where terrorists have used digital currencies highlight a distinct possibility that risks could develop in the future. I will briefly illustrate why this is the case below. First, digital currencies are created through a process of mining to verify each transaction on a blockchain. While information on each transaction is recorded on the blockchain, this data is not directly linked to names, physical addresses, or other identifying informati Continue reading >>

10 Awesome Uses Of Cryptocurrency

10 Awesome Uses Of Cryptocurrency

B Holmes , 01 Sep 2014 - Magazine , Bitcoin , Adoption Concerned only 50% of your donations reach your intended charity? With the proliferation of outsourcing, the rise of solicitation services collecting funds for charities has been prolific. TampaBay.com has an eye watering table of charitable donations and spending. It shows where your donations have gone over the last ten years. With the unique P2P sharing of crypto currency, you can believe your finances will make it to the hands you intended. Remove the solicitation services completely by donating directly. A great example is WikiLeaks who have received 3857.94535186BTC to date, from anonymous donations. In Downtown Toronto, there is a great coffee place called Snakes and Lattes . Home to the Bumblebee Exchange . With the owner jumping on board, you can now purchase one of the best coffees around, have a chat with enthusiastic crypto fans, sip on some elegant caffeine, and play a board game of your choice. They have them all. Always wanted to travel the world? Got your Bitcoins ready? Jump on to www.cheapair.com . Theyannounced on the 22nd November 2013, that they would be the first online travel agency proudly accepting Bitcoin. Here you can purchase flights, hotels, car rentals and cruises. The whole package can be booked. Reinier Van den Bezemer Schoonderwoerd, an artist based in Amsterdam, sold his piece Collaboration portraying the link between finance and people for 10 000 Euro. If you're in the market, or would like to see your pieces hanging on a crypto enthusiasts wall, Bitpremier.com provides a market place for those looking to buy and sell luxury goods. The University of Nicosia , based in Cyprus, is the first accredited university in the world to accept Bitcoin for tuition and other fees via Bitpay , Continue reading >>

Using Bitcoin Or Other Cryptocurrency To Commit Crimes? Law Enforcement Is Onto You

Using Bitcoin Or Other Cryptocurrency To Commit Crimes? Law Enforcement Is Onto You

Using Bitcoin Or Other Cryptocurrency To Commit Crimes? Law Enforcement Is Onto You I write and consult on digital transformation in the enterprise. Opinions expressed by Forbes Contributors are their own. Speculative bubble or no, perhaps the greatest challenge facing Bitcoin, cryptocurrencies in general, and the broader world of blockchain is the fact that all of these efforts in some way support criminal endeavors. Ive written about how criminal enterprise is largely responsible for the value of Bitcoin , and to be sure, it drives the demand for many alternative cybercurrencies as well. However, regardless of whether you believe cryptocurrency is all about facilitating crime vs. crime being but a small, unfortunate side effect of the rise of crypto coinage, theres no arguing with the fact that global law enforcement recognizes that cryptocurrency is the criminals playground. In fact, four primary areas of criminal activity lend themselves to cryptocurrency: tax evasion, money laundering, contraband transactions, and extortion not to mention the theft of cryptocurrency itself, which is all too easy with Bitcoin. Cryptocurrencies have actually led to a massive cat and mouse game with law enforcement, as agencies get better at identifying criminal behavior, while criminals come up with new evasion techniques and increasingly anonymous cybercurrencies in order to defeat the efforts of law enforcement. While much of this innovation in the greater cybercurrency/blockchain arena aligns with the interests of criminals, there is another side to this story: the increasing recognition that law enforcement requires its own technological innovation in order to keep up. Steve Garfield, Jrn Eriksson, and Jason Bloomberg Cryptocurrency: Criminal vs. Law Enforcement Cat-and-Mouse Ga Continue reading >>

How Do People Give Value To Cryptocurrency And How Is The Price Of Cryptocurrency Defined? | Bitconnect

How Do People Give Value To Cryptocurrency And How Is The Price Of Cryptocurrency Defined? | Bitconnect

Precious metals gain their value/perceived value due to their utility and limited supply, and price is often tied to supply/demand. Supply/Demand is a simple economic factor that affects the price of many things. In some countries Bitcoin and other cryptocurrencies is classed as an asset, in others as a currency. Bitcoin, for example has a maximum of 21 million whole units, divisible 100 million times. With over 7 billion people on the planet, if even 1 billion were to adopt Bitcoin, 21 million whole units would not spread very far without a significant price tag. The supply is also bought in at a constant rate and is unchangeable due to the coconscious rules. This creates a supply that is limited, and thus people will pay more to get the coins they think have value. Block reward halvings, like the Bitcoin halving of 2016 caused the price to slowly increase as the halving approached, due to the reduced supply of new incoming coins imminent. This can affect the price of many cryptocurrencies, but in the case of Litecoin, did not even make a major dent in the price. The energy put into securing blockchains can be intensive. In the case of proof of work (POW) blockchains which are the most popular form, electricity usage can be intense. In the case of Bitcoin, the blockchain uses as much energy securing it at present as a small country uses. This has a factor on the price, as it takes a certain amount of energy on average to mine one Bitcoin. This goes up with difficulty increases. The more secure the blockchain and the higher the mining difficulty , the higher the perceived value and price and the harder the coins are to get through mining. This can have an impact on price and ties in with the energy usage above, in the case of proof of work blockchains such as Bitcoin a Continue reading >>

Blockchain And Cryptocurrency: Whats The Difference?

