Blockchain Technology and the Crypto Currency Market

Preliminary Task 0.1:

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Please, research and read about the crypto currency market, blockchain technology and write a brief summary (no more than one page) which includes reference links based on your findings. The point of this exercise is to show that you know something about the crypto world.

When using blockchain technology, the accounts of the records are linked and encrypted to protect the security and privacy of transactions, where there is elimination of the intermediaries and there is decentralized management. Blockchain is the technology behind crypto currencies like Bitcoin, but separated and is useful in other things, where decentralized transactions are recorded (Yli-Huumo et al., 2016). For instance, the technology helps create other crypto currencies like Ethereum, using the same principles, but with different monetary policies and algorithms. In the crypto currency market, there are blockchain technology transactions through a distributed and secure database, which is possible because of encryption where the value and price of the crypto currencies changes depending on demand and supply.

One of the main crypto currencies is Bitcoin and the virtual currency is based on a decentralized computer network, with the networks scattered around the world and transactions details copied. The crypto currencies are created by miners, people who are part of...