The vast majority of the population associates Blockchain with cryptocurrency Bitcoin; however, there are many other uses of blockchain; such as Litecoin, Ether, and other currencies. In this discussion, please describe at least two cryptocurrencies with applicable examples. Discuss some similarities and differences. Lastly, discuss if you have any experience using any cryptocurrencies.
Please make your initial post substantive. A substantive post will do at least TWO of the following:
· Ask an interesting, thoughtful question pertaining to the topic
· Answer a question (in detail) posted by another student or the instructor
· Provide extensive additional information on the topic
· Explain, define, or analyze the topic in detail
· Share an applicable personal experience
Sample Answer
Bitcoin is the first and most well-known cryptocurrency. It was created in 2009 by an anonymous person or group of people under the pseudonym Satoshi Nakamoto. Bitcoin is a decentralized currency, meaning that it is not subject to government or financial institution control. It is based on a blockchain ledger, which is a distributed database that records all Bitcoin transactions.
Full Answer Section
Ethereum is a newer cryptocurrency that was created in 2015 by Vitalik Buterin. Ethereum is also a decentralized currency, but it is more than just a currency. It is a platform for decentralized applications (dapps). Dapps are applications that run on the Ethereum blockchain and are not subject to government or financial institution control.
Some similarities between Bitcoin and Ethereum include:
- They are both decentralized cryptocurrencies.
- They are both based on blockchain ledgers.
- They are both open source, meaning that anyone can view the code and make changes.
Some differences between Bitcoin and Ethereum include:
- Bitcoin is a pure currency, while Ethereum is a platform for dapps.
- Bitcoin has a limited supply of 21 million coins, while Ethereum has an unlimited supply.
- Bitcoin transactions are slower and more expensive than Ethereum transactions.
I have some experience using Bitcoin and Ethereum. I have used Bitcoin to buy goods and services online, and I have used Ethereum to play dapps. I have found both cryptocurrencies to be easy to use and secure. However, I have also found that the prices of both cryptocurrencies can be volatile, which can make them risky investments.
I think that cryptocurrencies have the potential to revolutionize the way we think about money. They can make it easier and cheaper to send money internationally, and they can provide a more secure way to store our money. However, I also think that cryptocurrencies need to mature before they can become mainstream. The prices need to be more stable, and the technology needs to be more user-friendly.
What are your thoughts on cryptocurrencies? Do you think they have the potential to revolutionize the way we think about money?
This question has been answered.
Get Answer
Is this question part of your Assignment?
We can help
Our aim is to help you get A+ grades on your Coursework.
We handle assignments in a multiplicity of subject areas including Admission Essays, General Essays, Case Studies, Coursework, Dissertations, Editing, Research Papers, and Research proposals
Header Button Label: Get Started NowGet Started Header Button Label: View writing samplesView writing samples