About this sample
About this sample
Words: 645 |
4 min read
Published: Feb 12, 2019
Words: 645|Page: 1|4 min read
A cryptocurrency is a digital asset in which encryption techniques are used to regulate the generation of units of currency designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units, verify the transfer of funds Is its organic nature; it is not issued by any central authority, Well the nature of cryptocurrency transactions makes them well-suited for a host of Criminal activities, such as Money Laundering and Tax Evasion …!
The first cryptocurrency to capture the public imagination was Bitcoin, which was launched in 2009 by an individual or group known under the pseudonym Satoshi Nakamoto. As of September 2015, there were over 14.6 million bitcoins in circulation with a total market value of $3.4 billion. Bitcoin's success has spawned a number of competing cryptocurrencies, such as Litecoin, Namecoin and PPCoin.
The Bitcoin network witnesses a great deal of transaction activity. Maintaining a record of these transactions helps users track what was paid to and by whom. The transactions Put during a given period of time are recorded into a file called a block.
Bitcoin and other cryptocurrencies that use Proof of Work Blockchains are maintained through a process called Mining In this system, miners – computers running the cryptocurrency's software client compete to find a new block, adding the most recent transaction data to the chain. They receive fees and a (in some Cases) a reward of new tokens in return
Bitcoin mining is the process by which transactions verified and added to the public ledger. known as the block chain…and also the means through which new bitcoin are released. The mining process involves compiling recent transactions. In the earliest days of Bitcoin, mining was done with CPUs from normal desktop computers Graphics cards
Cryptocurrencies are used outside existing banking and governmental institutions and are exchanged over the Internet. While these alternative, they have the unique potential to challenge existing systems of currency and payments. As of December 2017 total market capitalization of cryptocurrencies is bigger than 600 billion USD and record high daily volume is larger than 500 billion USD.
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