Blockchain Basics: What You Need To Know: In the world of blockchain basics and currencies, there are some important details that you need to know. While learning anything new takes time and energy, so will your ability to monitor any accounts you keep with Bitcoin. However, there is no need to worry. Because just having a basic understanding is all you need. Now, one of the amazing aspects of cryptocurrencies; is that the monetary value is the same all over the world. There is no need to track conversion rates. All the while, allowing access to your money. Thereby making purchases in other countries easier.
Most importantly, for all of those wanting to start collecting and using cryptocurrencies, the blockchain is incorruptible! Because there is no one in charge of the digital ledger. Therefore, you can monitor your transactions and keep a record of financial transactions. While knowing that the values cannot be manipulated. Plus the ability to monitor almost everything of value.
No Information Stored On Servers= Increased Safety Of YOUR Financial Information!!!!
Where Do These Transactions Originate: When you begin using blockchain, it is done through specific companies. For instance, you might choose OMINEX, MyEtherWallet, StakeBase, MetaMask, or any of the many other companies using blockchain. When using any or several of these companies, you will be given a “Wallet” ID. Therefore, keep careful records of this ID and any needed security to access the safe. Because this is the only way you can gain access to your accounts. Now, these “companies” do not actually have your account on any one system. Your data is on the blockchain. So you need your wallet to access the blockchain through that particular company.
Now, How Can The BlockChain Do This? This information is stored and maintained; by thousands of people around the world. But these people have high-powered and “uniquely” configured computers. Therefore, they are called “miners” (as in gold miners, coal miners, etc.) Now within each blockchain, there are “blocks.” While each “block” contains the individual transactions, which are sent and received via the blockchain.
Learn Blockchain Basics: Blockchain Technology.
Many consider this technology to be Internet 3.0. Beginning the evolution of information on the Internet. Therefore, it is better, safer, and more accurate. Because the blockchain is so unique. It is considered the invention of either a person or a group of people. Collectively known by the pseudonym Satoshi Nakamoto. Since its inception, blockchain has become even better than expected.
What this means is that more details of the blockchain’s design were intended. Now it has evolved to a greater tool than was ever imagined. So due to the ingenious design of the blockchain. The distribution of information is accessible but not copied. Therefore, it creates an endless database. Which is constantly updated. Resulting in the creation of a “New Type” of the Internet.
Learn Blockchain Basics: because of this “New Type” of Internet evolution. In addition, it makes for a globally safer Internet for everyone. Due to BlockChains unique programming, it was originally designed for cryptocurrencies. This means bitcoin! Therefore, since the introduction of blockchain, followed by “Proof of Bitcoin”. Consequently, Bitcoin is now considered “Digital Gold” by many investors.
Why Blockchain Basics: BitCoin Quadrupled in Only Six Months! Which means if you purchased $1,000.00 six months ago. Your BitCoin would now be worth $4,000.00. Even though BlockChain has “revolutionized” the Internet, we do not need to understand “HOW” it works. Therefore, we just need to know “THAT” it works. Do you remember your first cell phone? While you did not know how the programming allowed the phone to be useful. You only needed to know how to use the phone. Likewise when using BlockChain. Do Not Wait! GO HERE, And Sign Up Now For FREE!!!!!
Here Are Some Blockchain Basics: Benefits for Everyone. Because blockchain is decentralized. Resulting in a system that keeps everyone involved and maintains the highest degree of accountability. Consequently, we all reap the benefits of:
- No Broken Or Corrupt Databases.
- The End Of Missed Or Corrupted Transactions.
- Say Goodbye To Machine Or Human Errors.
- Absolutely No Transactions Made Without The Consent Of The Wallet Owner.
- Guaranteed Accuracy!
- The Transactions On The BlockChain Are Validated By Recordings.
- Not Only On The Main Register Of A Company. But Also On A Connected Distribution Of Registers.
- Connecting Only Through A Secure Validation Protocol.
Don’t Be Fooled By “OTHER” CryptoCurrencies: As I study the numerous cryptocurrencies that are available, it becomes very obvious that bitcoin is the most stable. Certainly, it holds its value. Much better than any other cryptocurrency on the market. While many of the “others” rise and fall like the stock market, however, bitcoin remains very stable. Continuing steadily to rise in value. However, at the time of writing this article, I have now learned that the value of bitcoin has quadrupled over the last six months. On the other hand, how many stocks can boast that kind of growth?
