Introduction to Cryptocurrency & Bitcoin

‘Cryptocurrency’ is a type of digital currency or cryptographic money. Using a J coin as an example of a Currency or Money Token is the best way to show how it should work. Tokens based on the Japanese Yen that are now being made are known as “tokens.” Ethereum is a good example of a Utility Token. Ethereum is a platform that isn’t owned by anyone. It runs smart contracts.

Storj is a great example of a token that people can use to help each other out.

If you have extra space on your computer that you don’t use, you can let someone else use it and make money. End-users can use Storj to store their files at low prices and in a p2p arrangement that is safe from server downtime, access restrictions, and hacks. There is a method or process called “Cold Storage” that moves cryptographic money away from the Internet, or away from each other. Cold storage is a way to keep your digital money safe from hackers. Some of the most common ways to do this are:

Making a copy of a software or product wallet’s QR code and putting it in a box or safe somewhere safe

When you use a hardware or equipment wallet. If you want to understand what blockchain is, it is a computerized, decentralized record ledger that uses programming calculations to record all transactions or exchanges that happen on a distributed system. The “distributed ledger” technology known as “blockchain” makes it possible for people to confirm transactions or exchanges without needing a central authority, like a national bank. In the blockchain network, each “node” or “hub” that takes part in it keeps a copy of the distributed ledger and acts as an “observer” for each exchange. There is a very important part of blockchain technology that is based on how “open” or “straightforward” the exchanges are. They are put together into “blocks,” approved, and then added to the general record.