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Exploring the world of Crypto Currency - explanation and related articles

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  • By 2020 it’s estimated that the crypto economy will exceed US$3 trillion. By 2022 it will represent 10% of the world’s GDP

Articles of Interest listed below....scroll down to view - continuously updated and current

What is Cryptocurrency? - it is a form of digital money

More and more people and companies are starting to use it. Some of this money can be spent on the same goods and services we pay for with traditional “fiat” currencies – dollars, euros, yen, and so on. Some cryptocurrencies, though, are only for use in closed systems, to pay for a specific platform’s services.

The total value of all cryptocurrencies in use around the world reached nearly USD 600 billion by the end of December 2017, almost 40 times more than a year earlier. Some people buy cryptocurrency simply hoping its price will increase. But, setting speculation and investment aside, cryptocurrency is becoming increasing popular as a means of paying for goods and services. There are a number of reasons for that:

It’s secure and impossible to counterfeit due to the complicated mathematics and military-grade cryptography that are involved. 
It’s decentralized and more efficient – you own your cryptocurrency and no bank or government is needed to issue the money, and no middleman is needed to transfer your funds. That can make your transactions cheaper and quicker (though not always).
There are more and more opportunities to use cryptocurrencies to pay for goods and services all around the world.
It helps people without access to traditional banking become part of the worldwide financial system.
It’s programmable money which offers many more options for how it can be used and adapted to one’s needs.
It offers new ways for businesses to reach new customers and raise capital.

Could bitcoin (very detailed information) be a good way for children to learn about digital currency?

 

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A brief history: 
The best-known cryptocurrency is Bitcoin, which came into existence in January 2009 and marks the beginning of the rise of cryptocurrencies. But there were many unsuccessful attempts to create such currencies earlier. 
Bitcoin was created by Satoshi Nakamoto, though no one knows whether that is a he or a she or even a group of people. 
There are now more than a thousand cryptocurrencies in use. They can be grouped into “coins” (Bitcoin plus other currencies collectively known as altcoins) and tokens, such as those used to pay for the services of a specific blockchain based platform. Altcoins offer varying levels of anonymity, transaction speed and other features. Also, the word “coin” is used as a metaphor, as there no coins on blockchain - it is only an entry in a ledger.

               What is Blockchain?   

     

             This interview explains it to 5 age levels, never too young to learn!

Put simply, BLOCKCHAIN is data that’s stored and maintained by a decentralized network of computers.

This is trustless technology which can radically change the world as we know it, redefining how we deal with data and transfer value. As an example, blockchains lets us send digital money peer-to-peer without going through any bank. It’s technology that can eliminate the middleman in many traditional sectors: banking, insurance, entertainment, government and more. Although it’s still at an early stage of development, blockchain technology is already being used in real life for cryptocurrencies, storage of government data, and so on, and many in both the private and public sectors are exploring potential use cases.

The best-known blockchain to date is that used for the cryptocurrency Bitcoin.

How does it work?

Entire books have been written about how the blockchain works, but let’s take a look at the key points and consider the example of Bitcoin:

Blockchain technology records information related to Bitcoin transactions, such as where the money came from and where it went, the time of the transaction, the amount, any fees paid, and other data. All this information is stored in a chain of “blocks”, which are a kind of container. In the case of Bitcoin, each block contains data for about 2,000 transactions (at least as of late 2017). Such blocks of transactions are back-linked with the help of cryptography.

Blockchains can store many different kinds of data: the details of cryptocurrency transactions, the contents of a land register, insurance records, health history, car accident history, changes of ownership, etc. They can also serve as a platform for other applications.

Blockchains, as distributed and timestamped ledgers of all transactions, are stored on a decentralized (in most cases) network of computers, also called ‘nodes’. Each computer stores a copy of the whole blockchain in question.

Features of blockchains:
- They’re practically immutable, since altering any information would require enormous computing power, and the longer a blockchain becomes, the safer it is.
- They tend to be transparent, since typically anyone can see the data on a blockchain (like Bitcoin, for example) using a “blockchain explorer” that lets you view all transactions. Some blockchain technologies, however, offer more anonymity. 
- They tend to be decentralized, meaning there’s no central authority behind them – unlike a traditional database, which can be shut down or censored at the will of its owner. And even if part of its network goes down, a blockchain will still remain operational 24/7. But there are blockchain projects with a more centralized approach.

All these features combined offer hope that many of our daily routines can become more effective, transparent, faster, and cheaper.

Types of blockchains:
There are two types of blockchains: 
Public (such as Bitcoin), where anyone can join the network of nodes. 
Private (mostly used by businesses), where only those with permission can add their computer to the network.

Blockchain Videos and explanations (if you need more).

What better way to learn about Cryptocurrency if you are a "youth" than from your peers. Thanks to Kamea Aloha Jr. the CryptoCoinKid who has graciously allowed us to feature his videos. Kamea is working on a special informative video just for Groups4Schools so stay tuned to hear what he has to share! Check out his videos on our dedicated page.


Articles of Interest:

Short Tid-Bit Articles:

Walking through the history of cryptocurrencies

$60.7 Billion by 2024... that's huge!!

Banks With Crypto? The world is full of hypocrites

Cryptocurrencies are gaining heat

Youth Specific:

Article One - Crypto Currency and the learning/investment opportunities for Youth

Article Two - Dear Students, everything in Bitcoin's way is your 1 billion dollar opportunity (college)

Article Three - Parents are paying children in digital money - end of pocket money?

Article Four - Pocket Money why it needs to survive?

Article Five - Good digital parenting

Article Six - Piggy Coin - Want to buy some? 

General:

Article One - Bitcoin, Blockchain and Cryptocurrency an introduction for discussion

Article Two - Trading Crypto Like A Pro with I Love Crypto (Certified Investor)

Article Three - Ethereum - the next wave of Cryptocurrencies

To be continued ...

ICO/COINS/TOKENS

How to choose an ICO - 5 Tips for beginners

           Partners

Our partner over at CRYPTOBIT GAMES has listed us as their partner. Love to promote gaming as a way to introduce our "youth" audience to Crypto!

Hedgie is joining our monthly give-a-way so sign on to our community to earn the chance to win 5 Hedgie's....we'll be giving away Hedgies through Groups4Schools give-a-ways page so be sure to sign up to be eligible Visit @hellohedgie on Twitter or Join them on Telegram Visit their website.

CEO at 12 yrs old

     

He's just 12 years old and already is the CEO of his own company. Meet ICO and Crypto enthusiast George Weiksner. Hear the 6th grader explain the difference between ICO and Cryptocurrency investing, his thoughts on Bitcoin and more! George's intro video can be viewed on his site at Pockefullofquarters Check out the Business Insider's article. You can also view George's interview with Market Watch here.

Kamea can help you out buying bitcoin! Go listen to his other videos on Cryptocurrency for Kids

         YouTubers

Want to check out the many YouTubers who are talking Crypto Currency.. here's a list with ratings and stat's to check out. Groups4Schools is creating our own list of followers to feature on our site - stay tuned for our choices!.

     I Love Crypto - Certified Bitcoin Professional

     

Want to see (Part 2) go here You can also view a free guide on (DYOR) doing your own research before buying Crypto here