Jump to content
This site uses cookies! Learn More

This site uses cookies!

armedunity.com uses cookies to improve user experience.

By continuing to use this site, you agree to allow us to store cookies on your computer.

Sign in to follow this  
Pixel-In

Your opinion on Cryptocurrencies !

Recommended Posts

Posted (edited)

First of all, what is a Cryptocurrency ?

 

Cryptocurrency is a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank. To put that in plain words a cryptocurrency (Ex: Bitcoin) is an electronic cash system that uses peer-to-peer network to prevent double-spending. It is 100% and completely decentralized, meaning that it uses no server to send or receive transactions, nor does it have a central authority.

Please login or register to see this quote.

What are Cryptocurrencies really?

If you take away all the noise around cryptocurrencies and reduce it to a simple definition, you find it to be just limited entries in a database no one can change without fulfilling specific conditions. This may seem ordinary, but, believe it or not: this is exactly how you can define a currency.

For example : The money in your bank account: What is it more than entries in a database that can only be changed under specific conditions? You can even take for example physical coins and notes: What are they else than limited entries in a public physical database that can only be changed if you match the condition than you physically own the coins and notes? Money is all about a verified entry in some kind of database of accounts, balances, and transactions.

 

The transaction is known almost immediately by the whole network. But only after a specific amount of time it gets confirmed.

 

Confirmation is a critical concept in cryptocurrencies. You could say that cryptocurrencies are all about confirmation.

 

As long as a transaction is unconfirmed, it is pending and can be forged. When a transaction is confirmed, it is set in stone. It is no longer forgeable, it can‘t be reversed, it is part of an immutable record of historical transactions: of the so-called blockchain.

 

Revolutionary properties !

If you really think about it, Bitcoin, as a decentralized network of peers which keep a consensus about accounts and balances, is more a currency than the numbers you see in your bank account. What are these numbers more than entries in a database – a database which can be changed by people you don‘t see and by rules you don‘t know?

 

I want you guys to post your opinions about cryptocurrencies and how do you think it will impact the world and the global economy in the near and distant future.

 

 

 

Credit : Please login or register to see this link.  | Please login or register to see this link.

Edited by Pixel-In

Share this post


Link to post
Share on other sites

without a good rig, its a waste of time.

me and my friends used 90 pc of school and made up to 170$ per week. but we almost got caught and we had to abandon all the profits. 
we kept those running for months in row without even checking the profits.. It was 3 years ago, now the profits would be x8 times bigger. but now its even harder to get

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

×