Today’s guest post is brought to you courtesy of the folks over at MrBTC.org
Cryptocurrencies are not physical coins yet they have emerged as an amazing financial phenomenon in their own rights. The notion of cryptocurrency has intrigued some while disinterested others but the concept has likely baffled most of the common people. Some think it’s a remarkable thing of the future while others dismiss it as an online fad. Proponents believe that cryptocurrency and the technology behind it can change the world for the better but the sceptical see it as a dangerous and wasteful trend that consumes huge amount of energy.
The trails of the cryptocurrency owners, especially the ones who have been there since the beginning, have been rocky. Bitcoin, the first and foremost cryptocurrency, stagnated as an almost worthless investment before skyrocketing to a price of $20,000 by the end of 2017. Though the value of bitcoin has fallen off significantly since, but a strong acknowledgement of this alternate form of money has been made.
A cryptocurrency is no tangible piece of currency that you can keep with you, but is a digital asset that can be exchanged over the internet. The “crypto” part of the word cryptocurrency comes from cryptography, the technological system used for security and verification purposes during transactions.
Unlike fiat currency, crypto owners don’t have to rely on banks or any third party to facilitate transactions, and can avoid the fees that are imposed for using the conventional financial institutions.
These transactions are generally processed and completed via a blockchain network; the bedrock for cryptocurrencies. Blockchain is essentially a network of computers, that is designed to be decentralized, and so every computer connected to the network has to successfully confirm and validate the transaction before it is processed and finalised. This result in a safer transaction for everyone involved although it can also lead to you waiting awhile.
The Cryptocurrency transactions happening across the network are put into a “block”. Specialised computers in the network known as nodes get ready to solve a complex mathematical problem that arises from the system. The computer that solves it first broadcasts the solution to all other nodes on the network, and only when they all agree to the credibility of the solution, that block is added to the chain and the transaction is considered to be completed. It is hard to edit any transaction in the blockchain as the network is constantly re-confirming the blockchain on its way to the latest block and will easily detect and reject any suspicious edit that is made to one transaction in a block.
Because cryptocurrencies must be mined i.e. procured from the blockchain through a complex computational process, there is a finite amount of these digital coins that can exist. For example, 21 million bitcoins (BTC) is the total amount of bitcoin that will be ever available for use.
Blockchain is the engine behind the cryptocurrency and its versatility has led to the creation of many more cryptocurrencies over the decade that is meant to disrupt industries besides banks. The decentralized nature of the network which is the key to the safety and trustworthiness of the network has overwhelmed many businesses, especially those with valuable assets. Some companies have completely overhauled their business model to incorporate it.
Women In Cryptocurrency: Most Popular Women In Cryptocurrency
Checkout the following infographic on the most popular women in cryptocurrency, developed by our friends at Mrbtc.org. The following infographic is all about the top 10 women in Cryptocurrency.
1. Joyce Kim
2. Perianne Boring
3. Amber Baldet
4. Jinglan Wang
5. Jen Greyson
6. Fahima Anwar
7. Meltem Demirors
8. Raine Revere
9. Shermin Voshmgir
10. Sa Wang