Cryptocurrency & Bitcoin
Sunshawl Services Inc offers tax consulting and tax preparation for cryptocurrency traders and miners, as well as blockchain software developers. If you need assistance, please contact us for a free consultation.
If you’d like to learn how cryptocurrencies and blockchain technology can be used in your everyday life, please join the social learning website founded by Kelly Sunshawl Barrett called, Life with Crypto. Life with Crypto is a membership based website where everyday people learn simple effective ways to grow wealth, manage online security, and control personal data. Come learn how buy your first piece of a bitcoin. Join us to Learn, Grow, Connect. Be a part of the future, today!
Bitcoin, the first cryptocoin created, was introduced via white paper by Satoshi Nakamoto in 2009. Bitcoin started with the promise of lower transaction fees, fast confirmations, and more anonymity as compared to traditional online payment platforms. Bitcoin operates as a decentralized distributed ledger known as the blockchain. There are no physical bitcoins, only blockchain balances associated with public address keys kept in a user’s digital wallet.
A blockchain is a public ledger of all the digital transactions that have ever been executed on a cryptographic network such as Bitcoin or Ethereum. It is constantly growing as confirmed blocks are added to it. The blocks are added to the blockchain in linear, chronological order. The blockchain stands as a tamper-evident record of all transactions on the network.
Ethereum, the second most popular blockchain, has received a lot of attention since its announcement at the North American Bitcoin Conference in early 2014 by Vitalik Buterin. The natural consequence of its rising popularity has been its constant comparison to Bitcoin.
Officially launched in 2015, Ethereum is an open-source distributed computing platform with a public blockchain, a cryptocoin called Ether, and its own programming language known as Solidity. It is the largest and most well-established, open-ended decentralized software platform that enables Smart Contracts and Distributed Applications (ĐApps).
Ethereum is said to be Turing Complete, which Bitcoin isn’t, and uses the Ethereum Virtual Machine (EVM) to execute smart contract scripts over the network.