By now most people have heard the word “Bitcoin” however, many people do not quite understand what it is or what it is used for. Simply put, Bitcoin is a type of cryptocurrency, and all cryptocurrencies are a digital or virtual currency designed to work as a medium of exchange.
The currency uses cryptography to secure and verify transactions as well as to control the creation of new units of a particular cryptocurrency.
A blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography. Each block typically contains a cryptographic hash of the previous block, a timestamp and transaction data. By design, a blockchain is inherently resistant to modification of the data.
An example implementation of a Blockchain is a cryptocurrency blockchain which is a digitized, decentralized, public ledger of all cryptocurrency transactions such as a Bitcoin blockchain.
Dom Tancredi, Co-Founder & CEO of digital product agency, Dom & Tom has been involved in the spaces since 2012 and currently consults and advises businesses on the subject matters today.
He has put together the first in an ongoing “Lunch & Learn Series” for the company and has broken down the basics of cryptocurrency and blockchain.
While the usage of digital currencies and the implementation of blockchain security may be over some people’s head at the moment, it is important to understand even just the basics of what they are, why they exist, and how they could change the future.
Dom & Tom has also created an even easier-to-understand infographic. A first in their new ongoing Infographic Series, you can quickly right click and save their infographic to share with friends, colleagues, and use as a tool to aid your discussions on how to make sense of it all.
Digital agencies, as Dom&Tom, are ready to help you if you want to learn more about cryptocurrency and blockchain or need consulting in the space.