An Introduction to Cryptocurrency

cryptocurrencyDefining cryptocurrency can be difficult. Although precise definitions vary, the Internal Revenue Service (“IRS”) defines cryptocurrency and virtual currency as a digital representation of value that functions as a medium of exchange, a unit of account and/or a store of value. (IRS Notice 2014-21). In certain contexts, cryptocurrency operates like traditional coin and paper currency but it is not legal tender in the United States.
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The Very Basics of Blockchain

blockchain

Blockchain is the technology that makes Bitcoin possible and it has been around the edge of my consciousness since Bitcoin came on the scene about ten years ago, but I never really wanted to know more about what it is and how it works until the most recent lettuce recall when experts opined that Blockchain could have identified the source of the contamination and kept lettuce in our stores. How do we get from Bitcoin to lettuce with the same technology? I asked a lot of my very bright friends, many of whom are involved professionally with computers, and not one knew more than I did. So after a trip to the library (where only one book was helpful) and a few Google searches, Ihave a simplistic overview that I can share with you.
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