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A large percentage of them have no idea, because its complex.
What is cryptocurrency?
Its a form of electronic money that sparked interest in recent years due to itsskyrocketing prices.
Its money that goes instantly from one person to the other, and theres no middleman, says Mezrich.
A can be sent from person-to-person via their phone, just like a text.
Is that the same as Bitcoin?
The most well-known example of cryptocurrency isBitcoin, which was created in 2009.
But theres almost an infinite amount of cryptos at this point, says Mezrich.
What is mining?
This is the process of how the money is transferred from person-to-person.
Because cryptocurrency doesnt use banks, miners are the ones who verify each transaction.
Say I send you a Bitcoin, says Mezrich.
This is what these miners are doing: Theyre just continually trying to solve these equations.
Because whoever solves it first, gets the golden ticket the Bitcoin.
What is a blockchain?
You probably remember this term being bandied about by Chuck last season regardingmobile voting.
Why do I need to know about blockchain?
Because its where all crypto transactions are logged.
If I send you one Bitcoin, says Mezrich, that transaction is logged onto the blockchain.
And the way it becomes verified is by these miners.
Theyre the ones who essentially put these equations onto the blockchain.
Chuck and Kate arrest two nerdy-looking guys in theseason premiere.
What did they do wrong?
And how does that relate to cryptocurrency?
So miners are always trying to find cheaper electricity.
Enter the small town in question: The town gave the miners priority over their electrical power.
How does Axe figure into all this?
Axe is involved because hes the leader of a consortium that combined its resources to fund this operation.
Gordie Axelrod was busted for multi-mining in thethird episode.
But Gordie was caught.
How did he end up knocking out the towns power grid?
In so doing, he ended up short-circuiting and causing a massive power-grid failure.
Was he really pulling down enough power to cause the whole town to black out?
Mezrich admits thatBillionstook a bit of dramatic license here.
How illegal was Gordies scheme?
He absolutely committed a crime by tapping into his schools (and the towns) power grid.
The mainstream has still not accepted it, he says.
