Notes

1. Simply put—blockchain is software that is a lot like a ledger.
2. Each block in the chain represents a piece of data such as transaction records, credentials, and/or other financial information.
3. Each block in the chain represents a piece of data such as transaction records, credentials, and/or other financial information.
4. Each block is recorded chronologically at the exact time it occurred, making an unchangeable and transparent chain.
5. If one block in one chain were to be changed, it would be immediately apparent it had been tampered with. If hackers wanted to corrupt a blockchain system, they would have to change every block in the chain, across all of the distributed versions of the chain.
6. The blocks of data are stored on lots of independent nodes, the computers or servers connected together on the blockchain.
7. All these nodes continuously exchange the newest information on the blockchain with each other.
8. The wide distribution of the exact same transactions on a vast network of independent nodes makes tampering with the information a practical impossibility.
9. A person making his node (computer) available on a blockchain network is called a miner.
10. Every time a transaction is recorded by a miner, that person wants to be compensated and will charge a small fee, a miner fee. These fees can range and vary quite a bit, but we’ll get to that in more detail later.
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Downside of Crypto
1. you still need dollars to buy crypto
2. you can get hacked
3. in contrast to stocks and bonds or regular currencies, there really nothing backing up the value of cryptos
4. these heavy fluctuations in value can cost an investor or user dearly
5. cryptocurrencies are not tangible currencies
6. cryptos are said to be untraceable
7. there's no legal protection for consumers and cryptos yet
8. it takes a lot of electricity to mine or harvest cryptos
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Fiat currency; noun ECONOMICS
A fiat currency, according to Investopedia, is a government-issued currency that is not backed by a commodity such as gold. Fiat money gives central banks greater control over the economy because they can control how much money is printed. Most modern paper currencies, such as the U.S. dollar, are fiat currencies.
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Pump and Dump Scheme
1. the scammer buys the crypto
2. the crypto is being promoted
3. the scammer starts selling