discussion 2
6 days ago
Shravani Kasturi
Discussion
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Blockchain is a technology used in digital currency and used in the distribution of digital data. Blockchain doesn't allow duplication of data. Bitcoin, Ethereum, Ether, and Litecoin are some crypto currencies (Capolare, Alana & Plastun, (2018)). A single individual owns a piece of unique information because it cannot duplicate. Crypto currency refers to a digital asset mostly currency that makes use of cryptography for the purpose of regulating and safeguarding transactions. The cryptography controls the development of new units and also verification of funds transfer.
According to Hayes, (2017), Bitcoin is a crypto currency that makes use of keys, both private and public. The public key is printed to the public and provides the address that receives the Bitcoin. The private key used in certifying transmissions of the Bitcoin. Litecoin is a crypto currency hosted on an open-source. It is not under management by any central power. Both Litecoin and Bitcoin depend on the integrity of the network they use as their basis. Litecoin accommodates more coins compared to Bitcoin. Litecoin also provides a more substantial and better speed at which it carries its transactions. It is faster than Bitcoin. The two crypto currencies also make use of different algorithms for cryptography. Litecoin uses the Scrypt algorithm while Bitcoin uses the SHA-256. The SHA-256 is a more complicated algorithm, and it allows for processing in a parallel manner. Mining for Bitcoin implements uses the Application-Specific Integrated Circuits. The kind of mining provided by the system is complicated for some users.
I have used crypto currency before. I made use of Bitcoin. My use of Bitcoin was associated with many benefits, for instance confidentially spent my money. The privacy is because of use public keys for identification. The confidentiality was essential for me as I was seeking a medical procedure which is not acceptable. It helped me send cash at a low cost. I also used the money to carry out online purchases of products.
References
Hayes, A. S., (2017), crypto currency value formation: an empirical study leading to a cost of production model for valuing Bitcoin. Telematics and Informatics, 34(7), 1308-1321
Capolare, G. M., Alana, L. G., Plastun, A., (2018), persistence in the crypto currency market. Research in International Business and Finance, 46, 141-148
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