Cryptocurrency

Is Cryptocurrency Like Bitcoin Worth a Look?

Posted on by David Rounick
david rounick article on cryptocurrencies and bitcoin philadelphia pennsylvania
15
Nov

David Rounick discusses how Cryptocurrencies are akin to a winning sports’ book and offers an intro lesson on Cryptocurrency jargon for the newbie.

Very Brief Explanation of Cryptocurrency and its Definition

Although a specific cryptocurrency known as Bitcoin has been charged up in the mainstream media as of late, there are actually a number of different digital “coins,” and all are known collectively as “cryptocurrency.” This term, cryptocurrency, refers to any of the numerous digital currency systems that are encrypted in a way such that they are impossible to counterfeit, anonymous (untraceable to any certain holder or owner), and most importantly, decentralized. Decentralized means that it does not depend on a single central server (or government-run agency) to function, and is instead interconnected to other servers. In fact, all transactions are publicly visible on what is known as a public ledger. The most alluring aspect of cryptocurrencies is arguably the fact that it’s value is supposed to be free from the influence of any third party, such as governments, individuals, political groups, organizations, etc.

Blockchain? It’s a what, who, when…ummmm, huh?!?

Just about every financial institution, bank or financial business has looked into cryptocurrencies over the past few years (even as far back as 2008 when the first blockchain was conceptualized by an anonymous person (or group) known as Satoshi Nakamoto and implemented in 2009 as a core component of bitcoin where it served as the public ledger for all Bitcoin transactions). These organizations continue to pay close attention to either investing in an existing cryptocurrency such as Bitcoin or others such as Litecoin (often referred to as the “silver” to Bitcoin’s “gold standard”) and Ethereum — and there are now many additional cryptocurrencies to choose from outside of those three. Some companies have even conducted their own “blockchain” project in an attempt to create their own version of a workable digital currency.

So what is “Blockchain”?

A Blockchain in its basic form, is simply a “snake” (chain) of blocks connected together with technology where each of the blocks is a single transaction. Think of this chain of transactions as a living, breathing and most importantly, growing “snake” that communicates with many, many computers at different locations (aka, “peer-to-peer”). The Blockchain is a technology based on complicated math (algorithms) formulas and each “transaction block” contains specific information, such as the location of Bitcoins (as an example), and other related transaction data. As the blocks continue to get added on, the core math making up the chain, becomes more and more difficult to solve. All cryptocurrencies function with a Blockchain, so when you possess a Bitcoin, for instance, what you really have is a “key” to solve the math problem that keeps the chain secure — and the location of your digital currency is revealed when you input the key. But keep in mind that If you lose the key — you have no recourse — and you will not be able to locate your currency. It is truly lost forever. Every Blockchain used for cryptocurrency also contains a public key that allows crypto-funds to be deposited into your account by other sources.

So What Does HODL Mean, and other Crypto Terms You Should Know?

Many of you have likely seen terms such as, “HODL” on social media lately, and it’s related to the “crash” of the Bitcoin market. It simply uses the internet’s love of intentionally misspelling words to refer to the idea of “holding” your Bitcoin, despite how low the value of it drops on the markets. It is an emotionally-driven ideal that crypt-purists believe should be applied to crypto-markets based on the understanding that sharp rises and falls are normal in cryptocurrency markets, and not a reason to panic that might normally cause investors to sell their Bitcoin for fear of economic loss.

Other terms that you might see in cryptocurrency language these days include:

  • Bitcoin mining – the process by which transactions are verified and added to the public ledger, known as the blockchain, and also the means through which new Bitcoin are released. Anyone with access to the internet and suitable hardware can participate in mining.
  • Altcoin – any digital coin that is not Bitcoin, such as Litecoin, Dash, Monero, Ethereum, Ripple, etc. It is a term that has become accepted as common in the cryptocurrency community.
  • Distributed and Central Ledger – a distributed ledger is an agreement of shared, replicable and synchronized data, which is spread across multiple networks and across many individual computers; on the flipside, a central ledger is the opposite of a distributed ledger, in that all of the data, while being synchronized and replicable, is instead controlled by a singular network or individual.
  • Node – any individual computer connected to the network where a given cryptocurrency is being traded.
  • P2P – another abbreviation used for “peer-to-peer,” which is arguably the biggest selling point related to decentralization of cryptocurrencies. It’s a means by which many individuals connected to a network that’s not run by any one central server can communicate in order to “check” with each other that all the ledgers match identically in order to prove the authenticity of a coin or even a transaction itself.
  • Public/Private key – a cryptographic key that can be utilized by any party to encrypt a message. Another party can then receive the message and using a key that is only known to that individual or group, decode the message.
  • Signature – the mathematical operation that lets someone prove their sole ownership over their wallet, coin, data, etc.

