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BITCOIN HOW IT WORKS

Unlike credit card networks and payment processors, Bitcoin is not owned by any one individual or company. Rather, it is a completely decentralized payment network that anyone with an internet connection can participate in. Since Bitcoin was designed to be used on the internet and free from government control, there is no central authority that maintains the value of the cryptocurrency.

Instead, Bitcoin relies on Blockchain technology, which is a digital record of transactions (AKA digital ledger). What sets the Bitcoin blockchain apart from a bank’s ledger is that it is decentralized, meaning anyone can view it and no single entity controls it.

Here are some details about how it all works:
Specialized computers known as ‘mining rigs’ perform the equations required to verify and record a new transaction. In the early days, a typical desktop PC was powerful enough to participate, which allowed pretty much anyone who was curious to try their hand at mining. These days the computers required are massive, specialized, and often owned by businesses or large numbers of individuals pooling their resources. (In October 2019, it required 12 trillion times more computing power to mine one bitcoin than it did when Nakamoto mined the first blocks in January 2009.)
The miners’ collective computing power is used to ensure the accuracy of the ever-growing ledger. Bitcoin is inextricably tied to the blockchain; each new bitcoin is recorded on it, as is each subsequent transaction with all existing coins.
How does the network motivate miners to participate in the constant, essential work of maintaining the blockchain—verifying transactions? The Bitcoin network holds a continuous lottery in which all the mining rigs around the world race to be the first to solve a math problem. Every 10 min or so, a winner is found, and the winner updates the Bitcoin ledger with new valid transactions. The prize changes over time, but as of early 2020, each winner of this raffle was awarded 12.5 bitcoin.
At the beginning, a bitcoin was technically worthless. As of the end of 2019, it was trading at around $7,500. As bitcoin’s value has risen, its easy divisibility (the ability to buy a small fraction of one bitcoin) has become a key attribute. One bitcoin is currently divisible to eight decimal places (100 millionths of one bitcoin); the bitcoin community refers to the smallest unit as a ‘Satoshi.’
Nakamoto set the network up so that the number of bitcoin will never exceed 21 million, ensuring scarcity. There are currently around 3 million bitcoin still available to be mined, which will happen more and more slowly. The last blocks will theoretically be mined in 2140.

Ethereum HOW IT WORKS

Launched in 2015, Ethereum is an open-source, blockchain-based, decentralized software platform used for its own cryptocurrency, ether. It enables SmartContracts and Distributed Applications (ĐApps) to be built and run without any downtime, fraud, control, or interference from a third party.

Ethereum is not just a platform but also a programming language (Turing complete) running on a blockchain, helping developers to build and publish distributed applications.

Banking for Everyone

Not everyone has access to financial services. But all you need to access Ethereum and its lending, borrowing and savings products is an internet connection.

A more private internet

You don’t need to provide all your personal details to use an Ethereum app. Ethereum is building an economy based on value, not surveillance.

A peer-to-peer network

Ethereum allows you to move money, or make agreements, directly with someone else. You don’t need to go through intermediary companies.

Censorship-resistant

No government or company has control over Ethereum. This decentralization makes it nearly impossible for anyone to stop you from receiving payments or using services on Ethereum.

Commerce guarantees

Ethereum creates a more level playing field. Customers have a secure, built-in guarantee that funds will only change hands if you provide what was agreed. You don’t need large company clout to do business.

Compatibility for the Win

Better products and experiences are being built all the time because Ethereum products are compatible by default. Companies can build on each other’s success.

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