Digital Currency

Digital Currency

Reading about digital currency

What is a Bitcoin?

Each Bitcoin is basically a computer file which is stored in a 'digital wallet' app on a smartphone or computer. People can send Bitcoins (or part of one) to your digital wallet, and you can send Bitcoins to other people. Every single transaction is recorded in a public list called the blockchain

What is bitcoin mining?

Miners provide security and confirm Bitcoin transactions. The role of miners is to secure the network and to process every Bitcoin transaction. Miners achieve this by solving a computational problem which allows them to chain together blocks of transactions (hence Bitcoin's famous “blockchain”).

How long does it take to mine 1 Bitcoin?

10 minutes. Regardless of the number of miners, it still takes 10 minutes to mine one Bitcoin. At 600 seconds (10 minutes), all else being equal it will take 72,000 GW (or 72 Terawatts) of power to mine a Bitcoin using the average power usage provided by ASIC miners.

Bitcoin launched in 2009. BitCoin as of February 24, 2021, 18.638 million bitcoins have been mined, which leaves 2.362 million yet to be introduced into circulation. Bitcoin’s purpose is primarily to be a digital currency.

Ethereum launched July 2015 with 72 million coins.

Ethereum is much broader. In fact, Ethereum is an open-source operating system and computing platform. It also supports distributed applications (dApps) and smart contracts. Another key aspect of Ethereum is that it enables decentralized finance, which is an important part of how the system works. Because the system is inherently decentralized, there is not a single entity controlling it or the value of ether.

Shiba Inu is based on the Ethereum blockchain. Ryoshi started with a supply of 1 quadrillion tokens — that’s 1,000 raised to the power of five. Shiba Inu launched in August 2020. We know the word “inu” means dog in Japanese. Shiba means brushwood in Japanese, so it’s possible that the Shiba Inu was named for the terrain where it hunted.

What are the top crypto currencies?

Etherum (ETH) -

Ripple (XRP)

Litecoin (LTC)

Tether (USDT)

Bitcoin Cash (BCH) -

Libra (LIBRA)

Monero (XMR)



blockchain: (blok-chayn) (noun) A distributed ledger technology that empowers anyone with an internet connection to transfer data and assets frictionlessly—anywhere, anytime, with unmatched security and integrity and without relying on a third party intermediary. The first blockchain was conceived in 2008, in the wake of the global financial crisis. It has never been hacked.

Blockchain infrastructure size has grown since 2010 if you click on graph icon -