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Cryptocurrency Articles
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How to use Bitcoins as Traditional Currency?
The bitcoin craze is gradually taking a leap now and the investors are optimistic about its growth and increased value in the coming future. However, the stability of bitcoin currency is still a big concern for everyone. Nonetheless, people are mining bitcoins, getting them exchanged and also dealing in them. This shows its value and power, which is being elongated by each passing year. Despite this, many bitcoin owners linger in vacuum when it comes to converting them into cash. Here are some hassle-free methods you can try to get it right −Cash It On Bitcoin ATMsA Bitcoin ATM works ...
Read MoreWhat is Bitcoin's Lightning Network?
Ever since Bitcoin came into existence in 2008, scalability has been one of the important drawbacks. Well, let us understand what is the scalability. Bitcoin is capable of processing around 7 transactions per second, when compared to 24, 000 transactions per second by Visa. Given the magnitude of increase in transactions every day, the system is getting congested for the last few years. One more issue with this is, more time a transaction takes, it uses the more resources and thereby increasing the transaction fees.The Bitcoin’s Lightning Network came up as a solution for this problem. This is being tested ...
Read MoreWhat are Digital Signatures and how do they work?
Digital Signature is a mathematical technique which is used to authenticate a digital document. This is equivalent to handwritten signature or a stamped seal and offers far more security and integrity to the message or digital document. It solves the problem of impersonation in digital communications by providing evidence of origin, identity and status of the digital transactions. Many countries like the United States of America consider digital signatures as legal. They even publish public laws, private laws and the Budget with digital signatures.How does a Digital Signature Work?Digital signatures are based on asymmetric cryptography, which means that the information ...
Read MoreWhat is consensus protocol in Block Chain?
Consensus protocol is one of the most important aspects that makes the Block chain network a fool proof system. It is the revolutionary protocol that makes the Block chain network an irrefutable system where the majority of devices (nodes) connected to the network agree on each and every transaction. This prevents exploitation of the system as more than 51% consensus is required to create a new block. It is the core of the Block Chain which makes it certain that the information stored on the Block Chain is accurate and honest.The very core of the Nakamoto’s Block chain consensus protocol ...
Read MoreWhat are the popular Crypto Currencies in circulation?
Bitcoin, invented by Satoshi Nakamoto in 2008 has ushered new waves in the field of cryptocurrencies. Inspired by Bitcoins and decentralized peer-to-peer network, there are many digital currencies that came into the world to change the global economy.Let us first understand what is a cryptocurrency? Cryptocurrencies are the digital currencies which are generated, stored and transacted digitally. The most important feature of cryptocurrency which makes it different from fiat currency is, that it is not created or maintained by any single central authority. It is created and maintained through a decentralized system which is maintained by the miners. The miners ...
Read MoreWhat are Hash Functions in block chain?
We know that bitcoins enter into the digital market only through mining. It is a cryptocurrency created as a peer-to-peer currency which can be traded without using any Bank or Payment gateway. When these transactions are made, they are accounted for using a publicly distributed ledger which keeps a record of all the transactions made to every Bitcoin.Every time a transaction is made, a new block is created. Every new block will be verified and added into the block chain by the miners. Here comes the purpose of hash functions to make the block chain secure.What is a Hash?Hash is ...
Read MoreThe 51% Attack
The 51% attack refers to an attack on the block chain network, deceiving the miners with a duplicate block chain which has more than 50% acceptance and spending the same bitcoins again.To put it in simple words, a single miner or a pool of miners controlling more than 50 (say 51%) of the cryptocurrency network’s mining hash power, can attack the block chain network and reverse the transactions. Once they have more than 50% of hashing power they can take control of the cryptocurrency network and they could double spend the coins.However, by controlling the majority of computing power on ...
Read MoreHow to Trade your cryptocurrency?
When you talk about trading of Cryptocurrency, the following transactions will come under that category.Buying new cryptocurrency using your fiat currencySelling your cryptocurrency for fiat currencyExchanging one type of cryptocurrency for another digital currencyTo make these transactions, there are Cryptocurrency Exchanges.If you just want to make the occasional, straightforward trade, there are also platforms that you can use that do not require an account.Cryptocurrency ExchangeThese are the websites which allow you to buy, sell or exchange the digital currency. All you have to do is to choose an exchange, create an account and get your id verified, and you are ...
Read MoreHow does cloud mining Bitcoin Work?
We know about Bitcoin mining … and how you can earn reward of 12.5 Bitcoins for every mathematical algorithm solved. The more number of miners join the network, the faster the puzzles get solved, the tougher the algorithms become. Though there is a large potential in Cryptocurrency to earn money, there is also a lot of uncertainty and speculation.Mining Bitcoins at home is highly difficult and impractical thing to do, because of the highly expensive hardware and high electricity bills. One more risk factor is the graphic cards you use should be constantly updated so as to meet the rising ...
Read MoreWhat are Blocks in a Block Chain?
Bitcoins or any other cryptocurrency for that matter, trade at different values. These values are based on supply and demand and most importantly on speculation. The Block chain is the chain of block that stores the information of the transactions of a Bitcoin. Satoshi Nakamoto created the first block in 2009, which is called the Genesis Block.Block Chain is a distributed ledger which stores the data in Hash values. Every digital currency has its own block chain that keeps a record of all transactions ever done using that currency.Peer to Peer Network or P2P Network allows everyone to have a ...
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