Whois & Analysis for 7bitcoins.com

A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency.

Cryptocurrencies are a subset of alternative currencies, or specifically of digital currencies.

A blockchain – originally block chain – is a distributed database that maintains a continuously growing list of ordered records called blocks.

Each block contains a timestamp and a link to a previous block.

By design, blockchains are inherently resistant to modification of the data — once recorded, the data in a block cannot be altered retroactively.

Through the use of a peer-to-peer network and a distributed timestamping server, a blockchain database is managed autonomously.

Blockchains are "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way.

The ledger itself can also be programmed to trigger transactions automatically.".

Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts in a particular country or socio-economic context, or is easily converted to such a form.

The main functions of money are distinguished as: a medium of exchange; a unit of account; a store of value; and, sometimes, a standard of deferred payment.

Any item or verifiable record that fulfills these functions can be considered as money.

An economic system is a system of production, resource allocation, and distribution of goods and services within a society or a given geographic area.

It includes the combination of the various institutions, agencies, entities, decision-making processes, and patterns of consumption that comprise the economic structure of a given community.

As such, an economic system is a type of social system.

The mode of production is a related concept.

All economic systems have three basic questions to ask: what to produce, how to produce and in what quantities, and who receives the output of production.