Cryptography what is this about? What is a bitcoin and what is the blockchain? How can you make money from these new technologies?
So what are cryto currencies? There are two elements or features to this type of money. It is virtual money recorded as such as figures stored on a ledger across a peer to peer network of devices over the internet. The currency reference, amounts, notes, timestamp, calculations and digital signatures signed with a private key is data that has been hashed by an algorithm which is how the cryptographic feature comes into play. Each cryptographic hash such as with the SHA256 computational algorithm addition to the ledger is a block and the blocks are part of the every increasing blockchain. Both cryptographic data and peer-peer element make it difficult to impossible to tamper with the ecosystem in a way that can be an act of fraud.
Each token unit and be considered to be a unique slice of a limited resource of total tokens. Only mining can increase this total amount. The way to look at this is to describe each token as say a prime number. See below table for a currency that has only ten units:
The only way to have more tokens is to find more unique ids. This would increase the number of units to 11.
Sub Saharan Africa And Crypto Currencies
Crypto currencies and the blockchain will be important in developing markets such as in Sub Saharan Africa.
Want to see how you are able to create a secondary stream of income through your smartphone? Want to learn more about cryptocurrencies and the opportunities as well as risks they bring? Gain an insight into the crypto markets and their opportunities and risks, while increasing the odds of crypto trading strategy success.
Educational Opportunities And Insight Into Risks
Attend a free event so that you can analysis the strategies and risks of the following:
- New Technology
- Virtual Currency
- Digital Currency
Buy Bitcoin, Sell Bitcoin And Use A Bitcoin Wallet
If you have a brilliant credit rating a strategy could be to dedicate 2 or 3% of your money to risk and reward in the new virtual currencies. This can be achieved by buying bitcoins with a credit card and debit card in the UK and Europe, bank transfer or debit and credit card on interest free credit. Before doing this decide that you can risk this money with detachment. Trading financial products involves significant risk and can result in the loss of your invested capital. You should not invest more than you can afford to lose and should ensure that you fully understand the risks involved.