Illustrations
Do you have a cryptocurrency? Here, all students need to know how Bitcoin works
Chance, now you've heard the word cryplogichur, especially bitcoin. He's practically posted online
But you do know more than what you saw in the bit memes
I'll break the cryptocurrencies like a bitcoin, and explain how
Crypocurrencies-this is essentially a digital form of money
They are stored in digital bank accounts, called "wallets", and can be created at home by any user with access to the Internet. You do not need to log on to the local branch, and you do not need to sign with them
This digital money removes the middlone, creating a system that allows strangers to deal directly with each other
It does so by taking on the role of accounting in financial institutions
Instead, this work is handled by a computer network
These computers are behind the brokers, as they can also tell us exactly how well the other side of the deal is good for their money. This storage area network is called blockchain. Because there is no single control point, it is almost impossible to complete the work
Bitcoin is the most popular kryptoal. After the 2008 financial crisis, he proposed an alternative to the financial system. For several years, a number of counter-cultural movements have been formed around the bitcoin and cryptocurrencies, and the circle of believers has continued to grow
There are two main aspects of Bitcoin:
2) Some people argue that the contribution is greater
You may have also heard the term
When I first heard him, I thought it was hard hard hard hard and Tonka Trucks. In fact, process computers are testing transactions, such as accounting. The computer owner receives bitcoins as a reward for this work
There are two great advantages: more efficient and cheap money transfers, as well as the provision of "non-bank" access to the financial system
Criptoners have the ability to make electronic payments cheaper and more efficient by cutting out intermediaries. For each credit card operation, 2-3% of money becomes inconsiderable in the credit card industry
Crypocurrencies will allow these money to enter the pockets of shop owners or transfer them to customers
This new technology also helps to improve remittances across borders. The current financial system guarantees that only a fraction of the money goes where it should go
With a quotation and exchange rate, the total amount "lost" in a transaction may be up to 30%. In countries where the annual wage can be calculated in hundreds of dollars, these costs represent a serious problem
The digital money also benefits "unbankable"-about 2.5 billion people from Afghanistan in Kenya, even America, who have been shut out of the modern financial system
They can't start saving accounts or getting credit cards. They are limited to cash transactions
Take, for example, Fatima. She is a refugee living in a camp in Mali
Her husband emigrated to Côte d' Ivoire to work, like many Malians, and send money back when he can. How he did it, it was a feat
Fatima's husband sent money through people. Random people, people who were heading towards their wife and family. The Fatima family did not have bank accounts or even identification cards. Sometimes money came in. Sometimes it's not
She had, however, a cell phone of $5. Without savings accounts without access to banking services, the solution can be in these $5 phones
Crypocurency's heralds are confident that everyone will be able to send digital currency through a text message in the future
People like Fatima don't have access to the banks. Not because they don't have an education. But because of the obstacles faced by people with limited means
In order to open a digital purse, there is no need for documentation-your location, name and sex are not important. This is a system of changes in the attitudes of women in patriarchal societies. This allows them to take control of their money and build something that belongs to them
You expected it to be in pink?
As with all, cryptocurrencies have their share of problems. Most of the story about Bitcoin was focused on the rental of prices at lower prices; drug traffickers, who were forced to use Bitcoin on the illegal Silk Road website. Or the sudden disappearance of a large number of bitcoins from Mt. Gox, Tokyoid exchange
Some are also concerned that if the bitcoin should replace the existing currency, such as the dollar or yen, the change could trigger an economic crisis. This shift may deprive governments of the ability to adjust the money and compensate the people's instincts during panic
Another possibility is that the cryptocurrency can completely break out, such as the VHS tapes
Remember them? Or their daily use can remain limited, for example, Segway's eponymous
All these elements are important for understanding the history of bitcoin and cryptocurrencies. But to reject it as a con, because they have to turn your back into something that could potentially change life
Many startups have been created to allow and expand the use of Bitcoin in everyday life, for example:
Despite the existence of these services and more, there are several variants of Bitcoin's use in the general scheme of things
However, a number of large companies have now added Bitcoin as a pay option. Companies such as the online store Overstock.com, the Sacramento Kings Basketball Group, the Dell Network Cable Network, the Dell computers, the popular e-commerce platform, and the Expedia tourist site are all the sellers that receive the Bitcoin
There are also a number of hosts
Perhaps you've read stories about the purchase of a bit of coin in Bali. Or Lamborghini in California. Or Virgin Galactica tickets to space. But this currency can also be a force of good. Outpost Shawn is a homeless shelter in Pensacola, Florida, which is fully funded by donations of bitcoins
By 2011, Bitcoin inspired others to join the encryption game
Some tried to improve Bitcoin and others were copyright. At the time of this writing, 1,453 of these "altocoins" exist
Most of them are in rank lower than in Bitcoin, but some of them have a remocated follow-up. Eitherum (invented by Waterloo University) and Ripple are the second and third largest cryptocurrencies, respectively. At the time of writing, their market area (mostly currency) was 104B and $63B. Bitcoin Tower in $197B
Another example is dogecoin-a joke altcoin, which started in 2013
The Duga is derived from the smiling meme Shiba Inu. The call comes from two basic principles: dogecoin is fun, and its members use their currency for good deeds
Since then, they have raised $25,000 because the Jamaican bobsled did not have the funds to host the 2014 Winter Olympics, donated $30,000 for the construction of water purification wells in Kenya and even sponsored NASCAR
The largest cities in Canada are beginning to act and become leaders in this flourishing industry
Toronto is a home accelerator, Bitcoin Decentral, which spawned previously mentioned Eiterum and Jaxx Digital Purse Provider
Meanwhile, in Vancouver, Axiom Zen is behind the popular online game Cryptokitties, which nearly broke Eitherum's network. This city is also the world's first largest ATM in the world
The Canadian government even pinpointed its fingers in the water, exploring the idea of a digital Canadian dollar
If Bitcoin or any other cryptocurrencies become revolutionary force to change, then it will need to evolve first
At the very least, people must feel that cryptocurrencies are safe and cannot suddenly lose value
I'm going to put my savings in the bitomont today? No, no
"Every time I talk, I emphasize that Bitcoin is indeed still an experiment; every time I hear about who invests their savings, I'm a chron." And it comes from a guy who's responsible for making the whole process
However, the instability of Bitcoins will probably inherit all the time. The development and widespread introduction of currency as a currency is a process. They can't do it in one night. In the end, this volatility must be kept at a low price to meet its promise as a cost-effective and efficient way to exchange money
It may be a bit of coin, ethereum, another cryptocurrency or another that has not yet been created, but this innovative technology has an impulse which will be difficult to stop
Moreover, it solves some of the big problems that are almost impossible to solve with the current financial infrastructure
Criptonants have the potential to remove virtually all costs associated with the payment system in our global economy and to lift billions of people out of poverty. In my eyes, the future is much more invasive with cryptocurrency in it
* Views expressed in respect of the author, and not necessarily for the "Student life" or their partners
Adam-co-founder not Freak Out! -The organization, which is devoted to improving the financial literacy of the students. When he does not sleep in the morning's anxiety, you can find him in the class at Queen's University