What Are Crypto Currencies For? | Blockchain and Cryptocurrency Courses | 2019 | Summary and Q&A

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July 5, 2022
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What Are Crypto Currencies For? | Blockchain and Cryptocurrency Courses | 2019

TL;DR

Blockchains have various applications beyond cryptocurrencies, such as replacing gold and providing financial services in developing economies.

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Questions & Answers

Q: What are some examples of cryptocurrencies other than Bitcoin and Ethereum?

Some examples include EOS, Stellar, Litecoin, Tether, Cardano, and Monero, each with their own unique features and purposes.

Q: How can Bitcoin replace gold?

Bitcoin can be stored as a secret signing key, making it easier to store and transport compared to physical gold. It can also be exchanged more quickly with others.

Q: What advantages do cryptocurrencies offer in developing economies?

Cryptocurrencies provide a secure way to store and transfer funds, making it appealing for individuals in developing economies who may not trust their local financial systems.

Q: What are the issues with existing cryptocurrency schemes?

One issue is scalability, as the Bitcoin network can only handle about three transactions per second, much slower than traditional systems like Visa or PayPal. Another issue is high volatility in cryptocurrency prices.

Summary & Key Takeaways

  • There are many cryptocurrencies beyond Bitcoin and Ethereum, including EOS, Stellar, Litecoin, Tether, Cardano, and Monero.

  • Bitcoin can serve as a replacement for gold, as it is easier to store, transport, and exchange.

  • Cryptocurrencies can be a reliable financial solution in developing economies where trust in local financial systems is limited.

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