Tell me, Bolihei! The most thorough getting-started guide to cryptocurrency in the world｜Episode 1: What is cryptocurrency?
FX traders are probably hearing news about cryptocurrencies quite often lately. In this series, for those who are interested but don’t know how to start, professional trader Borihei will explain from the very basics of cryptocurrency. This month’s class covers the origins and features of cryptocurrencies. Let’s learn at a relaxed pace.
※This article is a reprint/edit of an article from FX攻略.com May 2018 issue. Please note that the market information described in the text may differ from the current market.
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Borihei (Akiyo Yazawa)
Famous as an FX trader who earns stable profits through short-term trading. Later, he became a leading figure in binary options. He is also knowledgeable about automated trading such as AutoRail, making him a versatile full-time trader. His knowledge of cryptocurrencies is also extraordinary. His son is Yaruzawa Daisuke, a member of the Japan national futsal team.
Katsuya Ozawa
In high school, represented Chiba Prefecture in swimming for national sports. After working as a sports trainer and a personal trainer, he is currently a corporate employee. He still continues swimming, and also mentors elementary and middle school students. Hearing that billionaires are rising in cryptocurrencies, he could not stay still and entered as a disciple of Borihei through FX攻略.com editorial team.
A mysterious figure proposed it and volunteers developed it
Ozawa: First, what is cryptocurrency?
BoriheiIn simple terms, it is a digital asset not under the management of a country or similar authority, but it has value at present.
Originally, it started when a person named Satoshi Nakamoto posted the concept on an Internet forum. It was in 2008.
Ozawa: Did a Japanese person create it?
BoriheiThat remains uncertain. After all, information about Satoshi Nakamoto is shrouded in mystery, and it’s not actually clear whether it’s a Japanese person, an individual, or a team. And in 2010, he disappeared from view.
Ozawa: If the creator disappears, isn’t that a problem?
BoriheiHowever, Bitcoin is open-source software, so the program contents are disclosed, and anyone can participate in development and operation. Therefore, development and operation have continued by volunteers since then.
Ozawa: I’ve heard about it too—what is blockchain?
BoriheiIt is a technology that stores data in blocks that are linked together in a chain, adding them sequentially. All transactions are recorded, and the content cannot be changed later.
In order to realize Bitcoin, blockchain technology was needed. Now, however, blockchain technology itself is attracting attention as a major innovation that can transform society.
