There has been a lot of talk in recent years about cryptocurrencies. We have all heard of Bitcoin and its soaring and plummeting stock depending on the time of year you look into it. But there are far too many people that don’t know what cryptocurrencies are, how they work, or really anything past the existence of Bitcoin.
If you are looking to submit a cryptocurrency blog post, it helps to first have a positive
understanding as to what they are and what they entail. With a better understanding, you can find yourself not only knowledgeable on a subject that is growing in popularity, but become an authoritative voice on an important matter.
The first step to becoming an authority on cryptocurrency is understanding the different properties out there and what they do and stand for.
Different Cryptocurrency Properites
The first is known as irreversible. When a confirmation happens, that means that a transaction can’t be reversed by anyone. Not your bank, not you, not the inventor of Bitcoin, and not your miner. If you send money, it is sent and no one can help you when the transaction is confirmed.
The second is pseudonymous. This means that neither the transactions nor accounts are connected to any real-world identities. For instance, you would receive your Bitcoins on so-called addresses, which are randomized chains of around 30 characters.
It is possible to analyze the transaction flow, but it is not necessarily possible to connect the real-world identity of users that possess those addresses.
The third is fast and global. This means that transactions are propagated instantly in the network and are confirmed within a few minutes. Since they happen on a network, they are indifferent of your actual location. Hence the terminology involved here.
The fourth is secure. This is because cryptocurrency funds are locked in a public key cryptography system. Only the owner of that private key can send any cryptocurrency. Combined with the magic of big numbers, it becomes nearly impossible to break this scheme and has made something like Bitcoin one of the most secure methods there is.
Lastly, there is permissionless. This means you don’t have to ask anyone to use cryptocurrency, you just download the software and use it. With no gatekeeper involved, you can use it as soon as you’d like, as often as you’d like. That is the beauty of cryptocurrency aside from its security features.