Listen in as the Carissa Maxwell and Kellen Hoskins from the Maxwell Group explores the ins and outs of crypto currency with Greg Eddols and Steve Boehning.
Let’s start with some definitions:
Blockchain: A system in which a record of transactions made in bitcoin or another cryptocurrency are maintained across several computers that are linked in a peer-to-peer network.
Cryptocurrency: A digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.
Bitcoin: A type of digital currency in which a record of transactions is maintained and new units of currency are generated by the computational solution of mathematical problems, and which operates independently of a central bank.
Mining cryptocurrency: Cryptocurrency mining, or cryptomining, is a process in which transactions for various forms of cryptocurrency are verified and added to the blockchain digital ledger. ... In order to be competitive with other cryptominers, though, a cryptocurrency miner needs a computer with specialized hardware.