Chapter 5CryptocurrenciesBeyond Tracking
Cryptocurrencies are encrypted digital currencies on the blockchain. Printed currencies are issued by central banks and are periodically verified when they are deposited in banks. Every transaction is not recorded, and you cannot keep track of ownership every time money changes hands. Cryptocurrencies are decentralized digital currencies and use encryption on the blockchain to authenticate the issue of the cryptocurrency and every transaction after that. So, although it can be transferred instantly globally, its ownership record exists on public ledgers on the blockchain, providing transparency, security and safety.
The first cryptocurrencies arrived in January 2009, just ...
Get Innovative Technologies for Future Living now with the O’Reilly learning platform.
O’Reilly members experience books, live events, courses curated by job role, and more from O’Reilly and nearly 200 top publishers.
