S-Coin: The New Cryptocurrency, or Another Scam?
You might not be able to find anyone who hasn’t heard of bitcoin by now. It’s the most popular cryptocurrency on everyone’s lips. Bitcoin made its debut in 2008, and it was created by Satoshi Nakamoto. His vision was a currency built on ‘a system of electronic transactions without relying on trust.’
Bitcoin wasn’t the first (and won’t be the last) cryptocurrency ever created. Today we have many digital currencies, such as Litecoin, Peercoin, Namecoin, QuarkCoin and more.
Bitcoin and other digital currencies do have their associated risks. But they’ve also got innovative technology behind it.
If you were to transfer bitcoins from one person to another, you could do so via the blockchain. Think of it as a public ledger which records all transactions ever made. The creation of more ‘blocks’ (transactions) allows the ledger to grow, thus increasing the size of the blockchain.
This post was published at Money Morning on 25/10/2016.