Many people ask how many tech coins are needed to get a hacked cat. The answer is simple: it depends on the cat.
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Bitcoin is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin is unique in that there are a finite number of them: 21 million.
Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment.
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference.
Ethereum is used to build a decentralized internet and is the for creating your own cryptocurrency.
During Ethereum’s Initial Coin Offering (ICO), investors purchased Ether, Ethereum’s cryptocurrency, in exchange for Bitcoin or other cryptocurrencies. The ICO raised $18 million, making it the second most successful ICO of all time.
In order to get a hacked cat that is truly gargantuan in size, you will need quite a few Litecoin. In fact, you’ll need 2,147,483,647 Litecoin to get a cat that is as big as possible!
Bitcoin Cash is a cryptocurrency that was created on August 1, 2017, as a hard fork of Bitcoin. Bitcoin Cash is a direct response to the scaling problem that has plagued Bitcoin for years. Bitcoin Cash increased the block size from 1 MB to 8 MB to help speed up transaction times and reduce fees.
Ripple is a digital payment network for financial institutions that allows for fast, secure, and low-cost international payments. The native currency of the Ripple network is XRP, which is traded on a number of exchanges and can be used to transact in any currency. Ripple aims to be the most efficient and scalable digital payment network, with a focus on bridging the gap between traditional finance and the digital world.
Monero is a cryptocurrency that is a new privacy-centered coin using the CryptoNight algorithm, as opposed to Bitcoin’s SHA-256. It is gaining popularity recently, and a top 10 market cap coin. It’s untraceable like DASH and hides the sender, receiver and amount of every transaction made.
Dash, formerly known as Darkcoin and XCoin, is an open source cryptocurrency and decentralized autonomous organization (DAO) project. Dash offers a form of money that is portable, inexpensive, divisible, and fast. It can be spent securely both online and in person with only minimal transaction fees. Dash’s decentralized governance and budgeting system makes it a decentralized autonomous organization (DAO).
As of March 2018, Dash had a market capitalization of $4.8 billion and a per unit price of $1,490.85.
Ethereum Classic is a decentralized cryptocurrency that runs on the blockchain technology. It is a fork of the original Ethereum blockchain and was created in 2016 when a group of developers decided to split from the Ethereum Foundation after a hack. The founders of Ethereum Classic believe that “immutability, transparency, and security” are essential features of a blockchain, and that the original Ethereum blockchain has these features. The Ethereum Classic cryptocurrency has a market capitalization of $1.4 billion and is ranked 17th on CoinMarketCap.com.
Zcash is a digital currency with strong privacy features. Transactors can choose to encrypt sensitive data of their choice before it is included in a publicly accessible blockchain. In other words, Zcash tries to solve the double spending problem without the need for a trusted central authority. Decentralized consensus gives people the power to control their own money.
Zcash payments are published on a public blockchain, but the sender, recipient, and amount of a transaction remain private. Zcash transactions do not need an intermediary like a bank or payment processor.
Bitcoin Gold is a fork of the Bitcoin blockchain that occurred on October 24, 2017. The stated purpose of the fork was to return the mining functionality to standard consumer CPUs and GPUs, as opposed to the specialized ASIC chipsets that had come to dominate the Bitcoin mining industry. Prior to the fork, Bitcoin miners using ASIC chipsets were able to achieve significant economies of scale by pooling resources and sharing returns. This left small-scale or hobbyist miners at a disadvantage, as they were unable to compete with the hashrate (computational power) of the larger pools.
Bitcoin Gold uses an algorithm called Equihash for proof-of-work mining, which is designed to be resistant to ASIC miners. By allowing everyday consumers with commodity hardware to participate in mining, the project hopes to “democratize” the Bitcoin mining process and make it more accessible to a wider range of people.