This is a database distributed in various nodes that maintains an ever-growing list of ordered records called ‘blocks’. Each block is marked with a timestamp and a link to a previous block, such that, by design, these block chains cannot be altered retroactively, providing security and transparency.
The blockchain is the core component of digital currency, where it serves as the public ledger for all transactions. Using a peer-to-peer network, a transaction register server, and a blockchain database, digital currency is managed autonomously.
This is Bankcoin crytocurrency or digital currency, developed by BANKCOIN.global with high security levels, using blockchain technology. This cryptocurrency can be used within the BANKCOIN.global Exchange.
This is the BANKCOIN.global Exchange centre where you can buy, sell, transfer, store, or trade some of the main digital currency on the market, such as [email protected], Bitcoins, Waves, Ethereum, Ethereum Classic, Litecoin, and Nxt.
Cryptocurrency or digital currency is a digital medium for exchanging goods and services. It is a digital asset which, through the use of cryptography, makes transactions secure and, in turn, controls the creation of additional units of the currency. Cryptocurrency uses technology known as blockchain.
A digital asset is any resource that exists in digital form with an intrinsic value that can be commercialized.
A digital wallet is an electronic wallet that allows an individual to make electronic transactions.
(Electronic Automated Teller Machine). An ATM is a specialized machine that allows an individual to carry out transactions with digital currency and, in some cases, with legal tender.
This is a digital platform where, on an open and organized market (similar to a stock market), buyers and sellers negotiate prices for digital currency, directly and in real time.
(Contraction of the words ‘Financial’ and ‘Technology’). This is an industry comprising businesses that use information and communication technology to offer financial services in a more efficient and cost effective way.
ICO stands for ‘Initial Coin Offering’ and is the presale of cryptocurrency, the funds which allow the cryptocurrency to be developed.
Market capitalization of a cryptocurrency is the global value of all the currency in circulation. High market capitalization may indicate high value of that currency or it may simply mean that there is a lot of the currency available. Perhaps more important than the market capitalization is the daily volume of operations: the value of the currency exchanged every day. A high volume of daily operations relative to market capitalization indicates a healthy economy with lots of transactions.
In simple terms, mining is the process of confirming transactions and adding them to a public ledger. To add a transaction to a public ledger, the ‘miner’ must solve an increasingly complex computational problem (akin to a mathematical puzzle). Mining is open source, so anyone can confirm a transaction. To solve the puzzle, the first ‘miner’ adds a ‘block’ of transactions to the public ledger. The manner in which the transactions, blocks, and public blockchain ledgers work together ensures that no one can add or change a block at will. Once a block is added to the public ledger, all of the corresponding transactions are permanent, and a small fee for the transaction is added to the miner’s wallet (along with the newly created coins). The mining process is what gives value to the coins and is known as a ‘proof of work’ system.
All transactions confirmed from the start of the creation of the cryptocurrency are stored in a public ledger. The identities of the coin owners are encrypted, and the system uses other cryptographic techniques to guarantee the legitimacy of record keeping. The ledger ensures that the corresponding digital wallets can calculate an accurate balance of what has been spent. Additionally, new transactions can be checked, to ensure that each transaction only uses coins currently owned by the spender. This public ledger can also be called a ‘transaction blockchain’.
A particular cryptocurrency is not of much use if you can’t buy what you want with it, so it’s important to know who accepts the currency before investing in it. A few cryptocurrencies are widely accepted, and have even made alliances with major retailers. The majority, however, are more limited in who accepts them, and some can only be exchanged for other cryptocurrencies. Some currencies are simply not designed to be exchanged for goods and are created for other purposes.
A smart contract is a computer program that executes automatically, in a secure fashion, the conditions agreed upon between individuals and organizations. To do this, it uses blockchain technology which keeps impenetrable records of all transactions carried out.
Transfer of funds between two digital wallets is called a transaction. This transaction is recorded in a public ledger and then awaits confirmation. When a transaction is carried out, the digital wallets use an encrypted electronic signature (an encrypted piece of data known as a cryptographic signature) to give mathematical proof that the transaction has been sent from the owner of the wallet. The confirmation process takes a bit of time (approximately ten minutes for cryptocurrency), meanwhile the ‘miners’ carry out the mining process (i.e. confirm transactions and add them to the public ledger).
The verification method is one of the main differences between cryptocurrency. The oldest and most common method is called ‘proof of work’. To obtain the right to verify a transaction, a computer has to expend time and energy to solve a difficult mathematical equation. The problem with this method is that a massive amount of energy is needed. ‘Proof of stake’ systems attempt to solve this problem, by allowing users with the greater share of the currency to verify transactions. These systems use less processing power to operate and claim to execute with faster transaction speeds, but the question of security means that less currencies use a system completely based on the ‘proof of stake’ system.