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<p>[QUOTE="John Burgess, post: 7415327, member: 105098"]Ok. hmm, it's called a "coin" because that's a unit of measure that's understandable and it's a "currency" I suppose. There is no physical "coin", there's a blockchain technically.</p><p>A "blockchain" is basically a ledger database. each coin is a block of the block chain in essence, new transactions and the history of transactions are recorded permanently that are unique to that specific block every time it transacts.</p><p><br /></p><p>Bitcoin was a reward for miners for doing computational problems on their computers or computer networks or servers ect. you put your computer to work solving the problems, and you get rewarded. at first it was easy, but as time went on it got harder and longer to unlock or "mine" another bitcoin.</p><p><br /></p><p>a typical database is structured like a "table" or "chart". a blockchain is structured more like the name implies, theres a block of information, every new transaction is another block that gets chained to the first block and so on. it's strictly chronological, like a ledger would be. Each block in the chain is given an exact timestamp when it is added to the chain.</p><p><br /></p><p>blockchain is now being used to store contracts, product inventories and First in, first out, digital images of original artworks or coins that are unique to that specific example from all others, digital trading cards of value that one person may want to transact with another, there's a lot of uses for it outside of crypto.</p><p><br /></p><p>Bitcoin and fractional bitcoins.</p><p>1 bitcoin is equivalent to 1,000 millibitcoins, 1,000,000 microbitcoins, or 100,000,000 satoshis (named after the supposed developer of the bitcoin Satoshi Nakamoto).</p><p>A satoshi is the smallest functional unit of bitcoin, lets say a Bitcoin is worth $36,477.21</p><p>One millibitcoin is valued at $36.47721</p><p>One microbitcoin is valued at $0.03647721</p><p>One satoshi is valued at $0.0003647721</p><p><br /></p><p>with the fractional transactions of bitcoin, it's accessible to everyone technically rich or poor. all whole bitcoins are in Satoshi to begin with in the coding, it wasn't a modification so it could go fractional. it's just allocating the number of satoshis on the ledger in each transaction. the bitcoin, milli, micro, and satoshi are just ways for people to have access to it regardless of the 1 Bitcoin value.</p><p><br /></p><p>I don't really know it all, but that's how I understand it to be.</p><p>I hope somewhere in there there was something useful to clarify something. hahaha</p><p><br /></p><p>Oh almost forgot "crypto" is just slang for encrypted. cryptocurrency is just another way of saying encrypted currency or digital currency, but I guess "cooler".[/QUOTE]</p><p><br /></p>
[QUOTE="John Burgess, post: 7415327, member: 105098"]Ok. hmm, it's called a "coin" because that's a unit of measure that's understandable and it's a "currency" I suppose. There is no physical "coin", there's a blockchain technically. A "blockchain" is basically a ledger database. each coin is a block of the block chain in essence, new transactions and the history of transactions are recorded permanently that are unique to that specific block every time it transacts. Bitcoin was a reward for miners for doing computational problems on their computers or computer networks or servers ect. you put your computer to work solving the problems, and you get rewarded. at first it was easy, but as time went on it got harder and longer to unlock or "mine" another bitcoin. a typical database is structured like a "table" or "chart". a blockchain is structured more like the name implies, theres a block of information, every new transaction is another block that gets chained to the first block and so on. it's strictly chronological, like a ledger would be. Each block in the chain is given an exact timestamp when it is added to the chain. blockchain is now being used to store contracts, product inventories and First in, first out, digital images of original artworks or coins that are unique to that specific example from all others, digital trading cards of value that one person may want to transact with another, there's a lot of uses for it outside of crypto. Bitcoin and fractional bitcoins. 1 bitcoin is equivalent to 1,000 millibitcoins, 1,000,000 microbitcoins, or 100,000,000 satoshis (named after the supposed developer of the bitcoin Satoshi Nakamoto). A satoshi is the smallest functional unit of bitcoin, lets say a Bitcoin is worth $36,477.21 One millibitcoin is valued at $36.47721 One microbitcoin is valued at $0.03647721 One satoshi is valued at $0.0003647721 with the fractional transactions of bitcoin, it's accessible to everyone technically rich or poor. all whole bitcoins are in Satoshi to begin with in the coding, it wasn't a modification so it could go fractional. it's just allocating the number of satoshis on the ledger in each transaction. the bitcoin, milli, micro, and satoshi are just ways for people to have access to it regardless of the 1 Bitcoin value. I don't really know it all, but that's how I understand it to be. I hope somewhere in there there was something useful to clarify something. hahaha Oh almost forgot "crypto" is just slang for encrypted. cryptocurrency is just another way of saying encrypted currency or digital currency, but I guess "cooler".[/QUOTE]
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