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July 23, 2018
Cryptocurrency Lesson 1: Introduction to Cryptocurrency, Bitcoin, and Blockchain
July 23, 2018
Hello and Namaste, Cybrarians. I am back with a new, exciting course series: Cryptocurrency. This is the first lesson of our course, and here, we are covering the following:
- Cryptocurrency Introduction
- Bitcoin Introduction
- Blockchain Basics
CryptocurrencyLet's begin. If you are reading this, then I ssume that you have some understanding of cryptocurrency. It is a digital currency or virtual currency used on the Internet only. We can buy it with real cash or sell it for real cash. And there is separate complex way of gaining it, i.e., mining. Mining will be covered in future lessons.“Crypto” means the use of standard encryption technology and is related to the cryptography section of the computer field. What it basically means is "It helps prevent forgery and stealing."The main feature of cryptocurrency is 'independence.' This currency does not belong to a government, nor does it belong to a financial organization.
- First, Bitcoin is a cryptocurrency.
- It is said that “Satoshi Nakamoto” is the creator of Bitcoin. However, no one knows whether Nakamoto is a person or a group of expert programmers.
- Nakamoto was actively involved from late 2007 to late 2009 to develop Bitcoin but then disappeared. Several more types of cryptocurrency came later on.
- Right now, the most popular cryptocurrencies are Bitcoin, Ripple, Ethereum, Litecoin, etc.
- Right now, there are more than 1,000 cryptocurrencies around the world, and the number is increasing.
- A topic to be discussed later is “mining.” In the beginning, Bitcoin could be mined with a personal computer. But now, mining requires more processing power, electrical energy, and complex hardware devices.
The Basics of Blockchain
- Different blocks are available in blockchain. Blocks are linked with each other, creating a chain known as a blockchain.
- Basically, a blockchain is a database with a ledger for keeping records of all transactions. Details of present processings and also records of all past events are available in a blockchain publicly. There are lots of other things we have to cover about blockchain, and they will be in the next lesson, Lesson 2.