{"id":2144,"date":"2021-04-22T13:42:12","date_gmt":"2021-04-22T13:42:12","guid":{"rendered":"https:\/\/cymood.com\/web\/?p=2144"},"modified":"2022-11-18T08:52:07","modified_gmt":"2022-11-18T08:52:07","slug":"cryptocurrency-and-blockchain","status":"publish","type":"post","link":"https:\/\/cymood.com\/web\/2021\/04\/22\/cryptocurrency-and-blockchain\/","title":{"rendered":"Step 1 – Cryptocurrency and Blockchain"},"content":{"rendered":"

In the first educational post of the CY Mood Team, we believe it is correct to start with the most useful base for the average user and define the tools that we are going to use in this strange world.
\nIn this post we are going to define what is a cryptocurrency and we will introduce some of the “technical” terms that you will come across as you enter this environment and which you will find in future articles.
\nThis terminology will then be the subject of further articles.<\/p>\n

Cryptocurrency<\/strong>
\nFirst concept to learn: in general a cryptocurrency is a digital asset that uses cryptography to protect financial transactions, to control the creation of additional units and verify the transfer of assets from one address to another.
\nA cryptocurrency is designed to function as a medium of exchange, one of the fundamental functions of money.
\nTrue cryptocurrencies are decentralized and are not controlled by a central entity. This feature will be studied more deeply for future articles.<\/p>\n

Blockchain<\/strong>
\nThis decentralization works through a tool called blockchain, a distributed ledger in a network of connected computers.
\nThe BlockChain, it is a live record of all bitcoin transactions. The blocks are made of the transactions within them, and the blocks are linked together in an indissoluble way.
\nThe block is created when a set number of transactions are made and the block can contain a maximum number of transactions. Arriving at this number, the block is closed and added to the block previously mined and linked to it.
\nWhen a Bitcoin transaction happen, the data is communicated to the network of computers that validate the transaction, this add the transaction to the bitcoin ledger and transfer the ledger change to all computers on the network. Since there is a maximum of data that can be saved in a block, a block is closed approximately every 10 minutes.
\nBitcoin<\/strong>
\nThe first cryptocurrency created in the world was Bitcoin, currently the most famous and expensive. It was created in 2009
\nOver the years, other types of cryptocurrency other than Bitcoin have been created, which can easily be described as Altcoin or Alternative Coin or more generically Token.<\/p>\n

Token<\/strong>
\nA cryptographic token is a currency on Blockchain that not only concerns any financial payments, but also the application of decentralized apps or tools and the so-called smart contracts<\/p>\n

Mining<\/strong>
\nCryptocurrencies are created through a process called mining, which is the validation of transactions in the networks of this cryptocurrency. There are different types of mining, but this will be addressed later in another article. Learn more here<\/strong><\/a>.<\/p>\n

Wallet<\/strong>
\nThe wallet is where you can keep all your coins. Different types of coins have different types of wallets. Learn more here<\/strong><\/a><\/p>\n

Legality<\/strong>
\nCryptocurrency is legal in most of the world. There are only a few contexts where they are completely banned while in other countries like Japan, cryptocurrencies are just an investment tool like others.<\/p>\n

Why does Bitcoin have a shadow of illegality?<\/strong>
\nMost people think that Bitcoin is illegal, but this idea was created by the media with the story of the market for illegal goods and services called the Silk Road, where the payment tool of choice was Bitcoin. Learn more here<\/strong><\/a><\/p>\n

Satoshi Nakamoto<\/strong>
\nSatoshi Nakamoto is the inventor of Bitcoin and the Blockchain. At least that’s what we know, what the legend says. Who is he? Nobody knows. Is he a person? Mystery. Learn more here<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

In the first educational post of the CY Mood Team, we believe it is correct to start with the most […]<\/p>\n","protected":false},"author":19,"featured_media":2655,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[46,47,72],"tags":[],"yoast_head":"\nStep 1 - Cryptocurrency and Blockchain | CYMood.com<\/title>\n<meta name=\"description\" content=\"What is Blockchain? What is a Cryptocurrency? 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