There are many terms other than those mentioned here but these are a good start to learning about the cryptocurrency world. It is also important to mention that before delving too deeply into a cryptocurrency endeavor (and one that is fraught with risk), it is recommended that you seek the help from someone experienced in the space. Keep checking my website www.DavidRounick.com regularly for more info about investing in various digital currencies, and for other great financial advice and information.

David Rounick

24,866 thoughts on “Is Cryptocurrency Like Bitcoin Worth a Look?”

  95. Tomoko Shillinger says:

    I needed to draft you this very small note to finally say thank you yet again for all the remarkable methods you’ve shown above. This has been really unbelievably open-handed with people like you to give unreservedly all that most people might have offered for an e book to help with making some profit on their own, chiefly considering the fact that you could possibly have tried it in the event you desired. These smart ideas as well acted like the good way to be aware that someone else have similar desire much like my very own to grasp great deal more with regard to this matter. I believe there are several more pleasurable periods in the future for individuals who read through your website. Please visit my blogpost about mining Bitcoin for FREE

  112. RobertSlaws says:

    Hi

    Work out to a whole new level with our P-Knee™ power leg knee joint support! 60% OFF and FREE Worldwide Shipping

    Order here: p-knee.online

    FREE Worldwide Shipping – TODAY ONLY!

    Sincerely,

    Is Cryptocurrency Like Bitcoin Worth a Look? – David Rounick – Real Estate Investor and Property Development

  160. generic cialis online says:

    In January matrix year, little dzu86k mow down ill. It’s okay, decent a submissive buy viagra online, which passed in five days. But the temperature in the twinkling of an eye returned past the end of the month: the thermometer showed 39. The servant was urgently hospitalized with fever and convulsions. A few hours later, three-year-old Yegor stopped breathing – he flatten into a coma. With the better of a ventilator and a tracheostomy, the doctors resumed the beget of the lungs, but oxygen starvation struck the brain. The kid has lost everything that he managed to learn in three years. The diagnosis is posthypoxic encyphalopathy.

  172. shade sail buying guide says:

    Needed to send you a bit of note to be able to thank you as before considering the superb techniques you’ve contributed on this website. It has been quite tremendously open-handed of people like you to provide unhampered exactly what a few individuals might have sold for an e-book to earn some dough for themselves, specifically considering that you might well have done it in case you decided. These ideas in addition acted to be the fantastic way to know that many people have the identical passion just like my very own to grasp somewhat more concerning this condition. Certainly there are several more fun times ahead for many who looked at your blog post.

  222. viagra generic says:

    Our doctor scheme that Dad was perhaps to better than Mom in this situation. Stricter, more demanding, bequeath not deplore then again when you have need of to nick adverse buy viagra. Well, I wanted to hand out my trouble a break.
    I spent a itty-bitty over a month in the all-out take care of entity and two and a half months in the bone marrow uproot unit. There I became a donor instead of my son. I’m ready I was accomplished to cure him. I was the purely man in both departments, but my parents were already there. That is, a man in the ward with a sprog is no longer a rarity.

  237. Pingback: https://mymvrc.org/

  275. nude female muscle says:

    I tһink tһіs іs one of the most vital іnformation fοr mе.
    And i’m gla reading yοur article. Βut should remark ⲟn feᴡ general tһings, The web site style is great, tһe articles іѕ really great : D.
    Good job, cheers

    Feel free t᧐ visit mу blog nude female muscle

  314. tadalafil 20 mg says:

    Have you ever considered about including a little bit more than just your articles?

    I mean, what you say is important and everything.
    However think of if you added some great images or video clips to give your posts more,
    “pop”! Your content is excellent but with pics
    and video clips, this blog could certainly be one
    of the very best in its field. Wonderful blog!

  347. elazığ bayan escort says:

    Oh my goodness! Amazing article dude! Thanks, However I am having problems
    with your RSS. I don’t know why I am unable to subscribe to it.
    Is there anybody getting similar RSS issues? Anyone that knows the solution will
    you kindly respond? Thanx!!

  378. generic cialis says:

    Hmm it seems like your site ate my first comment (it
    was super long) so I guess I’ll just sum it up what I submitted and say,
    I’m thoroughly enjoying your blog. I too am an aspiring blog blogger but I’m still new to the whole thing.

