A Brief Intro to Crypto Currency
Carl Freer On Crypto Currencies A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange which uses cryptography to secure its transactions, to control the creation of additional units, and also to verify the transfer of resources. Cryptocurrencies are a type of digital currencies, alternative currencies and digital currencies. Cryptocurrencies utilize decentralized control as opposed to centralized electronic money and central banking methods. The decentralized control of every cryptocurrency works via a blockchain, which will be a public transaction database, functioning as a dispersed ledger. Bitcoin, created in 2009, was the first decentralized cryptocurrency. Since that time, numerous other cryptocurrencies have been produced. These are frequently called altcoins, as a blend of alternative coin. Decentralized cryptocurrency is produced by the whole cryptocurrency system collectively, at a rate which is defined when the system is made and which is publicly known. In centralized banking and financial systems like the Federal Reserve System, corporate boards or governments control the supply of currency by printing components of fiat money or demanding additions to digital banking ledgers. In the event of decentralized cryptocurrency, businesses or authorities cannot produce new components, and have not so far provided backing for some other businesses, banks or corporate entities that hold asset value quantified inside. The underlying technical system upon which decentralized cryptocurrencies are based was generated by the group or person called Satoshi Nakamoto. As of September 2017, more than a thousand cryptocurrency specifications exist; most are very similar to and derive from the first completely executed decentralized cryptocurrency, bitcoin. Within cryptocurrency systems the security, ethics and balance of ledgers is preserved by a community of mutually distrustful parties known as miners: members of the public using their computers to help validate and timestamp trades, adding them into the ledger in accordance with a particular timestamping scheme. Miners have a fiscal incentive to maintain the security of a cryptocurrency ledger. Most cryptocurrencies are designed to gradually decrease production of money, putting an ultimate limit on the whole amount of money that will ever be in circulation, mimicking valuable metals. In comparison with ordinary currencies held by financial institutions or kept as money on hand, cryptocurrencies could be more problematic for seizure by law enforcement. This problem is derived
from using cryptographic technology. Carl Freer