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<!DOCTYPE html>
<html lang="en">
<head>
<meta charset="UTF-8">
<meta name="viewport" content="width=device-width, initial-scale=1.0">
<title>Crypto Trading</title>
<link rel="stylesheet" href="resource.css">
</head>
<body>
<header>
<nav>
<div class="dropdown">
<button class="dropbtn">Dropdown</button>
<div class="dropdown-content">
<a href="resource.html">Trading</a>
<a href="crypto.html">crypto Trading</a>
</div>
</div>
</nav>
</header>
<h1>Basic Aspects of Cryptocurrencies</h1>
<ol>
<li>INTRODUCTION</li>
<ul>
<li>Cryptocurrencies are a new concept in the global economy.
They exist only for approximately five years and they already
attracted a lot of attention. Especially, since the year 2013 they
experience turbulent changes in their exchange rates. The
cryptocurrencies belong to the group of virtual currencies. We
can consider cryptocurrency as a digital medium of exchange,
based on principles of cryptography allowing performance of
secure, decentralized and distributed economic transactions [1].</li><br>
<li>Theoretical foundations of cryptocurrencies were outlined
by Chaum [2] for the first time in 1983 already. The
cryptocurrencies integrate electronic virtual money with
principles of cryptography [2]. The basic principle of
cryptocurrency is that no individual (or organization) may
accelerate or significantly abuse the production of a given
currency. Typically only a certain predefined amount of
cryptocurrency is collectively produced by the entire
cryptocurrency system. The rate of production is set by a value
defined in prior and is publicly known [3]. The
cryptocurrencies allows virtually costless transfers of
cryptocurrency units (referred as coins) between client
applications via computer peer-to-peer network [2].</li><br>
<li>The most famous cryptocurrency and the first to be
introduced was Bitcoin in 2009. It was designed by a person or
a group of persons hiding under pseudonym Satoshi Nakamoto
[4]. Two types of Bitcoin users exist: ordinary users and so
called Bitcoin miners. Ordinary users of Bitcoin use digital
wallet similar to electronic banking applications. The wallet is
software for a management of Bitcoin cash, thus for sending
and receiving payments in bitcoins. Bitcoins exist only as
information in files in a computer or a mobile device. Access to
these files is restricted to the holder of private key, which is
used to secure the money. If file system in the computer is
damaged or the wallet file is inadvertently deleted, then the
wallet file is lost and the bitcoins it contained are lost forever
(in case that the wallet file was not backed up). Although the
public address of wallet still exists, it can only be accessed by
the private key, which was deleted. Unless one breaks the very
secure encryption built into the system, then it would not be
possible to recover the lost coins and breaking encryption used
by Bitcoin network by a force is virtually impossible in timely
manner [3].</li>
</ul>
</ol>
</body>
</html>