Understand

Tech and AI: 4. Cryptocurrency, Blockchain and Web 3.0

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Jul 3, 2023
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INSIGHT

Bitcoin Runs On A Decentralized Blockchain

  • Bitcoin is a digital currency maintained by blockchain rather than a government or bank.
  • Kitty Hawlik explains the blockchain is a decentralized ledger owned by the masses that enforces rules and records transactions permanently.
INSIGHT

Blockchain Provides A Public Tamper Proof Ledger

  • A blockchain is a tamper-proof digital ledger that publicly records every transaction for anyone to inspect.
  • Kitty highlights that visibility and immutability reduce fraud and make it hard to fake transactions without a central bank.
INSIGHT

Crypto Value Is Highly Volatile

  • Cryptocurrencies lack central regulation so their prices can be extremely volatile compared with government-backed currencies.
  • The hosts note Bitcoin jumped from about £60 early on to peaks around £50,000, illustrating wild value swings.
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