Eli5 bitcoin stock

Bitcoin is a digital currency with a fixed supply built on blockchain technology, and has a few nice features that people eli5 bitcoin stock so they give it value. Ethereum is a platform that lets anyone build "decentralized applications" on top of their blockchain technology, and runs on its own currency called Ether.

There's lots to learn in this post. To help you remember, try my app Harvest: Take Notes and Learn Passively. You can write or highlight any notes, save them, and automatically receive reminders on an optimal learning schedule. It started with Bitcoin: Bitcoins are digital coins that only have value if people give it value; this means that if no one would trade you anything for a Bitcoin, then it would be worthless.

So why do people give Bitcoin any value? Bitcoins are scarce there will only ever be 21 million eli5 bitcoin stock them. Scarcity means that no central authority, like the US government for US dollars, can create more coins to inflate away your current Bitcoin value. People called "Miners" earn Bitcoins by helping verify Eli5 bitcoin stock that are sent have not already been sent elsewhere via the blockchainwhich also means that once we reach the 21 million limit, sending Bitcoins will eli5 bitcoin stock more Bitcoins usually a fraction of one as a fee paid to Miners to keep them working.

Bitcoins are fast to transact in sending a coin to someone else takes 10 minutes to verify. Fast eli5 bitcoin stock means you can send and receive money without going through a third party like a bank. Handing over real cash is obviously faster, but then you would need to carry cash around and transact in person.

If someone sends you a Bitcoin, you can trust that it has not already been sent elsewhere because a Miner will have verified that Bitcoin and told everyone else that the Bitcoin now belongs to you. Everyone eli5 bitcoin stock where any Bitcoins are at any point in time. Bitcoins are anonymous no one knows who you are or how many Bitcoins you have.

Anonymity means you can do what you want with your Bitcoins without anyone else knowing. Of course, if you tell someone what your wallet ID is, then they can trace all transactions from that wallet back to you. So don't tell anyone which wallet is yours if you want privacy. You can create as many different wallets as you want. All of those factors make Bitcoins a currency that people can use for buying and selling things, and possibly for storing wealth.

Want to buy some yourself? There are tons of ways to get bitcoin, but the easiest way is to use the most established crypto platform in the USA, Coinbase.

Help me help you! Now that you know something about Bitcoin, how does the digital currency actually work? Underneath it all is something eli5 bitcoin stock Blockchain. Here are some high-level concepts of the underpinning technology without gory technical details. Bitcoin is built on top of a technology called a blockchain. Think of a blockchain as a digital ledger of transactions, with a copy stored on every single user's computer. Every time a new transaction takes place, a new record is added to the ledger, and an update is beamed out to the rest of the network in a peer-to-peer fashion.

In this way, a blockchain gets decentralization since everyone has a copy of the ledger. No single entity has monopoly over the validity of transactions which also means there is no single point of failure, barring some apocalyptic event.

If someone offers me a unit of cash of a currency built on a blockchain, I can simply check eli5 bitcoin stock current state of that blockchain's ledger to eli5 bitcoin stock if the unit of cash is valid 1 eli5 bitcoin stock has not already been spent. If it is indeed valid, then I accept the transaction, add a new record to my ledger, and send an update of the new state to the other nodes in our network.

And that's a blockchain. Simple in concept and with many ways to implement for use cases. A lot of hard problems need to be solved for successful implementations, eli5 bitcoin stock Bitcoin is just currently the most popular of them. For a great high-level read eli5 bitcoin stock the real-world impact of blockchain, check out A beginner's guide to institutional cryptoeconomics.

A big question at this point is when there are conflicts in the ledger, how do we know which version is correct? Eli5 bitcoin stock version says a transaction took place, while yours shows a different one. This conflict is the double-spending problem, an obvious method to try and manipulate the eli5 bitcoin stock.

Blockchain technology inherently does not solve this problem; implementations do. Bitcoin, for example, solves the double-spending problem by using proof-of-work. And now we get to the new kid on the block chainEthereum.

Investors and the public are treating it like another digital currency, but Ethereum can do a lot more than that. If Bitcoin was made as a new currency for people, then Ethereum was made as a new application platform for people. What does application platform mean? It means anyone can build any kind of application on top of Ethereum, and use Ethereum's blockchain as its "digital ledger" to store information.

So yes - if you wanted to, you could build your very own Bitcoin version on top of Ethereum. Because we still need "Miners" people ie. Bitcoin used Bitcoins as a reward.

Ethereum has a similar concept - its main currency is called ether ETH. Ether can be sent back and forth between accounts, just like Bitcoins, and Miners validate each transaction to make eli5 bitcoin stock an ETH eli5 bitcoin stock already been sent elsewhere, receiving a bit of ETH as their reward.

The biggest feature with Ethereum however, and the one that makes it an application platform instead of a mere currency, is that eli5 bitcoin stock can be accounts owned by code called "smart contracts" and eli5 bitcoin stock owned by people. How does that work? We eli5 bitcoin stock earlier that anyone can build any application; accounts owned by code are exactly these applications, written by people and doing things using ETH as fees for doing them.

An example of an application is a "crowdsale" - say you want to raise a certain amount of money from people for a project or product, Kickstarter style. By specifying a target amount and a deadline, participants can pledge ETH to an account, which in turn will hold the ETH and only release the ETH to your account if it hits the target amount by the deadline.

Otherwise the ETH is returned. Ethereum's popularity and price has grown monstrously in the first half ofas new applications are being created and investors and the public become more aware of its features.

