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    July 16, 2018

    5 commonly asked questions in cryptocurrency

    bitcoin cash hard fork

    Given cryptocurrency’s relative novelty, it’s unsurprising that many new investors and traders alike enter the field with questions.

    Foruntatley, CoinInsider offers Learning content offers an easy introduction to the world of blockchain technology, all spelled out in plain english.

    Here are five trending topics you should get acquainted on:

    What is Bitcoin?

    Bitcoin is the first example of a peer to peer money and is not controlled by any central authority. Because Bitcoin isn’t controlled by a government or reserve bank, it is immune from the kinds of government manipulation that has devalued countless national currencies.

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    What is Ethereum?

    Ethereum is a platform that uses blockchain technology to replace ‘third party’ internet vendors that store data or keep track of complex financial instruments.

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    What are forks, snapshots and airdrops?

    Software forks occur when a development team upgrades a blockchain with the hope of offering a better version of the original technology.

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    What are smart contracts?

    The term ‘smart contract’, as first coined by Nick Szabo, refers to a protocol designed to digitally facilitate or enforce the performance or negotiation of an agreement. In the context of blockchain technology, smart contracts allow the undertaking of credible transactions over a decentralized network which are both trackable and irreversible.

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    What is an ‘initial coin offering’?

    ICOs are a fundraising method by means of crowdfunding. This happens where startup projects publicly sell their basic cryptocoins or tokens in exchange for Bitcoin or Ether.

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    • Sam Pres

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