Introduction
Cryptocurrencies are a digital form of exchange that use encryption to secure the processes involved in conducting transactions. They are a subset of digital currencies having no physical representation. Unlike other forms of currency that are backed by a central bank, cryptocurrencies operate as a a completely decentralized system meaning there is no governing body verifying transactions. Cryptocurrencies consist of more than just Bitcoin. It 's structure is followed by hundreds of alternate "coins" that each offer unique features. Litecoin for instance was designed for faster transactions while Namecoin introduces a few new types of transactions to the Bitcoin formula used for handling domain registration.
How to …show more content…
Everyone on the network knows about a transaction and the history of the transaction can be traced back to the point where the coin was produced. As mentioned before, each transaction must be verified by a miner before the other party receives the coins. These are known as "confirmations", because transactions must be verified by miners, payments are forced to wait until they have finished mining. The bitcoin protocol is set so that each block takes roughly 10 minutes to mine.
Conclusion
In my view, the unrestricted and decentralized aspect of Bitcoin has the potential to change our society the same way the unrestricted and decentralized flow of information on the internet has changed the way we live. People have shunned cryptocurrencies from the media 's out right wrong information. This is only the beginning of cryptocurrencies and the opportunities are endless.
Project overview Coinstir offers a way for users to quickly and effortlessly exchange blockchain asssets for a wide variety of coins. It is a complete experience offering a more perminanent solution to cryptocurrency swaps by giving users a single blockchain address capable of being manipulated to handle all of the supported …show more content…
Implications or Risk Factors
Coinstir 's system is based off of a method to minimize the risk of holding large volumes of highly volatile assets. Unlike all of the other exchange dealers that opperate off of a hot wallet to supply user 's exchanges, Coinstir acts as a middle man between the user and a 3rd party exchange meaning we are not susceptible to the massive market shifts associated with cryptocurrencies. Without having to hold volume, the service opperates at virtually no costs.
Planned Response
Our marketing approach has shifted to address the recent theft of user 's coins at our competitors site.
The emphasis will be on how our product removes the element of trust as we do not have any coins to steal. With virtually no trust left in the community it is key to provide a transparent service that doesn 't rely on holding hot