Bitcoin is a digital asset and a payment system invented by Satoshi Nakamoto. Transactions are verified by network nodes through cryptography and recorded in a public dispersed ledger called a blockchain. Bitcoin is unique in that there are a finite number of them: 21 million.
Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment.
Bitcoin is decentralized: meaning that it is not subject to government or financial institution control.
What is Ethereum?
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference.
Ethereum was proposed in late 2013 by Vitalik Buterin, a cryptocurrency researcher and programmer. Ethereum was crowdfunded during its early development phase.
What is a Cryptocurrency?
A cryptocurrency is a digital or virtual currency that uses cryptography to secure its transactions and to control the creation of new units. Cryptocurrencies are decentralized, meaning they are not subject to government or financial institution control.
What is an Exchange?
An exchange is a platform where users can buy and sell cryptocurrencies. Exchanges can be centralized or decentralized. Centralized exchanges are operated by a single company or individual, while decentralized exchanges are operated by a group of users.
What is Making Money?
Making money is the process of earning income or profits.
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