What is a Cryptocurrency?

in #cryptocurrency3 years ago (edited)
INVESTING IN *DECENTRALIZED CRYPTOCURRENCY*
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Do you know what you are ACTUALLY buying when 
purchasing Cryptocurrencies ?? 

Well what you are actually buying is the digital coin 
or token ran on that or another cryptocurrencies BLOCKCHAIN. 

WHAT IS A BLOCKCHAIN YOU ASK ?? 

A Blockchain is a series of BLOCKS - 
connected together forming a CHAIN: a Blockchain. 

but that doesn't truly represent what a BLOCKCHAIN actually 
DOES for us in the real world. 
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BLOCKCHAIN = a Digital PEER - 2 - PEER NETWORK
** A series of Transactions that could be anything, 
not just financial transactions of monetary value attached, 
but in most cases a $xxx.xx is attached to each Transaction forming a BLOCKCHAIN. 
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Solution to the Issues of 
Financial TRUST / ANTI INFLATION / ANTI CORRUPTION 
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** YOU WOULD NOT TRUST YOUR BANK ACCOUNT WITH JUST ANYONE, 
BUT WOULD YOU TRUST YOUR BANK ACCOUNT WITH EVERYONE IN THE WORLD ?? ?? 

Heres how Blockchain works: 
Instead of leaving your money in a bank account or at your house, 
we can now put our money into a wallet that lives on the BLOCKCHAIN: 

Instead of TRUSTING one party, place, company, or government agency to hold, 
or otherwise HONESTLY KEEP your money SAFE and SECRE at ALL TIMES: 
we need other parties acting as validators to keep everyone honest at all times: 
BUT WHAT IF WE COULD ALL TRUST ONE ANOTHER ALL AT THE SAME TIME?

This is how Blockchain works: 

Once a Transaction is live on the Blockchain it then 
instantly gets checked and verified between ALL 
nodes around the world, set up acting as a kind of both system stability
 and system governance over individual importance and individual 
data of the Blockchain itself: ALL BLOCKCHAINS ARE DIFFERENT 
because different variables CREATED into each one making each one different in someway.    

Transaction sent
BUY X coin @ Price $xx.xx -- 

Transaction is then instantly validated between 
ALL nodes around the world instantly checking each one, 
making sure the transaction is both honest and organized into the current BLOCK: 
(in Bitcoins case each BLOCK = 10 MIN's.) Once the block is finished the next one 
is generated and transactions instantly begin again, every 10 minutes. 

To do this: BITCOIN uses a PROOF OF WORK: meaning that because 
CRYPTOCURRENCIES use CRYPTO-GRAPHIC codes making giving them security 
features for secure transactions, that also makes them difficult to " SOLVE ".  

PROOF OF WORK: ONCE per BLOCK (Bitcoin =10 MINUTES) NEW 
(BITCOINS) CRYPTOCURRENCIES ARE CREATED TO PAY MINERS FOR THEIR WORK; 
THUS INFLATING THE NETWORK FOR THE TIME BEING. 

WHAT IS MINING CRYPTOCURRENCIES ??
In order to secure a PROOF OF WORK NETWORK Computer compete to 
SOLVE EACH TRANSACTION ON THE NETWORK thus receiving a small portion of newly minted COINS. 

meaning that with EACH TRANSACTION - A Computer 
MUST READ THE CRYPTO CODE - BREAK IT DOWN - READ IT - 
and PROCESS it back ON to the NEXT Blockchain NODE before beginning the NEXT TRANSACTION: 

 MINERS COMPETE TO BE THE FIRST TO SOLVE THE TRANSACTION AND KEEP NEW BITCOINS JUST CREATED. 

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SO thus BLOCKCHAIN does 10 VERY TRULY REMARKABLE things for us as individual people. 
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1. Gives everyone the ability to set up and own a secured bank account. 
2. a NON physical location based boarder-less payment system 
3. a Secure public ledger that all may view 
4. digital anti inflation-currencies: currencies with a MAX # of COINs: 
such as Bitcoin with 21 Million. 

5. GLOBAL RE - DISTRIBUTION OF WEALTH: 
Putting Wealth back into the hands of those MOST impoverished 
- will find financial freedom in the digital world.   

6. where once only CENTRALIZED banking systems controlled 
money supply; cryptocurrency Gives everyone the ability 
to create and/or own their own digital currency. 

7. It has never been easier to invest and generate small or 
large fortunes almost overnight. 
8. It has never been so easy to earn passive sustainable income

9. DEFI Cryptocurrencies are themselves natural REVOLUTIONARIES 
and all who invest in cryptocurrencies are DEFI'ing 
Traditional Finance (CIFI) Centralized Governments 
Bank Systems one day at a time, until we THE PEOPLE crush them all.

10. The NEXT evolution in the future of Finance 2.0, the Internet 2.0, 
altering every aspect of our lives as we know it to be from that before 
OCT 31st 2009: The Birth of Bitcoin (BTC) & Blockchain Technologies.
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