Look forward to continued innovation in this space! Eli5 bitcoin stock future posts by contributing to my tip jars:

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An initial coin offering ICO or initial currency offering derived form initial public offering is a means of crowdfunding centered around cryptocurrency[1] [2] which can be a source of capital for startup companies. These tokens are promoted as future functional units of currency if or when the ICO's funding goal is met and the project launches. ICOs provide a means by which startups avoid costs of regulatory compliance and intermediaries, eli5 bitcoin stock as venture capitalists, bank and stock exchanges, [4] while increasing risk for investors.

ICOs may fall outside existing regulations [5] [6] depending on the nature of the project, or are banned altogether in some jurisdictions, such as China and South Korea. Almost half of ICOs sold in failed by February ICOs and token sales became popular eli5 bitcoin stock There were at least 18 websites tracking ICOs before mid-year.

Eli5 bitcoin stock connection with this ICO, an unidentified third party executed a phishing scam by circulating a fake URL for the offering through social media.

By the end eli5 bitcoin stockICOs had raised almost 40 times as much capital as they eli5 bitcoin stock raised inalthough still amounting to less than two percent of the capital raised by IPOs. ICOs are eli5 bitcoin stock called " token sales ". Amy Wan, a crowdfunding eli5 bitcoin stock syndication lawyer, described the coin in an ICO as "a symbol of ownership interest in an enterprise—a eli5 bitcoin stock stock certificate" stating that they are likely subject to regulation as securities in the U.

Tokens are generally based on the Ethereum ERC20 standard. On January 30,Facebook banned advertisements for ICOs as well as for cryptocurrencies and binary options. ICOs can be used for fraud, as well as legal activities such as corporate finance and charitable fundraising. Securities and Exchange Commission SEC has warned investors to beware of scammers using ICOs to execute " eli5 bitcoin stock and dump " schemes, in which the scammer talks up the value of an ICO in order to generate interest and drive up the value of the coins, and then quickly "dumps" the coins for a profit.

The developers themselves can be guilty of such tactics. Facebook has banned ICO and cryptocurrency advertisements on its platform stating that many of them were "not currently operating in good faith. The Japanese platform Line and the Russian platform Yandex have similar prohibitions. Even in cases of legitimate ICOs, funded projects are typically in an early and therefore high-risk stage of development.

A Wired article predicted in that the bubble was about to burst. Following a speculative boom in cryptocurrency prices that peaked in Decemberregulation eli5 bitcoin stock cryptocurrencies has been rapidly changing. The pace of change has been driven in part by incidents of cybertheft, trading halts, and possible market manipulation. Cryptocurrencies are based on distributed ledger technologies which enable anyone to purchase or transfer their cryptocurrency holdings to any other eli5 bitcoin stock without the need for an intermediary such as an exchange or to update a central record of ownership.

Cryptocurrencies can be transferred easily across national and jurisdictional boundaries. Countries have different approaches to how they regulate cryptocurrencies. This can depend on the nature of the cryptocurrency itself. There are two main types of cryptocurrencies from a regulatory perspective: Utility tokens eli5 bitcoin stock have value because they enable the holder to exchange the token for a good or service in the future, such as Bitcoin.

Asset-backed tokens may have value because there is an underlying asset which eli5 bitcoin stock holder of the token can attribute value to. In many countries it is uncertain whether utility tokens require regulation, but it is more likely that asset-backed tokens do require regulation. This makes it complex for the issuers of cryptocurrencies to analyse which countries their tokens or coins can be sold into, and for the prospective purchasers of cryptocurrencies to understand which regulations, if any, should apply.

The Gibraltar British Overseas Territory Financial Services Commission announced in early February that regulations are being developed to qualify "authorized sponsors" of ICOs, who are supposed to be "responsible for assuring compliance with disclosure" and compliance with "financial crimes rules". The company had drawn endorsements from celebrities including Floyd Mayweather Jr.

From Wikipedia, the free encyclopedia. Risks, Regulation, and Accountability". Regulation of Financial Institutions Journal. Notes on the 21st Century. Retrieved 8 February The Concise Fintech Compendium. Retrieved May 4, Retrieved 27 July The Wall Street Journal. Retrieved February 7, Retrieved April 2, Retrieved April 3, ICO fraud warning for investors from watchdog". Retrieved December 15, Retrieved April 4, Australian Securities and Investments Commission.

Ministry of Industry and Information Technology. Securities and Futures Commission. Retrieved 15 December New Zealand Financial Markets Authority. Retrieved 15 November The New York Times. Retrieved 3 November Proof-of-authority Proof-of-space Proof-of-stake proof-of-work.

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Retrieved from " https: Wikipedia indefinitely semi-protected pages All articles with unsourced eli5 bitcoin stock Articles with unsourced statements from May All articles with failed verification Articles with failed verification from March Views Read View source View history.

This page was last edited on 5 Mayat eli5 bitcoin stock By using this site, you agree to the Terms of Use and Privacy Policy. Working eli5 bitcoin stock regulating ICOs. On September 4, seven Chinese financial regulators officially banned all ICOs within the People's Republic of China, demanding that the proceeds from all past ICOs be refunded to investors or face being "severely punished according to the law".

The Securities and Futures Commission released a statement in September explaining that tokens may constitute securities for purposes of eli5 bitcoin stock Securities and Futures Ordinance, in which case dealing in such tokens would be a regulated activity under Hong Kong eli5 bitcoin stock. In Octoberthe government of Gibraltar established a framework for regulating distributed ledger technology DLT companies, which came into law on January 1, It encompasses ICOs and subjects them to financial controls and standards.

Although Switzerland was previously viewed as a friendly jurisdiction to coin offerings, the Swiss Financial Market Supervisory Authority announced an investigation of an unspecified number of coin offerings in Septemberand would examine whether these offerings were in compliance with Swiss regulations. In July the Eli5 bitcoin stock.