Crypto mining is the method by which Bitcoin or other cryptocurrency transactions are verified and added to the blockchain. This can be done by anyone with mining hardware — from independent individuals to scaled cloud mining facilities. These crypto miners run the “proof of work” math on their computers to verify crypto transactions, and when they add a block to the blockchain, they are rewarded for their work with newly created Bitcoin, as well as transaction fees. Without crypto mining, there would be no Bitcoin, no blockchain — and especially no decentralization to the entire system.
Not to be confused with the Midas touch, the gold standard is a basis for gauging the value of currency, and it played a critical role in the establishment of the U.S. dollar. The nation steadily veered further and further from a true gold standard, and today the U.S. dollar is truly fiat in nature — not backed by any intrinsically valuable commodity. …Read more
When it comes to the federal reserve, there’s levels to understand. You’ve got the federal reserve, located in Washington, D.C, home to the chairman of the Fed and the members of the Board of Governors. But then you’ve also got several regional branches of the federal reserve — twelve, to be exact — that play their own roles within the national banking infrastructure. …Read more
When was the last time you heard mention of any central bank? During the lesson on Alexander Hamilton in your eighth grade American History class? You’re probably not alone. …Read more
What’s that you say? You don’t know the first thing about what fractional-reserve banking is or how it works? You’re not alone. We recently conducted a study of 1,000 US consumers and nearly 26% of respondents believed that banks were required to hold 100% of customer deposits in reserves. …Read more