It's 'the magnificent infographics' explains how it works


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, 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