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Cryptocurrencies are a type of digital currency born not so long ago and which has had a rapid affirmation thanks to the best known of the group, Bitcoin.
Getting into the specifics of how cryptocurrencies work can be very complex. On the other hand, it is not uncommon to see discussions of cryptocurrency trading by people who have a vague idea of what they are.
Compared to traditional coins, some characteristics make cryptocurrencies peculiar: first of all, there is a computer code that regulates how subjects can carry out transactions. This code is called the protocol and brings together all the rules relating to that currency.
The cryptography underlying this technology is used to generate specific, unique, and non-replicable confirmation codes that are exclusively valid for a given currency. This means that no duplicates can be found in the system and it is not possible to counterfeit the virtual currency.
Furthermore, the cryptographic system has a very important function in confirming and validating transactions that have taken place within the currency. This aspect has allowed cryptocurrencies not to be subject to tampering and potentially dangerous modifications.
Another distinctive concept of cryptocurrencies is that of decentralization. If we look at the birth of Bitcoin, which took place between 2008 and 2009, we understand perfectly where this element comes from. Faced with the excessive centralization of the power of banking institutions, which then led to the serious global economic crisis with Bitcoins, it was thought well to respond with a decentralized network made up of peers.
This network works in peer-to-peer mode: there are no hierarchies between the various users and transactions are carried out directly between two parties, without intermediaries. Furthermore, thanks to decentralization, the network is supported by what is defined as validator nodes, all connected, which we discussed above.
It can be said that the decentralized network is mostly composed of all those users who manage, store and view the list of transactions, respecting, in any case, the rules defined by the protocol.
To validate every new transaction and generate new money, the nodes communicate with each other and transmit unique strings of code on a cryptographic basis.
The register, as defined above, that is created allows you to view any transaction and the digital wallets of users who own the cryptocurrencies without being able to trace the name of the legitimate owner, be it a natural person or a legal person.
NEGATIVE ASPECTS OF CRYPTOCURRENCIES
We have seen a fairly complete overview of cryptocurrencies and the blockchain, which is, in fact, a transparent, non-corruptible and non-modifiable system in which anyone can see the operations while maintaining a high level of anonymity.
Yet, not all that glitters is gold. The negative points of cryptocurrencies are still many, starting from the fact that if you lose the access keys to your wallets, you lose everything! Furthermore, there is no possibility to ask for a reset or any way to recover the password.
The transactions can be slow and take a few hours. Also, if you fail to make a transaction, you lose the transaction. For this reason, greater user responsibility is required, as there is a lack of intermediaries, such as a bank.
We must also pay close attention to another aspect: sometimes, a currency may be linked to scams or opaque operations. Ponzi exists in this environment too if you've never heard of them, you can find some important information here. Therefore, it is good to inquire as much as possible before carrying out any kind of operation with a new currency.
Detailed Programme Facts
• Programme intensity Part-time
• Average part-time duration 3 weeks
• Intensity Flexible
• Part-time variant Flexible
• Duration description
• Delivery mode
English Language Requirements
This programme may require students to demonstrate proficiency in English.
• There are NO previous work or education requirements for entry into any course level. Students may enroll directly into the Diploma or Advanced Diploma levels without completing lower ranked qualifications.
• Graduates can expect higher course levels to result in higher potential salary, positions and skill capabilities.
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