Cryptocurrency

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A cryptocurrency is a digital currency based upon cryptographic ciphers for creation and security. Thus far, they have proven resistant to control by any single party.

Contents

Bitcoin

Bitcoin was the first cryptocurrent trading and is currently the most popular cryptocurrent available with national news coverage and known world wide. The Bitcoin protocol was created by Satoshi Nakamoto, which may or may not be single person or a group of people. Bitcoin is often referred to as BTC.

For a good overview of what Bitcoin is and what it means to the world at large watch the following video from Stefan Molyneux.

Litecoin

Litecoin is a peer-to-peer Internet currency that enables instant payments to anyone in the world. It is based on the Bitcoin protocol but differs from Bitcoin in that it can be efficiently mined with consumer-grade hardware. Litecoin provides faster transaction confirmations (2.5 minutes on average) and uses a memory-hard, scrypt-based mining proof-of-work algorithm to target the regular computers and GPUs most people already have.[1] Litecoin is often referred to as LTC.

Others

There are a number of cryptocurrencies available, but Bitcoin and Litecoin are the top two most popular currencies.

How cryptocurrency works

Steven Gibson has an excellent, technical podcast about the subject of cryptocurrency: http://twit.tv/sn287

Quotes


See Also


Common Financial Investments

Common Investments in Survivalism

Main article Invest in tangibles

Risk to Investments

versus:

Support for your Investments

References

  1. https://litecoin.org/ access January 25, 2014


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