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What are CRYPTOCURRENCIES?
- Cryptocurrencies are "DIGITAL MONEY" which are unregulated and decentralized unlike the real or fiat money. They can be used and easily transferred from one account to another in a minute without going through the rigorous process of banks.
What is Bitcoin?
- Bitcoin, the most famous cryptocurrency, is the first decentralized digital currency which made it easier for transactions to occur. Simply put, no person or institution is regulating the currency making it a peer-to-peer transaction without any intermediary.
What is Mining?
- Mining is the process of earning bitcoins by using the capability of your computer to solve complex mathematical problems in exchange of bitcoins. Each problem your computer solves, a specific amount of bitcoin in awarded.
What is Blockchain?
- Blockchain is similar to the typical bookkeeping records where all transactions are made. It is an open to public record of all transactions made using the cryptocurrencies.
What is ICO?
- ICO stands for Initial Coin Offer which is a start-up in introducing a new cryptocurrency in the market. It is a form of capital-raising process and to attract investors in using their currency. Think of it this way, it is like starting your own country with your own currency. You are giving them "TOKENS" which will be valuable after a certain amount of time. BOUNTIES or reward tokens are also given in the process to those who signed-up for their cryptocurrencies.
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