Bitcoin, Ethereum, and other cryptocurrencies are gaining in popularity and value. Here are some things to think about if you're interested in getting involved.
What are Cryptocurrencies?
Bitcoin, Ethereum, and other cryptocurrencies are digital or virtual tokens that use cryptography to secure their transactions and to control the creation of new units. Cryptocurrencies are decentralized, meaning they are not subject to government or financial institution control.
How are Cryptocurrencies created?
Cryptocurrencies are created through a process called mining. Miners are rewarded with cryptocurrency for verifying and committing transactions to the blockchain.
What is the blockchain?
The blockchain is a digital ledger of all cryptocurrency transactions. It is constantly growing as "completed" blocks are added to it with a new set of recordings. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. Bitcoin nodes use the block chain to differentiate legitimate Bitcoin transactions from attempts to re-spend coins that have already been spent elsewhere.
Why are Cryptocurrencies valuable?
Cryptocurrencies are valuable because they are finite in number, and because they are useful for securing and verifying transactions.
What are the risks of investing in Cryptocurrencies?
The risks of investing in cryptocurrencies include price volatility, hacking, and fraud.
How can I buy Cryptocurrencies?
Cryptocurrencies can be bought on online exchanges using traditional currency.
Bitcoin, Ethereum, Cryptocurrency: Making Money, Prospering, and Small Business Entrepreneurship
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