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What's The CRYPTOCURRENCIES !


What problems is bitcoin trying to solve? 

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A DUMMY’S GUIDE TO CRYPTOCURRENCIES



The tutorial begins by introducing what bitcoins are, then proceeds with the installation of the bitcoin client software and wallets to make bitcoins transactions possible. It also discusses bitcoin mining, exchanges, and trading. Finally, it moves on to applications and future of bitcoins. After reading this tutorial, you will have learned all the basics of bitcoins; enough to use bitcoins and make money by trading and investing in bitcoins.

Audience

This tutorial has been prepared for professionals aspiring to learn all the essentials of Bitcoins and develop a habit of buying products and services using bitcoins and lastly making money by trading in this brand new cryptocurrency.

Prerequisites

Before you start proceeding with this tutorial, we assume that you have basic computer skills, knowledge of downloading and installing software like Java and other applications. 
Prior exposure to the Linux operating system flavors would be an added advantage.


What is a cryptocurrency?

Image result for bitcoinA cryptocurrency is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions on a ledger that is typically publicly viewable. A community guarantees the authenticity of the transactions in addition to the creation of additional units of the currency (Victor, 2017).
Bitcoin is currently the most popular cryptocurrency. The problem bitcoin is trying to solve is an important one faced by many people across the world. Leo Tolstoy said, “money is a new form of slavery.” By controlling money, vast power is wielded in today’s world. The enormous amount of money in circulation is primarily controlled by bankers and they wield the powers of inflation and currency debasing as methods of increasing and controlling product prices throughout the economy (Donk, 2017).
Centralized and institutional control of currency is the problem bitcoin is trying to solve. Bitcoin, like many other cryptocurrencies, gives power to the people using the cryptocurrency as they do not require authorities in a centralized system to do business and make purchases. By being peer to peer (P2P) and decentralized it lets people trade without having the rules of the transaction dictated by third parties. Cryptocurrency enables users to act anonymously and this removes power traditionally held by financial institutions.
What is the blockchain? A look at the basics.
At first the blockchain might seem complex but in reality, it’s very simple. The blockchain is just another type of database for recording transactions – once a transaction occurs, it is copied to all of the computers in a participating network and this is sometimes referred to as a ‘distributed ledger’.
Data is stored in ‘blocks’, and there are two main features about ‘blocks’ to know:
- Content: mainly a list of instruction statements and digital assets (such as transactions made) and the amounts and addresses of the parties to those transactions.
- Header: metadata, such as unique block reference number, the time the block was created, and a link back to the previous block (Deloitte corporation, 2016).


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