TomNet
Joined: 12 May 2024
Posts: 5
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 Posted: Wed Jun 12, 2024 6:45 pm Post subject: Blockchain & Cryptocurrencies |
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Cryptocurrency is a relatively new term, which have emerged in 2008. Generally speaking - it is a digital currency. Main principles of nearly all the cryptocurrencies are:
decentralization of emission / control bodies;
application of various cryptography methods;
collective systematization.
Cryptocurrencies usually have no common emission and controlling bodies. No national banks or other governmental structures has any direct control over cryptocurrency emission and value. This explains why it’s value and general status are set solely by a theoretical consensus of all it’s holders.
Modern blockchain technology
Blockchain is a system that records all transactions in relation to the cryptocurrency. The system contains modules, each called “block”. Every block represents a decoded record of a specific cryptocurrency related transaction. It also contains a coded reference to the previous block, which consecutively contains a record regarding the previous transaction. As a result, all the information regarding transactions and manipulations done with certain units of a single cryptocurrency can be followed back to the original entry. By performing such backtrack - it’s validity can be verified. You need to consider that the blocks and entries cannot be altered once they are registered, making it impossible to impact / modify the whole chain, making it a safe and elegant solution to digital transactions.
Cryptocurrency trading
Despite the fact that there are several different cryptocurrencies, each serving different purposes and utilizing slightly variative methods, there is a common set of rules worth following, when dealing with cryptocurrency trading:
learn as much as you can about the blockchain and it’s main principles;
study about the most popular cryptocurrencies and their advantages;
carefully evaluate your possibilities and possible risks;
stay updated about financial and cryptocurrency related news;
create an exchange account for crypto trading specifically;
start off by dealing with smaller amounts to study the market;
always research and keep improving your knowledge;
eventually try trading with larger numbers, implement complex solutions.
Cryptocurrency mining procedure
Crypto mining is a general way to refer to a process of transaction validation. It is usually performed by utilizing computing powers to make specific calculations within a common mining system. For contributing calculating powers miners are usually rewarded with certain units of cryptocurrency being mined. Such mining impacts and increases the overall number of cryptocurrency in the turnover, affecting it’s public value. |
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