Watson
Moderator
As Cryptocurrency continue to wax stronger, most of my followers here at World Forum Live are still confused when it comes to understanding how blockchain and cryptocurrency technology works, so here on this thread I will take my time to answer the question: What is blockchain?
Question: What Is Blockchain
Answering what blockchain is all about, I believe will give them more understanding knowing the difference between Cryptocurrency, Bitcoin, and Blockchain technology
So let go: Understanding The Blockchain technology:
Blockchain technology is a distributed database that allows for secure, transparent, and tamper-proof transactions. It is the technology that underlies cryptocurrencies like Bitcoin, Ethereum, Cardano, Litecoin, Polkadot, Binance, and every other coin you may know
While Blockchain technology can be used for a variety of purposes beyond cryptocurrency, including secure voting, supply chain management, food distribution tracking, copyright protection, and many others
Though the majority of people that uses blockchain technology use it for the cryptocurrency trading niche, which seems to be the future of money, a lot of people chase the coin niche for trading cryptocurrencies
Understanding that life in most cases will give you what you chase, yes what you chase, you can easily be attracted to, if you want to be financially successful in life, then chase money where the future of money is
Yes my dear chase success, if you want to have financial freedom in 2022 is best that you go where the future of money is, one such place is cryptocurrencies, the Blockchain technology
Cryptocurrency operates without banks, without Governments, without anyone managing us, without any third party, which is simply the Blockchain, so what is the blockchain?
What Is The Blockchain?
Deep Answer: It is simply a place where you save records, records here is like a database, where the data are saved in blocks and these blocks are connected on a chain, which was the reason it was called a blockchain
You may ask again? what makes the blockchain so special, completely different to the traditional banks, the influence of banks and government controls over other currencies apart from cryptocurrency
What Makes Blockchain So Specials?
What makes blockchain so special is that it allows users from all parts of the world to transfer money (currencies) easily without banks and the Government in control, hope you got that explanation
The main questions anyone may ask are simple 'How secure is this blockchain? the blockchain, who will be guaranteed if you don't have a bank account or government manages, then how secure is blockchain, because there is no bank, then who will validate the transactions?
The answer is simple: Blockchain Technology itself is highly secure, I will throw more light on how secure the blockchain technology is as we proceed on this thread
How The High Security Of Blockchain Normally Happened?
Understanding that the blockchain technology is simple, whenever we do a transaction using the blockchain, this transaction to the sender or receiver data will be recorded every single block in the blockchain
e.g Whenever you do a transaction every single block or what we refer to as NODES on this chain must be required transactions on the chain and the majority most accept it and agreed on it in other for it to be accepted
This is one reason is almost impossible to hack the system, the blockchain technology, another reason is that is all about decentralized networks that everyone on the chain most accepts, which makes it supper secured
So at this point, let me brief you on the characteristics of Blockchain... Namely below
1: Blockchain Has A High Security
2: Blockchain is Decentralized
3: Blockchain is Public
4: Blockchain Has An Immutable
The third characteristic of blockchain, says that blockchain is public, this means that.
The blockchain is public so anyone can employ the blockchain and see what is going on at any time, any day from any location in the world. Blockchain is public for people to take records of all the valid transactions, etc this is how to get live action from the blockchain as actions are verified by everyone
This is the reason when you look at any blockchain records, let's say the bitcoin currency, you will see the records always going ups and ups, reason been that the data is always increasing mental, or simply say, is always adding data that we can't delete or change because is always expanding
I know some of you are still confused between the terminologies I have used so far on this thread, such as Bitcoin, Blockchain, Cryptocurrency,
Let me throw some light into Bitcoin, so you can understand better what bitcoin is or its role in the blockchain technology
The Bitcoin:
Simply say that bitcoin is just a currency, like a dollar, euro, Naira, etc, so when you want to work on the blockchain, you will need a currency that works on the blockchain
To work on the blockchain, you will need a currency that works on the blockchain, this is where Bitcoin, Eth, etc, come in. So know now that bitcoin is a currency that works on the blockchain as well with another cryptocurrency
Whenever you want to make a transaction on blockchain technology, you will need to have the currency that works in the blockchain and perform your transaction with such currency.
For repetition's sake, you can't use the dollar, euro, naira, or any of the world country currencies to transact on the blockchain, rather, you need to use cryptocurrency to transact in the blockchain system
What are important cryptocurrencies other than Bitcoin?
There are more than 10000 cryptocurrencies in the world right now. And the number is always increasing. Ethereum, Cardano, Litecoin, Polkadot, and Tether are some of the top crypto coins. Along with them, I love Solana, Avalanche, USD Coin, and Binance Coin.
