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Bitcoin and cyrptocurrenicies - Coggle Diagram
Bitcoin and cyrptocurrenicies
What is a cryptocurrency
like a bitcoin
Bitcoin was first cryptocurrency
biggest
since 2009 --> competitiors to throne
use blockchain
= shared public record of transaction
digital token
only shared when according to the agreed-upon rules
flourishing ecosystem
huge amout of variation
Waht can I actually do with cryptocurrency
all features on computer also avialable on a cryptocurrency platform
available uses limited
can be used as a payment system
real and online world
some focus on what they can become rather than what they are right now
Why does it matter that it is decentralised?
fancy darabases
bitcoin: big database
diffrence to normal bank: own huge database and the pound of money owners have
no central authority
can just unilaterally edit database to change money
real bank: change money: sometimes advantage/disadvantage
bitcoin can not do this
only authority --> users agree to
Nothing more than basic rules
Is it all about crime?
all about crime
no downside to centralised database
financial crime
store illegal downloads
host pirated videos
choice for drug dealers
cybercriminals demanding ransoms
hacked date
Is there trouble ahead?
speculative bubble
crashing down
people are able to make money with bitcoins
they buy bitcoins and earn
telling each other stories --> circle
cycle ends when price is out of our kilter with reality
bubble bursts --> people see they los everything
What next?
can become widely used on daily base
people become rich
speculative bubble --> crash
dead end
probably stay stable
mostly illegal
undergrounded
disconnected from market price