Continuing the series for
Day 2
As I'm beginner in writing blogs. Please be kind. Thanks!
I would like to quote the main subject areas and then quote the sub-headings of my Learnings. So, let's start!
Topic 1: What is Bitcoin? How does it work?
Bitcoin is a digital form of cash. But unlike the fiat currencies you’re used to, there is no central bank controlling it. Instead, the financial system in Bitcoin is run by thousands of computers distributed around the world. Anyone can participate in the ecosystem by downloading open-source software.
Topic 2: Difference between Fiat Currency and Cryptocurrency?
- A cryptocurrency (or crypto) is a form of digital cash that enables individuals to transmit value in a digital setting.
- A good cryptocurrency will be decentralized.
- There isn’t a central bank or subset of users that can change the rules without reaching consensus.
Topic 3: What is the difference between Bitcoin and Cryptocurrency ?
- Blockchain: Records information (data blocks).
- Cryptocurrency: Popular & well-known methodology to use blockchain. In turn, Bitcoin is the 1st & most popular example of a cryptocurrency.
1.) Differences between Blockchain & Cryptocurrency.
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2.) All about Ledgers:
Who has the authority to it.
How do ledge work in a system.
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3.) Who are the network nodes & what are their responsibilities.
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4.) How did the name "Blockchain" originate from.
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5.) How easily are the blocks available to public.
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6.) What special privileges do miners possess.
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7.) How Cryptocurrencies eliminate the intermediator bodies.
Why are Cryptocurrencies Limited in supply.
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8.) Not all cryptocurrencies have their own blockchain.
Some were created on top of an already existing blockchain, while others were created completely from scratch.
Understood that Bitcoin too has a limited supply stock, after which no more could be mined as well.
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