Crypto, Bitcoin and Blockchain
Life is a balance of holding on and letting go. — Rumi
Cryptocurrency is a red hot topic these days. There is a rapidly growing list of terminology associated with Cryptocurrency. Here are just a few terms from the Lexicon of Cryptocurrency
Cryptocurrency — A digital medium of exchange in which ownership is recorded in and verified by a cryptographically secured ledger of transactions. Cryptocurrency is created via encryption algorithms.
Bitcoin — A decentralized digital currency invented in 2008 by a person or persons calling themselves Satoshi Nakamoto. The cryptocurrency can be transferred directly via a peer-to-peer network. All transactions are verified before being recorded in a distributed ledger called a blockchain. Bitcoin are created through “mining”. As of 2021, it is estimated there is over $900 billion worth of Bitcoin available for circulation. The smallest denomination of Bitcoin 0.00000001 is called a Satoshi or Sats for short.
Block — Blocks contain valid data in a blockchain. Each block is linked to the previous block via a CHF (cryptographic hash function). One analogy of the blocks in a blockchain is that they are like cells in a spreadsheet which cannot be changed.
Blockchain — An ever-expanding list of blocks (time stamped data records) connected “chained” together cryptographically. No individual block can be altered without altering all the previous blocks, making a blockchain virtually immutable.
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Here is a brief excerpt from the Tao of Crypto.
The Tao of crypto is constant
The anonymous code generated the crypto-world
The anonymous code is ever present
The code brought to life the ten thousand assets
Appreciate the subtle internal mysteries without desire
Yearn for the known external manifestations
With different names, the mysteries and manifestations originate together
This uniformity reveals the enigmatic Tao of crypto
Being and nonbeing generate the other
Complex and simple fulfill one another
All Time High and All Time Low are complements
Before and after flow together
The wise thrive through non-action
They contemplate in stillness before acting
