Why You Need to Know About Blockchain/Cryptocurrency?



Blockchain/Cryptocurrency 101 (in a Nutshell)




No Joke: If you had previously bought bitcoin (BTC) over time and kept holding (HODL) it would have been nearly impossible to have lost money, as it is the highest performing asset of all time (no joke or exaggeration).




Even the Tesla stock price won't be able to keep up with BTC over the long run.


The most unlucky person that had only bought at the top of any previous All Time High (ATH) over most any length of time would still be making money.




https://kenburridge.com/why-you-need-to-know-about-blockchain-cryptocurrency/




#blockchain #cryptocurrency #bitcoin




If you were fairly auspicious and acquired Bitcoin (BTC) in March of 2020 (less than a year ago) you would have 10X gains (not 10%) at the moment. Even after such huge gains it is still NOT too late as only about 3% of the worlds population currently has a digital wallet...so we are still near the starting gate as far as the world adoption horse race is concerned.


What is it?




On the most simple level blockchain is a database that lives on its very own secure internet. In the case of BTC every ten minutes a ledger of every transaction in the history of transactions is shared among all nodes on the network. Once that block of transactions is shared among all the nodes it can not be modified. That is very powerful feature because this is done in a decentralized, and very public manner. That means you can send value (money) just as easy as email or a picture and no third party company banks or government is needed. That is blockchain or cryptocurrency 1.0. FYI: I consider BTC to be like digital gold bricks…good for storing and moving wealth, but not great for everyday spending.




Ethereum (ETH) is more like Blockchain 2.0 not only can it lock in a block of transactions every 15 seconds (instead of 10 minutes like BTC) it is even more programable and has more features and ability, like built in GoFundMe/Crowdfunding projects using their own coins/tokens and the ability to duplicate all bank & finance features: payments, loans, and interest, etc. Thus making most traditional centralized Banks and insurance companies, and many functions of government could now easily be classified as "the walking dead".




Blockchain 3.0: has transactions less than 1 second (not 15 seconds like ETH). The blockchains: EOS, Tron, Cardano and others make it possible to have blockchain transactions happen as fast as traditional centralized systems (like Visa or Mastercard) without the fees or central party security risks as well as they have no user fees for transactions (like BTC or ETH) and the other "proof of work" coins even for super micro actions or transactions... so you can send 100,000th etc of a penny to someone with no fee by the user. That makes many cool things and business models possible for the first time in history.




https://kenburridge.com/why-you-need-to-know-about-blockchain-cryptocurrency/




#blockchain #cryptocurrency #bitcoin



COMMENT

9

Abdul Rehman
5d

 yeah its true blockchain is a database that lives on its very own secure internet.and we can't ignore that BTC is the highest performing asset of all time thanks to  share some knowledge about cryptocurrency and blockchain 

1

Gotty King
5d

Now imagine the blockchains and Bitcoin challengers of the future if both blockchain and bitcoin are unstoppable Untouchable.... How will the challengers be? Invincible? 

Its only 2021 and blockchain 3.0 is at less than 1second. Its only a few years until we get to 0.001 sec blocks. Imagine the efficiency. Super love

17

Dmi Tree
5d

Interesting is that USDT, not BTC is Nr. 1 crypto by 24h volume. It can be seen if coingecko list is sorted by 24h volume , not market cap. Seems traders prefer usd no longer BTC?

 https://www.coingecko.com/en

Another point is energy consumption  of BTC. It is just so expensive to mine it!

2

eugene de la torre
5d

sorry i accidentally pressed the wrong button.... :-)

1

eren halil
5d

You are extremely correct in your comments. The future of Bitcoin is very bright.

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