Another BlockChain Basic: A Distributed DATABASE. Just as we stated before, the blockchain is a virtual spreadsheet. While it is shared thousands of times. And over a vast network of computers. Since it is shared by so many. Certainly, security is primary. Therefore, whenever a secured, validated, and true update is received. This amazing network is designed to update the spreadsheet. So if you can understand that concept. Then you have a basic understanding of how the BlockChain works. Now here are some of the benefits of this process:
- Available to anyone on the Internet
- Information exists in a shared, continuously reconciled, and validated Database.
- Hosted by “MILLIONS” of computers simultaneously.
- There is no exposure to “Hackers” due to the decentralization of information.
- Since the information is not stored at any one location. Your benefits are truly public and verifiable.
- With all of this, you know your information is SAFE. This is the Ultimate in Security and Transparency. This spreadsheet is the “ABSOLUTE TRUTH“!
Blockchain Basics: Durability. Similar to the internet. The blockchain has “built-in” durability. Thereby, storing “BLOCKS” of identical information across its network. The chain configuration assures that it Cannot:
- Be controlled by any single entity
- Become corrupted, manipulated, or embezzled
- Have a single point of failure or weakness
Here Are Some Blockchain Basics: The History. In 2008 came the birth of the bitcoin. At first, there were problems due to hackers, mismanagement, and human error. Now since the inception of The blockchain. It has operated without any significant disruption. The unique programming of the blockchain. Brings to my mind a “learning” computer. Since as the updates change so do the protocols.
The Internet has been around for more than 40 years. Now that is amazing. Since it has only been accessible for the public for around 20 years. Knowledge for all was a concept that a previous Vice-President fought to bring forth. Since then the Internet has a durable track record. Therefore setting the stage for the blockchain technology. So as it develops and is deployed globally. Thereby assisting us universally where we live and work.
Simple Blockchain Basics: Transparency equals incorruptibility. Since the blockchain network lives in a constant state of consensus. We are assured of accuracy. Due to the fact that it automatically checks in with itself every 10 minutes. While every group of transactions is referred to as a “block”. This configuration assures the most important aspects of the blockchain:
Transparency= data within the network is embedded making it public.
- Incorruptibility= altering any unit of information is something that is virtually impossible. Due to the fact that the massive amount of computing power needed to achieve “Overriding the ENTIRE” network. Thus becoming a larger & larger barrier continuously.
(Although corruption is theoretically possible. It is VERY unlikely to actually happen. Therefore taking control of the system to acquire BitCoin. Would also have the negative effect of destroying their value.)
Know Blockchain Basics: The Network of Nodes. First of all, let us explain what consists of a node. Now a node is a computer connected to the blockchain. While this computer is a “client” that performs tasks. These tasks comprise validating and relaying transactions. Therefore each “node” gets a copy of the blockchain. Which then gets downloaded automatically. Anytime someone joins the blockchain network.
Nodes & BitCoin: Their Role In The BlockChain: The role of every node is to act as an administrator of The blockchain. As such it joins the network voluntarily. Creating the decentralization of the blockchain. Because each node has an incentive for participating. Since the prize is bitcoin, each node competes to solve and be verified as the solution. Thus providing proof of work. Then creating the “minted” blockchain of information. Resulting in the “reward” of a specific amount of bitcoin. Which was specified for completing the block!
This is very much like the Internet at its public beginnings. What started out as a way to share information and keep in touch economically via “emails”. Became exponentially greater for advertising, commerce, and jobs. Consequently revolutionizing our world. Similarly as a result of the blockchain. We find it happening again. Subsequently evolving into the next level of technology. Which is based on “decentralized” solutions, transparency, and incorruptibility?
Cryptocurrencies (Exchangeable Tokens of Value)
There are so many cryptocurrencies already available. While they are used like bitcoins. However, not all of them are like bitcoins. In addition to my statements about the “other” cryptocurrencies. Certainly, it brings to mind an old saying. “Don’t Judge A Book By Its Cover“. Similarly, not all cryptocurrencies perform or trade like bitcoin. Be sure to learn all that you can before investing in cryptocurrencies. Let it also be known that there is a full range of “other” adaptations of the original blockchain concept. While most of them are currently active. There are some still in development. Since there aren’t any barriers to these programs. These use and deployed solutions can become a part of our daily lives. In other words, if not now then in the foreseeable future.
Simple Blockchain Basics: The Decentralization Theory. The main idea behind this theory was: Anything that happens within the blockchain is a function of the network as a whole. Moreover, some very important implications have been realized.
- Creating a new way to verify transactions would be necessary.
