Bitcoin
Bitcoin

Bitcoin

6 Members
1 y ·Translate

What Is Cryptocurrency?

Here’s What You Should Know:

Cryptocurrencies let you buy goods and services, or trade them for profit. Here's more about what cryptocurrency is, how to buy it and how to protect yourself.

Cryptocurrency is a form of payment that can be exchanged online for goods and services. Many companies have issued their own currencies, often called tokens, and these can be traded specifically for the good or service that the company provides. Think of them as you would arcade tokens or casino chips. You’ll need to exchange real currency for the cryptocurrency to access the good or service.

Cryptocurrencies work using a technology called blockchain. Blockchain is a decentralized technology spread across many computers that manages and records transactions. Part of the appeal of this technology is its security.

Download our free PDF with more information on what cryptocurrency is, its advantages and how you can use it.

Learning Bitcoin and cryptocurrency.pdf
1 y ·Translate ·Youtube

Probably one of the most straightforward explanations of what Smart contracts are and how they work.


1 y ·Translate

Smart contracts. Though they have many other uses, for countries plagued with corruption, could this be the solution?



https://zimbuddy.com/read-blog..../28_how-smart-contra

How Smart Contracts Work
Favicon 
zimbuddy.com

How Smart Contracts Work

A look into how smart contracts are being used in the insurance industry. Could they be the solution to corruption?
1 y ·Translate

What are smart contracts and how do they benefit us?


Smart contracts is a term used to describe computer code that automatically executes all or parts of an agreement and is stored on a blockchain-based platform. The code can either be the sole manifestation of the agreement between the parties or might complement a traditional text-based contract and execute certain provisions, such as transferring funds from Party A to Party B.

The code itself is replicated across multiple nodes/networks of a blockchain and, therefore, benefits from the security, permanence and immutability that a blockchain offers.

Smart contracts are presently best suited to execute automatically two types of “transactions” found in many contracts:

(1) ensuring the payment of funds upon certain triggering events (2) imposing financial penalties if certain objective conditions are not satisfied. In each case, human intervention, including through a trusted escrow holder or even the judicial system, is not required once the smart contract has been deployed and is operational, thereby reducing the execution and enforcement costs of the contracting process.

See the illustrations of the differences between traditional and smart contracts.

Credit: Harvard Law

image
image
1 y ·Translate

What are the best cryptocurrency exchanges to use in Zimbabwe?

Considering the financial restrictions imposed on Zimbabwe as part of the western sanctions attracted by the Zimbabwe government, it can be a bit of a challenge finding a cryptocurrency exchange that works in Zimbabwe.

A few that have been recommended by other Zimbabweans are:

- Kraken
- Okcoin
- Localbitcoins
- Paxful

image
1 y ·Translate

How does cryptocurrency work?

Almost all cryptocurrencies record each transaction on a so-called public ledger, which helps ensure that transactions are transparent and protected from tampering, but still require additional storage space (called blocks).

These blocks are verified by miners, who generally obtain tokens for their work and run code 24 hours a day on special hardware called rigs. The annual energy consumption of this process is the same as in Chile, Austria and Finland (approximately 78.5 MWh).

To verify the blocks, many cryptocurrencies, including Bitcoin, use a mechanism called 𝐩𝐫𝐨𝐨𝐟-𝐨𝐟-𝐰𝐨𝐫𝐤, 𝐰𝐡𝐢𝐜𝐡 𝐞𝐧𝐭𝐚𝐢𝐥𝐬 𝐬𝐨𝐥𝐯𝐢𝐧𝐠 𝐜𝐨𝐦𝐩𝐥𝐞𝐱 𝐜𝐫𝐲𝐩𝐭𝐨𝐠𝐫𝐚𝐩𝐡𝐢𝐜 𝐩𝐫𝐨𝐛𝐥𝐞𝐦𝐬.

These operations require a lot of computing and electrical power. Moreover, the difficulty of the POW problems increases with the increasing computational power of the network that is working on the puzzle.

#zimcrypto #cryptocurrency #zimbabnwedigitalmoney #learnaboutcryptocurrency

image