A short YouTube explainer (Crypto 101) by Rhodic Mick introducing major cryptocurrencies and blockchain concepts. Covers Bitcoin (as ‘digital gold’ and subdivision into satoshis), Litecoin (faster, lower-cost Bitcoin fork), Ethereum (smart-contract platform and Ether token), Ripple (bank-focused settlement alternative), Dash (formerly Darkcoin; privacy and speed improvements), and Monero (privacy-focused, hard-to-trace transactions). Encourages subscription and community engagement.
Chapters
What's happening? Coin telegraphers. This is rhodic Mick here with today's Crypto 101 on cryptocurrencies. Did you guys know that There are over 2000 different cryptocurrencies out in the market today? And yet the big king is the bitcoin. Today it is considered the gold of the Internet as it introduced blockchain technology to the entire world. Its main purpose was to decentralize currencies so that the government isn't in control of your money. Bitcoins are broken down into satoshis. The best way to explain this is that bitcoins are like dollars, whereas satoshis are like cents. But there's another currency whose popularity is growing right now. Litecoin is a peer to peer cryptocurrency creation and transfer of coins is based on an open source cryptographic protocol and it is not managed by any central authority. While inspired by Bitcoin, Litecoin does have some technical improvements as it has almost zero payment costs and facilitates payments approximately four times quicker than Bitcoin. Blockchain proposes not only currencies but also new systems, namely Ethereum. It is a computing platform featuring smart contracts. That means that a contract is ruled by a computer protocol. Ethereum also provides a cryptocurrency token called Ether, which can be transferred between accounts and used to compensate participating nodes for computations performed. In other words, the Ethereum platform allows other programmers to build their own crypto coins. For instance, Ripple. It enables secure, instant and nearly free global financial transactions of any size with no chargebacks. Ripple is used by big companies such as UniCredit and UBS as settlement in infrastructure technology. Its main competition is the international Swift Monetary Transfer system. Even if you don't know anything about blockchain and Bitcoins, I believe you have heard about Dash earlier. It was known as Darkcoin. It is a fork to Bitcoin. It duplicated Bitcoin's existing code and made it better by addressing the issues users faced with it. So apparent flaws and weaknesses in Bitcoin are absent in Dash, making both digital coins substantially different in terms of efficiency. Dash provides a faster and more anonymous service to its users. Monero is considered a cash like cryptocurrency, it is more anonymous than Bitcoins and it is basically impossible to trace or track Monero transactions. To keep learning more about the industry, make sure that you subscribe to the channel down below and to the person who posts the best comments, we will give you a small price.
