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 --- A GOPHER-LIKE INTERFACE FOR HIVE BLOCKCHAIN ---

What are cryptocurrencies really?

BY: @ilyas112 | CREATED: July 1, 2018, 5:27 a.m. | VOTES: 8 | PAYOUT: $0.00 | [ VOTE ]

[IMAGE: https://cdn.steemitimages.com/DQmdaXW3rZgCttyTA3D2RZi1McmHhGdVnCDbbADb7sedk1W/images.jpg]
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cryptocurrency will have better future then any other currency t...
Take the money on your bank account: What is it more than entries in a database that can only be changed under specific conditions? You can even take 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.

How miners create coins and confirm transactions

Let‘s have a look at the mechanism ruling the databases of cryptocurrencies. A cryptocurrency like Bitcoin consists of a network of peers. Every peer has a record of the complete history of all transactions and thus of the balance of every account.

A transaction is a file that says, “Bob gives X Bitcoin to Alice“ and is signed by Bob‘s private key. It‘s basic public key cryptography, nothing special at all. After signed, a transaction is broadcasted in the network, sent from one peer to every other peer. This is basic p2p-technology. Nothing special at all, again.

bitcoin is the main assect and it plays an important role in cryptocurrency

TAGS: [ #mgsc ]

Replies

@cheetah | July 1, 2018, 5:28 a.m. | Votes: 0 | [ VOTE ]

Hi! I am a robot. I just upvoted you! I found similar content that readers might be interested in:
https://blockgeeks.com/guides/what-is-cryptocurrency/

@ilyas112 | July 1, 2018, 6:09 a.m. | Votes: 0 | [ VOTE ]

ill make shure that would not happen next time

@moneyoption | July 1, 2018, 5:36 a.m. | Votes: 1 | [ VOTE ]

great knowledge keep it up

@rishad19 | July 1, 2018, 6:04 a.m. | Votes: 0 | [ VOTE ]

cryptocurrencies have great future.we should study it then invest in it

@biroj100 | July 1, 2018, 10:48 a.m. | Votes: 0 | [ VOTE ]

Cryptocurrency is changing the future of finance. Every cryptocurrency has its own blockchain, and computers doing complex math in a large network maintain it.

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