As all of us cryptogeeks know, explaining digital currencies in a brief conversation is very difficult. There is so much to understand and it is wrapped in vocabulary the general public does not understand: wallet, blockchain, mining, faucets, pools, etc.
In almost a year of building a user community of over 57,000 in social media, we at AppleByte have used many different methods, some of which I have posted about. Recently we have hit on a method of explaining cryptos clearly enough that the everyday user can understand and take the first step to get started. Then over time, we can get more and more technical if the user is interested.
This method can work with all cryptos, except some of the new 2.0 ones. So I share it with everyone here.
You can see what we do on in our blog post How do digital currencies work
Or for convenience, I reproduce it below. Of course it is AppleByte centric, but you can see how to modify it to fit your needs.--------------------------------------------------------------------
As with any new technology, digital currencies like AppleByte can be hard to understand. Lets look at how AppleByte works.
How are digital currencies created?Just like physical currencies, digital currencies (like AppleByte) don't just pop into existence, they have to be made. In physical currencies, paper bills are printed and coins are minted by government agencies, then distributed into the banking system. In the same way digital currencies must be created and distributed to users.
In a digital currency like AppleByte, the currency is created by a software application. This software runs on each computer connected to the AppleByte network. All of the computers connected to the network work together, sharing the complex calculations necessary to create each AppleByte, and a certain number of AppleBytes are created each day. This process is called mining, and is not free, as it costs computer power and electricity. To compensate computer owners for their work, AppleBytes are paid to the software users connected to the network. For more details on mining go here:
Mining AppleBytes How are balances kept and transactions processed?Just like at your bank, your account balance and transactions are stored on a server. At your bank, the bank owns the server. But, as a digital currency, AppleByte’s account data resides on a peer-to-peer (computer-to-computer) network that consists of all the computers logged into the network. This allows for additional security as there is no single server that hackers can attack, and each transaction is verified by all the computers on the network. Just like logging into your bank account with your browser, you can see your AppleByte balance and spend them using the AppleByte Wallet App. The wallet gives you all the info you need, just like using your browser for banking transactions. The Wallet App is available in several versions: Online, MAC, Windows, Android, and IOS.
Since AppleByte was founded to support artists, what are the advantages vs cash?AppleBytes can be given by any fan, anywhere in the world, to artists anywhere in the world.
Fans or artists don’t need credit cards or bank accounts to give and receive AppleBytes.
There are no governmental, corporate or regional restrictions, telling fans who they can support.
Artists receive and can spend donations of AppleBytes almost instantly.
There are no fees for giving artists AppleBytes, compared to credit cards, Paypal or bank transfer fees, etc.
To learn more about the advantages of AppleByte, go here:
Why support artists with AppleBytesTo see places you place you can spend AppleBytes, go here:
Places to spend AppleBytes Ready to get started?The first thing you need to do is get your AppleByte Wallet App (Online, MAC, Windows, Android, or IOS). The online wallet version is already connected to the network. If you download the MAC, Windows, or Android wallet, just open it and it will automatically connect to the AppleByte network. The first time your wallet connects, it will need to sync with the network (which could take 30 mins to a couple of hours, depending on your internet connection) After that it syncs in just minutes. Go here to get your wallet:
Get Started
Earn your first AppleBytes, by helping to put them in circulation. Just copy your wallet receive address (found on the Receive Tab of the Wallet), and login to the AppleByte Orchard:
AppleByte Orchard Post your AppleByte wallet address into the Orchard and you can earn 100 AppleBytes a day. You can spend them, save them, send them to friends or tip your favorite artists anywhere in the world with them, just by knowing their Twitter account. For how to tip, see:
Tipping with AppleByte More information on AppleByte is available at:
AppleByte.me
And be sure to check out the AppleByte Music Store
Music Store where you can download great music, paid for with AppleBytes!
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