Blockchain And Cryptocurrency: Whats The Difference?

Blockchain and Cryptocurrency: Whats the difference? Whats the difference between blockchain and cryptocurrency? Part of the confusion around whatis blockchain versus what is cryptocurrency is due in part that the terms have come into use. Instead of being introduced byformal definition, the term blockchain developed from chain of blocks. Cryptocurrency is a sort-of portmanteau of cryptographic currency. But the fundamental difference between these concepts has to do with how distributed ledger technologyis used. Keep reading fora clearer idea on blockchain and cryptocurrency. When Bitcoin was the only blockchain, therewasntmuch of a distinction between the terms and they were used interchangeably. Asthe technologymatured and a variety of blockchains bloomed, the uses quickly diverged from the pure money aspect. Instead, technologistsexperimented withideas like decentralized name registry. Other uses utilized the peer-to-peer aspect to deliver messages in a discrete way. In the end,many of these projects failed tofind a good use of the technology. The projects left standing helped demonstrate what waspossible with beyond buzzwords. Contrasted with blockchain,cryptocurrency has to do with the use of tokens based on thedistributed ledger technology. Anythingdealing with buying, selling, investing, trading, microtipping, or other monetary aspects deals with a blockchain native token or subtoken. Referring to thetoken as the technology can be right in the case of Bitcoin, but is very different when dealing with other blockchain projects like Ethereum . In this case, the technology is known as Ethereum, but the native token is Ether, and transactions are paid in gas . If cryptocurrencies are built on blockchain, can there bea blockchain without a native token? Well, yes and Continue reading >>

Bitcoin: What Is It, Where Can You Use It And Is It Worth Investing?

Bitcoin: What Is It, Where Can You Use It And Is It Worth Investing?

Bitcoin: What is it, where can you use it and is it worth investing? Some have speculated as to whether the cryptocurrency could rise to $1m per coin There seem to be hundreds of new articles every week speculating on how high bitcoin could go now Tories snatch key target Barnet Council from under Labour's nose Bitcoin had an incredible 2017 after increasing in value more 20 times from below $1,000 dollars to a peak of just under $20,000. Such phenomenal returns have caused many to ask how they can get in on the action while others to suggest its a dangerous bubble waiting to burst . So what exactly is bitcoin and why is it attracting so much attention? Bitcoin - live updates: Bubble fears increase as value soars Bitcoin is a digital currency created in 2009 by a mysterious figure using the alias Satoshi Nakamoto. It can be used to buy or sell items from people and companies that accept bitcoin as payment, but it differs in several key ways from traditional currencies. Most obviously, bitcoin doesnt exist as a physical currency. There are no actual coins or notes. It exists only online. Real-world currencies, like the dollar, are managed by a central bank such as the US Federal Reserve or the Bank of England, which manage the money supply to keep prices steady. They can print more money or withdraw some from circulation if they think its needed, as well as using other monetary policy controls such as adjusting interest rates. Bitcoin has no central bank and isnt linked to or regulated by any state. The supply of the cryptocurrency is decentralised it can only be increased by a process known as mining. For each bitcoin transaction, a computer owned by a bitcoin miner must solve a difficult mathematical problem. The miner then receives a fraction of a bitcoin as a reward Continue reading >>

What Is Cryptocurrency? Everything You Need To Know

What Is Cryptocurrency? Everything You Need To Know

What Is Cryptocurrency? Everything You Need to Know Wondering if it's the right time to break into the cryptocurrency market? That makes sense, especially since there never seems to be a clearly perfect moment. The journey cryptocurrency owners, especially ones who have been there since the beginning, have been incredibly rocky. Look at Bitcoin.It stagnated as an almost worthless investment before skyrocketing to a price of $20,000 in December of 2017. It has fallen off significantly since, but a statement was made. Cryptocurrencies were a joke just a few years ago; now, former President Bill Clinton is set to be keynote speaker at the Swell conference created by Ripple. The notion of cryptocurrency has intrigued some and turned others off, and the concept has likely baffled even more people. Some think it's the wave of the future while others dismiss it as an online fad. There's a groupwho believes cryptocurrency and the technology behind it can change the world for the better; there are others who see it as a dangerous trend that wastes energy. But if you're just looking to get into the cryptocurrency game, before you understand why all of that is, you need to know what it is at all. Instead of a tangible piece of currency you can take with you, a cryptocurrency is a digital asset that can be exchanged. The "crypto"part stems from the use of cryptography for security and verification purposes during transactions. In using cryptocurrency for an exchange instead of fiat currency, crypto owners don't have to rely on banks to facilitate transactions, and can successfully avoid the fees that come with using financial institutions. Generally, cryptocurrency transactions are processed and completed via a blockchain network. Blockchains are designed to be decentralized, and Continue reading >>

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