Different Types Of Crypto Currencies

Coach Corey Wayne

Relationships, Society & Culture

4.6 • 532 Ratings

🗓️ 1 February 2022

⏱️ 14 minutes

🔗️ Recording | iTunes | RSS

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Summary

Connor and Corey discuss the different crypto currencies that are the some of the most popular and their differences.

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Transcript

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0:00.0	Let's talk about Bitcoin versus Ethereum versus Monaro versus Lightcoin versus Dogecoin.
0:11.4	What are the differences in these different types of cryptocurrencies?
0:16.8	And I guess we may start with Bitcoin.
0:19.0	Yeah, no, definitely.
0:20.5	Sort of Bitcoin,
0:21.5	let's say, like, all these coins are very similar in nature. It's easier to compare each
0:25.8	one. So let's say, like, Bitcoin versus Ethereum. The main core composite difference is, like,
0:31.8	Bitcoin is a decentralized network meant for just payment processing. It's a payment system
0:37.0	where you exchange coins.
0:39.3	Ethereum builds on this, then they add another layer of, you know, apps, so decentralized applications.
0:47.2	This allows for the benefits of decentralization to be expanded on to, you know, private exchanges where no one has control.
0:56.3	So you can have exchange wallet in a way that you can exchange your coins of no risk.
1:01.7	It's a neat idea.
1:04.1	They're still having trouble making a bunch of the apps, but hopefully in the future it can be expanded on.
1:09.9	So Bitcoin is used for buying and selling as well as being a store of value?
1:17.2	Yes, Bitcoin is exactly that.
1:19.6	You can transfer it, receive it, and store it.
1:22.1	That's a perfect way to describe it.
1:24.7	We've heard Elon Musk talking about the amount of energy required with the mining and trying to unlock other
1:32.4	Bitcoins because there's obviously, I guess, a finite amount of those and the amount of energy required.
1:40.9	And he was part of that was his justification for teslin not accepting bitcoin to buy their cars
1:47.4	which they had started to and then he changed his mind and went back on that yeah no that
	...

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