The infographic at the end of this article showcases top 8 women in Cryptocurrency.
In recent years, despite the buzz around cryptocurrencies, many people still do not fully understand what it is or how it has the potential to impact our economy, banking system, and other industries.
What’s more surprising is that many people are blindly getting into investing in cryptocurrencies without even fully understanding it.
Basically, a cryptocurrency is a digital asset that is represented by unalterable entries that are made in a distributed, shared database or a ledger which is spread out over a network of computers.
Each computer has a complete history of all transactions, and whenever a new transaction occurs, it is added to all the ledgers on every computer. Each computer in the network is referred to as a node, and every transaction is required to be confirmed on each node.
Each transaction is cryptographically encoded. Single units of a cryptocurrency are referred to as coins or tokens.
The original idea behind the creation of bitcoin, which was introduced in a whitepaper in 2008 as a response to financial crisis-was to build a system that did not require any third party intermediaries like banks to process transactions.
Like fiat currency, cryptocurrencies are not as easily manipulated and they grow at a relatively expected pace through a process called “mining.” Furthermore, there is a finite number of a particular crypto coins in existence.
‘Mining’ is a process that involves a computer solving a complex mathematical problem and appending it to the ‘blockchain,’ i.e. the public ledger.
There are currently more than 1,500 cryptocurrencies, and the list is constantly growing as more and more companies are beginning to offer their own coins.
Similar to an Initial Public Offering where a company offers stocks, an ICO is the first time a crypto based company’s coin is available for purchase. They are used for crowdfunding new startups working with blockchain technology.
The legal scenario regarding cryptocurrency varies from country to country and currency to currency. For example, in the United States, it is legal to use Bitcoin for transactions, but the SEC regulations on investment prohibit U.S. citizens to participate in ICOs.
Here is an infographic of 8 top women in cryptocurrency:
- What is a Smart Contract
- How to Buy and Sell Bitcoin
- Mining Bitcoins
- Ambitious Blockchain Projects
- Transfer Money from UK
- Mobile Banking in Nigeria
- Mobile Money in Nigeria
- Internet Banking