Help me understand bitcoin, block chain and cryptocurrency

[email protected]

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Found the replies helpful too, thanks

thedarksun

sr. member

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Quote from: formerICO on November 09, 2017, 02:23:52 PM

Thanks for the replies and I will go through the material.

Thanks to everyone.

Remember that finding information is the basics of crypto world so just try to find it on your own, after that if it is impossible to do so, write a thread about it.

cupic

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A cryptocurrency is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency.

titibach

hero member

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Blockchain tech is actually rather easy to understand at its core. Essentially, it's a shared database populated with entries that must be confirmed and encrypted. Think of it as a kind of highly encrypted and verified shared Google Document, in which each entry in the sheet depends on a logical relationship to all its predecessors. Blockchain tech offers a way to securely and efficiently create a tamper-proof log of sensitive activity

Cryptocurrencies are essentially just digital money, digital tools of exchange that use cryptography and the aforementioned blockchain technology to facilitate secure and anonymous transactions. There had been several iterations of cryptocurrency over the years, but Bitcoin truly thrust cryptocurrencies forward in the late 2000s. There are thousands of cryptocurrencies floating out on the market now, but Bitcoin is far and away the most popular.

formerICO

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Thanks for the replies and I will go through the material.

Thanks to everyone.

nala_x7

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Helpful, thank you!

Quote from: adam1230 on November 09, 2017, 07:52:46 AM

I found a nice and hot teacher for you her name is Amanda. Here is the link :
https://www.youtube.com/watch?v=e7UwwcCKj4Y&list=PLiFMZOlhgsYKKOUOVjQjESCXfR1cCYCod

Watch all episodes and you will be a legend after finishing this school.

Naing7

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Quote from: formerICO on November 08, 2017, 10:10:48 PM

Hello Community, I am new to cryptocurrency world.

I am hearing buzz words like Bitcoin, Block Chain, cryptocurrency.

I read some blog posts on the Coindesk & coinbase websites. But still I don't understand the concepts.

Does anyone have any small example explanation with images to understand better.

Bitcoin is a digital crypto currency that is not controled by any country's central bank or government. Bitcoins can be traded for goods or services with vendors who accept Bitcoins as payment.
Each user's Bitcoins are stored in a program called a digital wallet, which also holds each address the user sends and receives Bitcoins from.

Blockchain is a digital public ledger that provides a secure way of making and recording transactions, agreements and contracts – anything that needs to be recorded and verified as having taken place.
However, uniquely, rather than being kept in one place like the more traditional ledger book, the database is shared across a network of computers.

Cryptocurrency is a type of digital currency that uses cryptography for security and anti-counterfeiting measures. Public and private keys are often used to transfer cryptocurrency between individuals.

Velkro

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Quote from: formerICO on November 08, 2017, 10:10:48 PM

Hello Community, I am new to cryptocurrency world.

I am hearing buzz words like Bitcoin, Block Chain, cryptocurrency.

I read some blog posts on the Coindesk & coinbase websites. But still I don't understand the concepts.

Does anyone have any small example explanation with images to understand better.

There is no rocket science here. Well there is if u want to go deep deep deep technical in it.
U don't need to, Bitcoin is just name for revolutionary technology, that solves byzantine problem first time since hundred years around. You can buy and sell it, how it works doesnt matter for you unless u want to go deep. Its real thing tho.
Blockchain is just distributed database.
Cryptocurrency is just digital money/digital asset.

jrrigs

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Quote from: adam1230 on November 09, 2017, 07:52:46 AM

I found a nice and hot teacher for you her name is Amanda. Here is the link :
https://www.youtube.com/watch?v=e7UwwcCKj4Y&list=PLiFMZOlhgsYKKOUOVjQjESCXfR1cCYCod

Watch all episodes and you will be a legend after finishing this school.

Very informative channel. Thanks.

BitcoinNational

legendary

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Join The Blockchain Revolution In Logistics

If you don't know these words or that are not clear, the forum is probably the next step for you. Read some articles, definitions ( https://www.thebalance.com/bitcoin-glossary-391211 for example, you have some definitions of important concepts in crypto).
There are also a lot of blogs and video on youtube.

adam1230

legendary

Activity: 1218

Merit: 1001

I found a nice and hot teacher for you her name is Amanda. Here is the link :
https://www.youtube.com/watch?v=e7UwwcCKj4Y&list=PLiFMZOlhgsYKKOUOVjQjESCXfR1cCYCod

Watch all episodes and you will be a legend after finishing this school.

aicaleentes

newbie

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Quote from: John_Mct on November 09, 2017, 04:32:17 AM

not small, a few pictures, but big ideas deserve determination to understand all the implications:

Daniel Jeffries does a great job exploring this subject.

This helps out alot. Thank you.

mp5navy16

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cryptocurrency trader

Good review.

sabbathhawk

full member

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Quote from: formerICO on November 08, 2017, 10:10:48 PM

Hello Community, I am new to cryptocurrency world.

I am hearing buzz words like Bitcoin, Block Chain, cryptocurrency.

I read some blog posts on the Coindesk & coinbase websites. But still I don't understand the concepts.

Does anyone have any small example explanation with images to understand better.

hello

you need to spend some time to learn bitcoin, you will need to read articles and watch videos. Try to start from basics and watch simple youtube videos https://www.google.com.ua/search?q=bitcoin+explained&client=firefox-b&dcr=0&source=lnms&tbm=vid&sa=X&ved=0ahUKEwiGkcqUkLHXAhXMjKQKHW6kAJAQ_AUICigB&biw=1920&bih=1130

Hope that will help

John_Mct

member

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Scorum Community Manager

not small, a few pictures, but big ideas deserve determination to understand all the implications:

Daniel Jeffries does a great job exploring this subject.

formerICO

newbie

Activity: 2

Merit: 0

Hello Community, I am new to cryptocurrency world.

I am hearing buzz words like Bitcoin, Block Chain, cryptocurrency.

I read some blog posts on the Coindesk & coinbase websites. But still I don't understand the concepts.

Does anyone have any small example explanation with images to understand better.

Topic: Help me understand bitcoin, block chain and cryptocurrency (Read 446 times)