Blockchain and cryptocurrency are mysteries to many people, so to understand the interview, let’s define what we’re talking about.
Blockchain, introduced in 2011, involves computers and servers programmed to solve complicated mathematical problems on an ongoing, virtual ledger. This work is managed by so-called “crypto miners,” who earn cryptocurrency – most commonly Bitcoin – when a problem is solved. They can then exchange it for another currency or retain ownership.
Cryptocurrency is an alternative, decentralized form of currency. Bitcoin is the most popular form of this digital currency; one coin is presently worth $31,666.70. Cryptocurrency can be used to pay for goods and services; It doesn’t exist in a physical form, like a coin or dollar bill, but rather virtually as data.
Outside buyers can get in on the action without a mining operation, by purchasing some or part of a Bitcoin through cash transactions or trades on an exchange.
The appeal of cryptocurrency is its decentralized nature; it knows no national boundaries. It sidesteps banking and government policies and practices. Critics contend the heavy use of energy-hogging computers is bad for the environment, and its unregulated nature opens the door for use by criminals.
The state Legislature is considering a two-year moratorium on new mining operations seeking to set up shop in the state using power from fossil fuels. It would also restrict the expansion of current operations doing the same.
Investigative Post reporter Layne Dowdall interviewed Ramamurthy the week of May 1.
Continue reading: https://www.investigativepost.org/2022/05/10/qa-explaining-cryptocurrency-blockchain/
Blockchain, introduced in 2011, involves computers and servers programmed to solve complicated mathematical problems on an ongoing, virtual ledger. This work is managed by so-called “crypto miners,” who earn cryptocurrency – most commonly Bitcoin – when a problem is solved. They can then exchange it for another currency or retain ownership.
Cryptocurrency is an alternative, decentralized form of currency. Bitcoin is the most popular form of this digital currency; one coin is presently worth $31,666.70. Cryptocurrency can be used to pay for goods and services; It doesn’t exist in a physical form, like a coin or dollar bill, but rather virtually as data.
Outside buyers can get in on the action without a mining operation, by purchasing some or part of a Bitcoin through cash transactions or trades on an exchange.
The appeal of cryptocurrency is its decentralized nature; it knows no national boundaries. It sidesteps banking and government policies and practices. Critics contend the heavy use of energy-hogging computers is bad for the environment, and its unregulated nature opens the door for use by criminals.
The state Legislature is considering a two-year moratorium on new mining operations seeking to set up shop in the state using power from fossil fuels. It would also restrict the expansion of current operations doing the same.
Investigative Post reporter Layne Dowdall interviewed Ramamurthy the week of May 1.
Continue reading: https://www.investigativepost.org/2022/05/10/qa-explaining-cryptocurrency-blockchain/
