More than a decade after bitcoin launched, relatively few Americans have invested in cryptocurrencies. But as cryptocurrencies intersect with politics, the economy and the environment, everyone could use a sense of how they work.
I WANT TO SOUND SMART. IS IT “BLOCKCHAIN” OR “THE BLOCKCHAIN?”
Also of note: Different cryptocurrencies are built on different blockchains. Bitcoin is built on the, well, bitcoin blockchain; ether is built on the ethereum blockchain. There now are some cryptocurrencies or tokens that are essentially built on top of other cryptocurrencies — but at the most basic level, all cryptocurrencies refer back to a blockchain.MY HEAD HURTS. IS THERE A SIMPLER WAY TO THINK ABOUT THIS?Fundamentally, cryptocurrencies are digital money.
Mining has another purpose: In the course of solving the puzzle, the most recent bitcoin transactions — the sending and receiving of the currency — are recorded on the blockchain. The system design encourages participants to spend resources to help maintain the record of who owns which bitcoins.
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