Lecture Summary [copy]

Transcript

00:01

WELCOME TO Crypto Currencies

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By: Ace Mercer

00:02

36/03/21

00:07

WE WILL BE COVERING 3 TOPICS

00:09

What are CryptoCurrencies

00:10

How do they work

00:11

How they benefit humanity

00:16

TOPIC 1

00:18

What Are Crypto Currencies?

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Originally 2009 when Bitcoin was created is when most investors consider to be the first Crypto Currency. Cryptocurrency is a form of payment that can be exchanged online for goods and services. Many companies have issued their own currencies, often called tokens, and these can be traded specifically for the good or service that the company provides. Think of them as you would arcade tokens or casino chips. You’ll need to exchange real currency for the cryptocurrency to access the good or service.

00:29

TOPIC 2

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How do Crypto Currencies work

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How do cryptocurrencies work? Simply put, cryptocurrencies are electronic peer-to-peer currencies. They don't physically exist. You can't pick up a bitcoin and hold it in your hand, or pull one out of your wallet. Basically the way you gain Crypto Currencies is by doing something called Crypto Mining it is when you trade your GPU and CPU resources for parts of a Crypto Currency like Bitcoin or Ethereum.

00:42

TOPIC 3

00:43

How Have Crypto Currencies Benefited Humanity

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Cryptocurrencies have the potential to enable social and economic growth throughout the world, including in developing countries, by offering easier access to capital and financial services. No need for central regulations like banks or governments. It gives power in the hand of regular people they can do person to person transactions all around the world in seconds without paying hefty charges to banks.

00:54

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