Blockchain, Bitcoin, cryptocurrency and all the things we think we know, but are probably faking from Lorena Tokes's blog

http://www.blurb.com/user/Betonik

Ethereum. Ripple. Dash. No, these aren’t the titles of dystopian novels or proposed names for future Kardashian offspring, along with Bitcoin API For Merchants, these are some of the forms of digital currency that fall under the umbrella term of cryptocurrency.

Crypto-what? On the simplest level, cryptocurrency is “a digital asset used as money which uses cryptography to secure transactions” according to Paul Armstrong, Founder of hereforth.com. So, why are people so fascinated with the new currencies? In the early days of the internet, brands like Flooz and Beanz tried to create new payment bitcoin payment method that circumvented traditional dollars and cents models.

nlike the money we’ve always used, cryptocurrencies aren’t controlled by big banks. So, instead of the Federal Reserve keeping an eye out (or guaranteeing things), cryptocurrency relies on the transparency proposition of something called Blockchain Api, which ostensibly provides the ability for anyone to monitor the action without the ability for any individual to manipulate or change the process. Or, at least, that’s the premise.

A short Blockchain timeline

“Blockchain’s origin is somewhat steeped in mystery but it is commonly agreed that it first appeared in 2008 and was created by an individual or group that known as Satoshi Nakamoto,” Armstrong explained. (Nakamoto is also credited with creating Bitcoin). “At first, Blockchain was used to create secure transactions for Bitcoin. There are now hundreds of different types of Bitcoin Payment available along with the original bitcoin more.

“While Bitcoin receives the lion-share of coverage (due to volatile market and rising valuation), Blockchain remains the most interesting element thanks to its flexibility and potential to completely alter industries from food traceability to voting, legal contracts to website copyriht infringement,” Armstrong said.



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By Lorena Tokes
Added Feb 12

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