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Cryptocurrency by Mind Map: Cryptocurrency
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Cryptocurrency

A cryptocurrency is a digital medium of exchange. The first cryptocurrency to begin trading was Bitcoin in 2009. Since then, numerous cryptocurrencies have become available. Fundamentally, cryptocurrencies are specifications regarding the use of currency which seek to incorporate principles of cryptography to implement a distributed, decentralized and secure information economy.

(Notable) Altcoins

The collective name for cryptocurrencies offered as alternatives to bitcoin. Litecoin, Feathercoin and PPcoin are all altcoins.

Litecoin

Bitcoin

Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is pretty much like cash for the Internet. Bitcoin can also be seen as the most prominent triple entry bookkeeping system in existence.

Knowledge Base

Operation

Bitcoin Network

Protocol

Trading & Exchange Market

Merchants & Payment

Economic Rules

Developement

(Bitcoin) Blockchain

A block chain is a transaction database shared by all nodes participating in a system based on the Bitcoin protocol. A full copy of a currency's block chain contains every transaction ever executed in the currency. With this information, one can find out how much value belonged to each address at any point in history.

Transactions

Blocks

trusted timestamping (timelock)

Coloring

Mining

Mining is the process of spending computing power to process transactions, secure the network, and keep everyone in the system synchronized together. It can be perceived like the Bitcoin data center except that it has been designed to be fully decentralized with miners operating in all countries and no individual having control over the network. This process is referred to as "mining" as an analogy to gold mining because it is also a temporary mechanism used to issue new bitcoins. Unlike gold mining, however, Bitcoin mining provides a reward in exchange for useful services required to operate a secure payment network. Mining will still be required after the last bitcoin is issued.

Mining Schemes

Mining Hardware

Mining Difficulty

Mining Rewards

Pooled Mining

Solo Mining

Mining Software

Usage & Solution

General Trading

Micropayments

Distribution

Node

public ledger

wallets

History

Encryption & Signing

Spreading

Geographical

Value

Media

Users

Compliance & Legal Status

Regulators from various jurisdictions are taking steps to provide individuals and businesses with rules on how to integrate this new technology with the formal, regulated financial system.

BitLegal.io

BitLegal is the easiest way to explore the evolving regulatory landscape of virtual currency around the world.

BitcoinComplianceModel.com

Kelvin's thoughts

Virtual Currency Schemes - European Central Bank

Application of FinCEN’s Regulations to Persons Administering, Exchanging, or Using Virtual Currencies

AML

Anti-Money Laundering techniques are used to stop people converting illegally obtained funds, to appear as though they have been earned legally. AML mechanisms can be legal or technical in nature. Regulators frequently apply AML techniques to bitcoin exchanges.

Security

Common_Vulnerabilities

Features

Decentralized

Pseudonymous

Digital currency secured and validated by cryptography

Digital Medium of Exchange

Supporting real-time, independent transfer

Peer to Peer, data saved on the net

The generation algorithm defines, in advance, how currency will be created and at what rate.

Cryptocurrency All-in-One Mindmap v0.2 by LuoboTiX