Introduction to Crypto

Part 1 (Blockchains and Cryptos):

Cryptocurrencies, commonly referred to as cryptos, are the currencies used to transact on a blockchain. What is a blockchain?

It is nothing more than a chain of consecutive transactions, ordered from oldest to newest.

Let's consider a simple example.

1: Alice mines 10 BTC
2: Alice transfers 5 BTC to Bob
3: Bob transfers 2 BTC to Carlos

Imagine this train is the Bitcoin chain. To figure out how much currency (BTC) Bob, Alice, and Carlos have, simply read the changes from left to right. So how much BTC is in each account?

Answer:
Alice has 10 - 5 = 5 BTC
Bob has 5 - 3 = 2 BTC
Carlos has 2 BTC

Part 2: Blockchain Benefits

A blockchain is typically decentralized and immutable. This means that it is stored across multiple nodes and the history cannot be altered or deleted.

Bitcoin node worldwide distribution:

[https://bitnodes.io/, last count 14k nodes worldwide]

As of March 2022, there are over 14,000 bitcoin nodes worldwide, and each one has a copy of the bitcoin history. This results in several benefits:

1. Censorship resistance: A country can attempt to ban Bitcoin. They may even take down all the nodes within their borders. However, the Bitcoin network would continue to run just fine.
   
2. Fault tolerance: With a network this size, even if you took down 1,000 nodes, it is unlikely to suffer an outage.
   
3. Transparency: Every transaction is recorded on the blockchain, available for everyone to see. So we know exactly how much crypto everyone has. This helps prevent fraud and is great for applications like money transfers, stocks, and supply chain tracking.

Getting help with HaHa

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