Cryptocurrency

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About


Bitcoin- a well known and often discussed trend, which is an innovative currency, physically not existent and has enriched investors multiple times.
Despite its incremental popularity, the majority is still unfamiliar with bitcoins and the cryptographic system.

Are you one of those unlucky, yet inquisitive people, who don’t know what is going on? Don’t worry - we got you!
This website is the ultimate guide to cryptocurrencies. You will be introduced to the topic, that was once a complex labyrinth, but will feel like a no-brainer after reading through our thorough elaborations.



Picture resource: https://apparatus.si/092apg/
About

The Basics


Cryptocurrency, bitcoin being one of them, is a virtual medium of exchange.
Each transaction made with cryptocurrencies is confirmed and stored by the public ledger, “blockchain”¹, through the use of cryptography² via an operation, called mining. Mining is basically the process in which the so called “miners” solve complex mathematical problems, thereby making transactions work and generate new units of a cryptocurrency.
Since cryptocurrency works through a peer-to-peer network², the digital currency is decentralised. This meaning that, as opposed to fiat money, it is independent from any centric, modulatory authority, like the government or the central bank.  
There are only very few cryptocurrencies that do not use blockchain e.g. IOTA
Cryptography (crypto=concealed) refers to encryption techniques involving complex algorithms. Those are used for storing and transmitting data, so that the normal, legible data is transformed into an inscrutable form. It can only be deciphered for the intended receiver. 
A peer-to-peer, or short P2P, network refers to two or more computer systems, the “peers”, being directly connected via the internet. This means that the data can be transmitted between them without involving any separate central server.
-altcoin =
an altcoin basically is any other cryptocurrency than bitcoin.
Alt coins intend to improve, update, compete with and offer an alternative to bitcoin (as they have all been launched after bitcoin).
-cryptocoin =
different to a cryptocurrency having its own, independent blockhain, crypto coins are digital assest based on already existing blockchains.
Key terms to remember:
-virtual/digital currency
-cryptography
-blockhain
-mining
-peer-to-peer network
-decentralised

How does it work?


BLOCKCHAIN

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CRYPTOGRAPHIC KEYS AND THE DIGITAL SIGNATURE

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Blockchain in Detail


Bitcoins


Other Cryptocurrencies


There is more than Bitcoin? Read more here...

So, now you have thorough knowledge on Bitcoins. But what about the other cryptocurrencies?

Pros and Cons


The terms bitcoin or cryptocurrencies have caused many controversial discussions - while some claim that cryptocurrencies fill the room for improvement our current money systems leaves....

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... others are rather sceptical.

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Criticism by Professionals


Global Terms


UK

Experimenting with blockchain

Some banks permit

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Russia

Experimenting with blockchain

Some banks permit

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France

Experimenting with blockchain

Not permitted

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Finland

Not experimenting with blockchain

Not permitted

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Sweden

Experimenting with blockchain

Permitted

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Switzerland

Not experimenting with blockchain

Permitted

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Poland

Not experimenting blockchain

Permitted

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Italy

Experimenting with blockchain

Permitted

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Germany

Not experimenting with blockchain

Permitted

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Interview With a Cryptocurrency Miner (german)


Interview With a Cryptocurrency Miner (English)


  • 06/01/2016 09:00 PM

Read the english transcript of a very interesitng interview with a cryptocurrency miner (which was sadly held in German) and gain new insights into mining and cryptocurrencies!

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