Firstly, let me apologise for the time since my last article, life has a habit of getting in the way. For my returning readers, you have my sincere thanks for continuing to check back during the temporary hiatus.
In my preceding articles, we have built an understanding of how crypto currency works and how you can get started using it. This article is going to take a more macro view of the crypto currency economy. We will begin with with the basics of commonly used terminology.
In the last post, we uncovered exactly what a Bitcoin address is and how one can be secured using modern cryptography.
In this post we are going to delve into the database underpinning bitcoin and learn how it is structured. That database is known as a blockchain:
A blockchain is simply a distributed database
For many years, it was thought that fully decentralised digital currencies were impossible. The reason being the problem of double spending. How do you ensure that a digital coin has not been copied electronically and therefore spent repeatedly without the use of a central authority for verification?
So far, we’ve covered an introduction to crypto currency and the key innovations which inspired the creation of Bitcoin.
Now let’s lift up the hood and take a peek at Bitcoin’s delicates.
Welcome back reader.
So you’ve read about the crazy new world of crypto currency and want to understand where it all began?
The tale of Bitcoin is long and winding, it all begins with an underground online community which emerged in the early nineties on a usenet mailing list.
Hello reader… yes, you. Come closer and I’ll tell you the story of one of the most captivating inventions of the 21st century… crypto currency.
In the simplest terms, crypto currency can be thought of as digital money. That is, money which is generated and governed by computers over the internet.
In reality however, the story is far more interesting and complex than can be conveyed in a single sentence. Indeed the topic will be the focus of the majority of the posts on this site.
This post is the first of an introductory series which will take a look into the origin and mechanics of crypto currency.