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Cryptocurrency terminology

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Radim Lipovčan 2019-02-03 21:04:27 +01:00
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%% právě jednou pomocí cookies, projít geolokaci dle ipiny
\chapter{Cryptocurrency}
This chapter is aimed as a strating point that explains terms and technology that will occour throughout following pages and chapters. Altough these terms are described in a simple way, it is recommended for every reader to swift through them as in later pages they are discussed and used in detail thoroughly.
\textbf{Cryptocurrency} is a digital currency that is designed to use cryptography to secure and verify its transactions. Cryptocurrencies are decentralized as opposed to traditional money transaction systems used in the banks. Decentralization is established by using distributed blockchain that functions as a transaction database within the currency. First cryptocurrency available was Bitcoin \cite{farell2015analysis}.
\textbf{Altcoin} is a term used for every cryptocurrency that is not Bitcoin as it is a direct concurrent for the first of the cryptocurrency.