Here is an overview of Cryptocurrency and its implications in the cloud services industry

What is “Bitcoin”? What is Cryptocurrency?

A “bit” is the smallest, most basic unit of information for computers and information theory. It is also used as a reference to any small coin.

A “coin” is a physical disc or piece used as money resulting from its inherent value (e.g. made from a precious metal) and/or it’s rarity (e.g. being difficult to replicate or acquire).

Bitcoin was named to describe bits of data as a form of money rather than physical currency. Bitcoin was the first “cryptocurrency”. “Cryptocurrency” is the generic name for “Bitcoin”, just as “Kleenex” is synonymous with “tissue paper.” It is the first, most dominant cryptocurrency in the market.

Bitcoin (“cryptocurrency”) is a technology that enables the secure exchange of value using data. Cryptocurrency can function reliably as a secure exchange of value because of several interdependent components. Many of these components are specific to cryptocurrency and have resulted from the emergence of cryptocurrency…. READ MORE.