Crypto 101 Flashcards
1
Q
Why was cryptocurrency created
A
In order to skip 3rd parties in transactions of money for two people to pay each other (like banks).
2
Q
What is cryptocurrency
A
Is the direct exchange of digital currency the transaction is processed by a “ blockchain” an online service that forever records the transaction removing the traditional banks and gov’t as the 3rd party processing medium
3
Q
What is Blockchain
A
Blockchain is to Bitcoin what the internet is to facebook. Blockchain is not just Bitcoin but can be used for many different things and exchanges.
