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Updates from Kristen. (#21)

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Updates from Kristen.
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jeff 2020-07-29 05:50:40 +00:00
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content/blog/cryptocurrency.md
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@ -41,7 +41,7 @@ If you saved a dollar in 1913, it only has about 4 cents worth of buying power n
## Bitcoin - A Major Breakthrough ## Bitcoin - A Major Breakthrough
[Bitcoin](https://bitcoin.org/bitcoin.pdf) was a major breakthrough in both computing and money. [Bitcoin](https://bitcoin.org/bitcoin.pdf) was a major breakthrough in both computing and money.
It's Proof of Work consensus algorithm is the backbone of most cryptocurrencies. Its Proof of Work consensus algorithm is the backbone of most cryptocurrencies.
This method enables entities from around the world to agree on something. This method enables entities from around the world to agree on something.
For cryptocurrencies, that something is the possession of money. For cryptocurrencies, that something is the possession of money.
An agreement on the ownership of about $150B has been reached every ten minutes for over a decade. An agreement on the ownership of about $150B has been reached every ten minutes for over a decade.
@ -59,14 +59,14 @@ If that $10 was in a bank robbery last year, should it be deemed to have less th
## Monero - Fungible ## Monero - Fungible
[Monero](https://web.getmonero.org/) is cryptocurrency which was released a few years after Bitcoin. [Monero](https://web.getmonero.org/) is cryptocurrency which was released a few years after Bitcoin.
It is [fungible](https://web.getmonero.org/resources/moneropedia/fungibility.html) unlike Bitcoin, meaning each unit of currency is of equal value as the others. It is [fungible](https://web.getmonero.org/resources/moneropedia/fungibility.html), unlike Bitcoin, meaning each unit of currency is of equal value as the others.
This is achieved by keeping the ledger private. This is achieved by keeping the ledger private.
Transactions are put out in the open like Bitcoin, but the details are encrypted. Transactions are put out in the open like Bitcoin, but the details are encrypted.
This means there is no way to discriminate against a user based on their financial history. This means there is no way to discriminate against a user based on their financial history.
Monero is private by default, but has the ability to reveal transactions at your discretion. Monero is private by default, but has the ability to reveal transactions at your discretion.
In the case of a business, it may be required to show the "books". In the case of a business, it may be required to show the "books".
This is simple with a view key that can be used to show incoming transactions. This is simple with a view key, which can be used to show incoming transactions.
## Be your own bank ## Be your own bank
One of the advantages to using cryptocurrency is that you are your own bank. One of the advantages to using cryptocurrency is that you are your own bank.
@ -81,7 +81,7 @@ This 24/7 availability gives you 24/7 access.
## Conclusion ## Conclusion
I think cryptocurrencies are the future of money. I think cryptocurrencies are the future of money.
They are superior to fiat in so many ways. They are superior to fiat in so many ways.
There are almost no barriers to entry; Essentially anyone with internet access can use crypto. There are almost no barriers to entry; essentially anyone with internet access can use crypto.
For myself and my company, this makes it very easy to be my own bank. For myself and my company, this makes it very easy to be my own bank.
We will accept crypto because we believe it is only a matter of time before the world starts converting from fiat to it. We will accept crypto because we believe it is only a matter of time before the world starts converting from fiat to it.