    Do you have any tips for rookie blog writers? I’d genuinely appreciate it. https://www.wisig.org/

  379. aplicaciones para Reumatólogo says:

    I believe that is one of the so much significant info for me.
    And i’m satisfied studying your article. But wanna
    observation on few basic issues, The web site taste is wonderful, the articles is
    in point of fact great : D. Excellent job, cheers

  386. generic viagra says:

    Mikhailik was born sturdy, grew up animated and happy, developed rather with all speed, went to kindergarten. Loved and unruffled loves to be occupied in fun active games, viagra dreams of a remote-controlled propeller, which can fly at peaceful in the field.

  387. artvin escort bayan says:

    What i do not realize is actually how you are no longer actually a lot more smartly-appreciated than you might be right
    now. You’re very intelligent. You know therefore significantly with regards to this subject,
    produced me in my opinion imagine it from numerous various angles.
    Its like women and men aren’t involved except
    it’s one thing to accomplish with Lady gaga! Your own stuffs nice.
    All the time handle it up!

  389. erzurum escort says:

    It is perfect time to make some plans for the future and it
    is time to be happy. I’ve read this post and if I could I wish to suggest you few interesting
    things or suggestions. Maybe you could write next articles referring to this article.

    I want to read more things about it!

  407. Pingback: Cialis 60 mg pharmacy

  415. Pingback: cheap Cialis 80 mg

  418. levitra says:

    To abbreviate the consequences of hemorrhages, the http://www.levitrawave.com levitra reviews men Rudnev Clinical Center for Source and Child needs a ventriculoscopic device. It drive save from death and ban the fatal consequences of IVH (neurological disorders) in hundreds and thousands of newborn babies in our region. Too, in some cases it determination hand over it admissible to do without sidestep surgery, which entails many risks and complications and requires additional operations!

  423. Pingback: cheapest Cialis 40mg

  429. Pingback: order Cialis 40 mg

  434. Pingback: how to purchase Cialis 60 mg

  439. cheapest generic cialis says:

    Although ED is not an inevitable import of aging, at
    that place is a confirming correlational statistics with long time.
    The prevalence of 5.1% in 20- to 39-year-quondam
    hands increases to 70.2% in work force 70 days of years and sr..
    Because the etiology of ED frequently involves a combining of vascular,
    neurological, endocrinological, and science factors, the
    experimental condition is non special to senior hands.
    Former hazard factors so much as vessel disease, hypertension, diabetes, hypercholesterolemia, and
    smoke suffer been strongly connected with an increased prevalence of ED http://lm360.us/

  442. Pingback: sildenafil 130 mg otc

  451. Pingback: tadalafil 80 mg generic

  460. Pingback: levitra 20 mg purchase

  465. Pingback: lasix 40mg united kingdom

  469. Pingback: furosemide 100mg tablets

  478. Pingback: propecia 1 mg tablets

  487. Pingback: lexapro 20mg coupon

  499. Pingback: how to purchase finasteride 5 mg

  501. www.existentialpub.com says:

    Have you ever considered writing an e-book or guest authoring on other sites?

    I have a blog centered on the same ideas you discuss and
    would love to have you share some stories/information. I know
    my readers would value your work. If you’re even remotely interested, feel free
    to send me an e mail. NEW PORN (http://www.existentialpub.com)

  514. Pingback: abilify 15 mg canada

  519. Pingback: actos 30mg online

  530. Pingback: aldactone 100mg without a prescription

  541. Pingback: how to buy allegra 120mg

  546. Pingback: how to buy allopurinol 300 mg

  555. Pingback: amaryl 2mg without a doctor prescription

  556. 007카지노 says:

    whoah this weblog is magnificent i love reading your posts.
    Stay up the great work! You realize, a lot of individuals are searching around for this info,
    you can help them greatly.

  566. Pingback: cost of amoxicillin 250mg

  573. Pingback: ampicillin 500mg usa

  596. Pingback: antabuse 250 mg without a doctor prescription

  599. 에비앙카지노 says:

    My spouse and I stumbled over here by a different web address and thought I may
    as well check things out. I like what I see so now i’m following you.

    Look forward to looking at your web page repeatedly.

  605. Pingback: antivert 25mg usa

  615. Pingback: where to buy arava 20 mg

  622. psyrens.com says:

    Hi there very nice blog!! Man .. Beautiful .. Superb ..
    I’ll bookmark your web site and take the feeds additionally?
    I’m satisfied to search out so many useful info right here in the post, we need develop more strategies in this regard, thanks for
    sharing. . . . . . XXX ADULT; psyrens.com,