Here’s What You Need To Know About Cryptocurrency
Unless you’ve been living under a rock for the past 5 years, you’ve likely at least heard the word Bitcoin” before. While you’ve almost certainly heard about it, there is a fair chance you don’t fully understand what it is, how it works, and why people are so excited about it. Who is Satoshi Nakamoto exactly? Apparently, it was so unnecessary questions hunted answer. The volume of bitcoin stolen amounts to about 0.75 percent of all bitcoin in circulation. But the search has already tripped up several journalists, most famously Newsweek’s Leah McGrath Goodman, who identified Japanese American Dorian Prentice Satoshi Nakamoto in March 2014 as bitcoin’s creator. Maybe the less popular – or most hated – project in the cryptocurrency community is Ripple. While Ripple has a native cryptocurrency – XRP – it is more about a network to process IOUs than the cryptocurrency itself. XRP, the currency, doesn‘t serve as a medium to store and exchange value, but more as a token to protect the network against spam.
If the technical jargon is too much to handle at this point, just remember that lots of good news about Ethereum is coming, all of which will undoubtedly increase the value perception of Ether. Ultimately, remember that the crypto space is still predominantly running on speculation. Ethereum’s road map looks promising and personally, that is enough for me to take an interest in and invest in ETH. Alternative cryptocurrency markets include Zcash (ZEC), Ethereum (ETH), Ethereum Classic (ETC), Monero (XMR), Ripple (XRP), Augur (REP), Litecoin (LTC), Factom (FCT), Dash (DASH), as well as other derivative prediction markets such as the likelihood of Bitcoin ETF Approval (COIN).
From a regulatory and legal perspective what remains contentious is whether the issuance of such coins are the equivalent to the creation of a new security, and should therefore come under the oversight and regulation of the SEC. Coinbase, the world’s most funded bitcoin exchange, was dragged offline by the massive increase in interest in the space. Users have reported issues with various aspects of the service this week, and things reached a head on Thursday when the Coinbase website and mobile apps were unavailable to users for hours due to unprecedented” levels of trading and traffic, the company said.
But with a blockchain currency like Bitcoin, if one server was hacked and a fake transaction was inserted into the database, then it wouldn’t match the transaction record on the hundreds other copies of the database. This transaction would be seen as a fake and rejected. As we know, practical and political shortcomings of traditional” fiat currencies its very complicated, so early cryptocurrency proponents shared the goal of applying cutting-edge mathematical and computer science principles to solve what they perceived.
Update 6/2: For those of you also on Hacker News, I made a couple of clarifying points, which included an apology for glibly using the word scam. Read more here. The movie launches globally on October the 3rd on iTunes, through Vimeo and at select cinemas. If you want to know what all the Bitcoin fuss is about, I’d strongly recommend it. Bitcoin mining is one of the three primary ways to obtain Bitcoins – the others being buying on an exchange or accepting them for goods and services. That’s how they go into circulation.