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W h a t i s a C r y p t o c u r r e n c y ?
Cryptocurrencies are based on a tecnology called the "Blockchain"
A blockchain is a database that stores encrypted blocks of data then chains them together to form a chronological single-source-of-truth for the data
Digital assets are distributed instead of copied or transferred, creating an immutable record of an asset
The asset is decentralized, allowing full real-time access and transparency to the public
A transparent ledger of changes preserves integrity of the document, which creates trust in the asset.
Blockchain’s inherent security measures and public ledger make it a prime technology for almost every single sector
Bitcoin is a type of money that is completely virtual. It's like an online version of cash. You can use it to buy products and services, but not many shops accept Bitcoin yet. However, some comanies are beginning to buy into its growing influence. In order for the Bitcoin system to work, people can make their computer process transactions for everybody. The computers are made to work out incredibly difficult sums. Occasionally they are rewarded with some Bitcoins. This process is called mining.
Pros
Cons
Proof of Work and proof of stake
How blockchains register transactions? There are two types of methods, mining and staking. Minig is done by trying random hashes (a type of encryption) to guess the correct one, guessing the correct one leads to create a new block where are stored the transactions of the lasts minutes. In this process the computers who guess the correct hash get a prize, which in most of the cases is an amount of that cryptocurrency. Staking give the work to register the new transactions to random computers, this lead to a minor use of energy.