- A cryptocurrency (along with Tokens or ICO) trades became almost simultaneous via The BlockChain. Making a Global economy of trade that operated 24/7 365 days a year.
- Global networking of computers using BlockChain technology. Acting jointly to manage a database to record all recorded and structured transactions. Keeping information up-to-date and available at all times.
- Vital record-keeping that is fully public.
Because the blockchain is managed by its entire network. So there is no “one” central authority. By definition “decentralization” meant that the network performs on a user-to-user or peer-to-peer platform. Thereby creating transparency and incorruptible “truth”. Because of this type of network mass collaboration. The theory is being investigated as to the countless possible applications.
Blockchain Basics: Who Uses The BlockChain. Remember you do not need to understand “how” the blockchain works. Just know that it will be useful in your life. Similarly to computers, this will enhance our transactions. Certainly at this time finance is the strongest case for use of this technology. At the same time, I can see its use within the medical field. From there the “world will be our oyster”. Already jobs and careers are abundant within the blockchain. Which includes a demand for blockchain developers. Moreover, the blockchain can potentially eliminate the “middleman” in all types of transactions.
With the advent of the “wallet” in cryptocurrencies. Followed by our accessing the financial sector and use of The blockchain. By using a wallet for cryptocurrencies. So did the access by the general public to the companies that utilized these currencies. Firstly used to buy items using bitcoin. Secondly to store and access bitcoin and any other cryptocurrency. One of the companies I would recommend for any blockchain wallet or ICO needs, direction, or resource. Moreover, that company would be COINBASE.
With the creation of The blockchain, came the many things & industries for its use. Certainly, this created a large demand for compliance, identification, and verification. COINBASE has been the leader in blockchain compliant solutions. In addition to the user “wallet” for many cryptocurrencies.
Blockchain Basics: Revolutionary Security. When the blockchain theory of decentralization was achieved. A whole new type of security was introduced. Consequently, the result of this new security became known as “truth”. Due to the two most important aspects of this security. First of all, is transparency. Secondly is incorruptibility. Therefore by storing data across its network. This “truth” eliminates all the risks of storing data in a central location.
Because our financial information needs the utmost security. The blockchain has eliminated central points that are vulnerable. Thereby keeping “hackers” from interfering with its data. Certainly, we have all heard of the multiple financial “break-ins” that have put our financial information at risk. After all, if a credit scoring company can be “hacked” then we are all vulnerable.
With The blockchain security encryption methods. The term “key” is utilized. By using public keys (a long string of randomly generated letters and numbers). And private keys (a password generated by the owner of the public key). Security is enhanced exponentially. For example, let’s look at DNA. We all know that DNA is our genetic code. Yet some are more common than others. The more factors that are acquired. Makes the results for accuracy increase. So does the public key of The BlockChain. But keeping your public and private “Keys” safe is paramount to protecting your data!
Now that we have The blockchain and the security it brings. But how do we protect our Keys, yet have them “stored.” Because we all know there will be a time that we will need to recall that information. Yet we do not want to keep it where it can be easily retrieved by someone else.
Here are just a few methods for safeguarding our “Keys”:
- Creating a “Paper Wallet” by printing out the information
- There are “Other” password storage devices that you can use to manually enter all of your “Key” information.
As published in 2017: “Goldman Sachs believes that blockchain technology holds great potential. Especially to optimize clearing and settlements of financial transactions. They claim it could represent global savings of up to $6 Billion per year.” So far it looks like even Goldman Sachs underestimated the power of the blockchain.
The Future Is Here; Do Not Wait Another Day. If you want to be a part of the future, act now. Use your computer to make money for you. Start Your Journey Mining Cryptocurrency via The blockchain. With this program, you can utilize your computer even when you are doing something else. Learn All Of The Details and how To Get Started Here.
While this new innovation will give us all a financial sigh of relief. Moreover, it is paving the way for the making of new millionaires amongst ourselves. Certainly even with the most basic understanding of how the blockchain works. We are just as able to increase our fortunes as the most highly trained stockbroker on Wall Street. Now that is what I call “EQUAL OPPORTUNITY”.
Since there is so much information for you to take in on this article. Please bookmark it for frequent referencing. While the blockchain is still relatively new, there are companies that are now using it to transfer data to keep your information safe. Consequently, it will be an exciting area to watch. Even more exciting to take the ride into your financial future. Please sign up with the form on the right side of this page. That way you will be kept up to date with any new blockchain programs, services, & excitement that can be shared by everyone.
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