Here’s what we know so far: Crypto, and the digital ledger system it’s based on, blockchain, are here to stay. Some of the world’s biggest brands, from Google to IBM, are in on it. So, while the rest of the world catches up, here’s everything you need to know about digital money and the new economy
There’s a running joke in Silicon Valley that there are engineers who’re convinced they can x the wild res of California with blockchain and VR because they’re the future of tech. Blockawhat, you say? At its most basic, the blockchain is a growing list of records, aka blocks, that are linked and secured using cryptography. The first major spin-off of this revolutionary tech was Bitcoin, the world’s rst cryptocurrency released in the Noughties. Since then, several new cryptocurrencies have been vying to become the world’s next digital dollar. It’s like, can you remember a time before Uber? Us neither.
BITCOIN 101
Bitcoin was created in 2009 by an anonymous person/s under the alias Satoshi Nakamoto. But, unlike the dollar, it’s not a physical currency – just 31,000 lines of code birthed via an internet announcement. Essentially, it’s a digital “coin” made of “bits” divisible up to eight decimals, meaning you can purchase a very, very small unit too, called a Satoshi. 100,000,000 Satoshis make 1 bitcoin. In August this year, it was also forked into two parts: the classic Bitcoin (BTC) and Bitcoin Cash (BCH). With the split, everyone who owned BTC received an identical amount of BCH.
HOW DOES CRYPTOCURRENCY WORK – AND WHY SHOULD I SWITCH TO USING IT?
Transactions are made using blockchain tech without any middlemen (read: no banks), and with minimal transaction fees.
This story is from the November 2017 edition of GQ India.
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This story is from the November 2017 edition of GQ India.
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