Lastly: The Blockchain is not only about cryptocurrency, you can do any type of transaction on the blockchain, so is not only about money and currency, you can also validate. want to contribute on this thread, kindly Sign Up To World Forum Live for 100% free
Question: What Is Blockchain
Answering what blockchain is all about, I believe will give them more understanding knowing the difference between Cryptocurrency, Bitcoin, and Blockchain technology
So let go: Understanding The Blockchain technology:
Blockchain technology is a distributed database that allows for secure, transparent, and tamper-proof transactions. It is the technology that underlies cryptocurrencies like Bitcoin, Ethereum, Cardano, Litecoin, Polkadot, Binance, and every other coin you may know
While Blockchain technology can be used for a variety of purposes beyond cryptocurrency, including secure voting, supply chain management, food distribution tracking, copyright protection, and many others
Though the majority of people that uses blockchain technology use it for the cryptocurrency trading niche, which seems to be the future of money, a lot of people chase the coin niche for trading cryptocurrencies
Understanding that life in most cases will give you what you chase, yes what you chase, you can easily be attracted to, if you want to be financially successful in life, then chase money where the future of money is
Yes my dear chase success, if you want to have financial freedom in 2022 is best that you go where the future of money is, one such place is cryptocurrencies, the Blockchain technology
Cryptocurrency operates without banks, without Governments, without anyone managing us, without any third party, which is simply the Blockchain, so what is the blockchain?
What Is The Blockchain?
Deep Answer: It is simply a place where you save records, records here is like a database, where the data are saved in blocks and these blocks are connected on a chain, which was the reason it was called a blockchain
You may ask again? what makes the blockchain so special, completely different to the traditional banks, the influence of banks and government controls over other currencies apart from cryptocurrency
What Makes Blockchain So Specials?
What makes blockchain so special is that it allows users from all parts of the world to transfer money (currencies) easily without banks and the Government in control, hope you got that explanation
The main questions anyone may ask are simple 'How secure is this blockchain? the blockchain, who will be guaranteed if you don't have a bank account or government manages, then how secure is blockchain, because there is no bank, then who will validate the transactions?
The answer is simple: Blockchain Technology itself is highly secure, I will throw more light on how secure the blockchain technology is as we proceed on this thread
How The High Security Of Blockchain Normally Happened?
Understanding that the blockchain technology is simple, whenever we do a transaction using the blockchain, this transaction to the sender or receiver data will be recorded every single block in the blockchain
e.g Whenever you do a transaction every single block or what we refer to as NODES on this chain must be required transactions on the chain and the majority most accept it and agreed on it in other for it to be accepted
This is one reason is almost impossible to hack the system, the blockchain technology, another reason is that is all about decentralized networks that everyone on the chain most accepts, which makes it supper secured
So at this point, let me brief you on the characteristics of Blockchain... Namely below
1: Blockchain Has A High Security
2: Blockchain is Decentralized
3: Blockchain is Public
4: Blockchain Has An Immutable
The third characteristic of blockchain, says that blockchain is public, this means that.
The blockchain is public so anyone can employ the blockchain and see what is going on at any time, any day from any location in the world. Blockchain is public for people to take records of all the valid transactions, etc this is how to get live action from the blockchain as actions are verified by everyone
This is the reason when you look at any blockchain records, let's say the bitcoin currency, you will see the records always going ups and ups, reason been that the data is always increasing mental, or simply say, is always adding data that we can't delete or change because is always expanding
I know some of you are still confused between the terminologies I have used so far on this thread, such as Bitcoin, Blockchain, Cryptocurrency,
Let me throw some light into Bitcoin, so you can understand better what bitcoin is or its role in the blockchain technology
The Bitcoin:
Simply say that bitcoin is just a currency, like a dollar, euro, Naira, etc, so when you want to work on the blockchain, you will need a currency that works on the blockchain
To work on the blockchain, you will need a currency that works on the blockchain, this is where Bitcoin, Eth, etc, come in. So know now that bitcoin is a currency that works on the blockchain as well with another cryptocurrency
Whenever you want to make a transaction on blockchain technology, you will need to have the currency that works in the blockchain and perform your transaction with such currency.
For repetition's sake, you can't use the dollar, euro, naira, or any of the world country currencies to transact on the blockchain, rather, you need to use cryptocurrency to transact in the blockchain system
What are important cryptocurrencies other than Bitcoin?
There are more than 10000 cryptocurrencies in the world right now. And the number is always increasing. Ethereum, Cardano, Litecoin, Polkadot, and Tether are some of the top crypto coins. Along with them, I love Solana, Avalanche, USD Coin, and Binance Coin.
Lastly: The Blockchain is not only about cryptocurrency, you can do any type of transaction on the blockchain, so is not only about money and currency, you can also validate. want to contribute on this thread, kindly Sign Up To World Forum Live for 100% free
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