What the heck is Bitcoin and Cryptocurrency?
In the most basic terms Cryptocurrency, Bitcoin and Altcoins, is a digital or virtual currency that uses cryptography for security. But what does that mean, really?
Think about it like this…..
Let us say Bob wants to give Mary 1 Bitcoin.
How does this work?
Bob and Mary have a wallet with a digital address, like an IP but more complex and unique.
Bob gives Mary his Bitcoin public wallet key or QRcode.
All Mary has to do is use her smart phone, with her Bitcoin wallet, and select send 1 BItcoin and scan the QRcode.
That’s it, Mary just sent Bob 1 Bitcoin.
It take a few minutes to process but now Bob has 1 extra Bitcoin and Mary has 1 less!
How does it all work
The moment Mary sends Bitcoin to Bob the transaction is added to a block within the Bitcoin Blockchain Network.
From here miners, running special software, verify the transaction and amount. Once 6 confirmations are made the transaction is considered accepted and valid.
The miners are rewarded for their efforts in fractions of a Bitcoin called Satoshi 1 Satoshi is equal to 0.00000001 Bitcoin, or USD $0.0000725653.
The more powerful your mining computer, rig, is the greater your reward!
But only criminals and weirdo’s use cryptocurrency to do illegal things.
This is not true, while some do use it for malicious purposes the same applies to any currency. People by drugs with US Dollars, does that make it bad? No, it is a tool for commerce. The same applies for all cryptocurrency. for the most part.
Banks, governments, people, groups, and business use cryptocurrency everyday to help solve problems and make working easier and faster!
Ripple is a good example of large banks using cryptocurrency to facilitate transactions faster and safer than ever before. Ripple connects banks, payment providers, digital asset exchanges and corporates via RippleNet to provide one frictionless experience to send money globally.
Coins other than Bitcoin, cause Bitcoin is the first and the original, there are no substitutes! But, there are things Bitcoin can’t do and this is where the innovation of Altcoins come into play!
One of our favorite Altcoins is Pirl
Pirl is the first Ethash based Masternode Crypto, inspired by the Ethereum project. Pirl is ASIC resistant, built on an entirely new chain, and harnesses the power of Smart Contracts. The goal of Pirl is to facilitate transactions between buyers and sellers securely through an entirely automated process.
Pirl is community based and has an open source philosophy. Pirl places a strong focus on community involvement in deciding its future roadmap. Masternode feature, once deployed, will be an enabler to achieve this objective; Also in the works is a decentralized marketplace platform where users can buy and sell their goods and services in a secure and automated environment.
Everyone can contribute to make PIRL better! PIRL will remain forever Proof of work (PoW)! The Pirl blockchain will be used to run smart contracts. User interfaces and an online decentralized store will be developed to run on nodes that ensures no single point of failure or controlled by large cloud providers. The Pirl network will be a network of users controlled by nobody.
This is Pirl, we invest in Pirl and mine it all day everyday!
If you want to get involved, Join Us!
Join the Pirl Discord Server and start mining today!
Bitcoin has a $7,000,000,000 bounty for breaking its security, so if that gives you any clue how secure it truly is then you know you can trust the blockchain!
Sources *ripple.com and pirl.io
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