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For a transaction block to be added to the Bitcoin blockchain, it must be verified by the majority of all Bitcoin holders, and the unique codes used to recognize users’ wallets and transactions must conform to the right encryption pattern. While the idea that anyone can edit the blockchain might sound risky, it’s actually what makes Bitcoin trustworthy and secure.
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And as different people update it, your copy also gets updated.” “Nobody owns it, but anyone who has a link can contribute to it.
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“It’s like a Google Doc that anyone can work on,” says Buchi Okoro, CEO and co-founder of African cryptocurrency exchange Quidax. “Once a block is added to the blockchain, it becomes accessible to anyone who wishes to view it, acting as a public ledger of cryptocurrency transactions,” says Stacey Harris, consultant for Pelicoin, a network of cryptocurrency ATMs.īlockchain is decentralized, which means it’s not controlled by any one organization. Entries are strung together in chronological order, creating a digital chain of blocks.
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As the name implies, blockchain is a linked body of data, made up of units called blocks containing information about each transaction, including date and time, total value, buyer and seller, and a unique identifying code for each exchange. Currently, there are more than 19 million coins in circulation.īitcoin is built on a distributed digital record called a blockchain. Because its supply is limited to 21 million coins, many expect its price to only keep rising as time goes on, especially as more large institutional investors begin treating it as a sort of digital gold to hedge against market volatility and inflation. Although it once sold for under $150 per coin, as of June 8, 1 BTC equals around $30,200. Since its public launch in 2009, Bitcoin has risen dramatically in value. “The reason why it’s worth money is simply that we, as people, decided it has value-same as gold,” says Anton Mozgovoy, co-founder & CEO of digital financial service company Holyheld.
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That’s by design: Core to their decentralized nature, Bitcoins aren’t backed by the government or any issuing institution, and there’s nothing to guarantee their value besides the proof baked in the heart of the system. Bitcoin’s creator, Satoshi Nakamoto, originally described the need for “an electronic payment system based on cryptographic proof instead of trust.”Įvery Bitcoin transaction that’s ever been made exists on a public ledger accessible to everyone, making transactions hard to reverse and difficult to fake. Every investment involves risk and you should always do your own research and consider your risk appetite before you invest.Bitcoin is a decentralized digital currency that you can buy, sell and exchange directly, without an intermediary like a bank. This is intended as general information only, and is not personalised advice or recommendations. Read up on the latest news and views, learn about investment topics, and discover a world of crypto assets. To find out more, head to and start your crypto journey. Investors need to find a trusted cryptocurrency exchange that is licensed in New Zealand as a registered Financial Services Provider.Įasy Crypto was founded here in NZ and is a favourite option for Kiwi investors, offering safe, secure access to a wide range of cryptocurrency assets. Never trust the advice of a non-licensed adviser, and seek advice from legitimate sources before you get started.Ĭryptocurrencies can't be purchased through a bank or financial adviser - yet. Cardano has been peer-reviewed throughout its development, adding further weight to its position in the sector.Ĭreated in January 2009, Bitcoin has risen to become a prized asset held by companies including Tesla.ĭon't take the word of someone on social media or a tip from a friend of a friend when it comes to investments. The blockchain platform is a competitor to Ethereum, with a lower environmental impact than the biggest two cryptocurrencies. Ada is its native currency.Ĭardano was founded in 2017 by Ethereum co-founder Charles Hoskinson. Ethereum has grown in prominence over the past year with the rise of smart contracts and non-fungible tokens (NFTs), digital assets that can be bought, sold, and stored on the Ethereum blockchain.Ĭardano is the third-most-popular crypto platform. Released in 2015, Ethereum is famed for its smart contract functionality. In a landmark moment in early September, El Salvador adopted Bitcoin as a national currency.Įthereum, and its native currency, Ether, is the second-biggest crypto asset. Often referred to as "digital gold", it is viewed as a store of value and hedge against inflation. Specialist advisers, or classes from verified teachers, can provide insight and help to cut through the noise as you navigate the crypto space for the first time.īitcoin is the world's largest cryptocurrency.Ĭreated in January 2009, Bitcoin has risen to become a prized asset held by companies including Tesla.