Good day my fellow Hiver,
it is an amazing day we are possible grateful for it, all thanks to God almighty.
Like I introduce initially I will be taking us on the fundamentals of cryptocurrency and blockchain.
Let’s seat tights cause we are going to have a thoughtful session at the end, hope you will not forget to drop your vote and drop a comment if you have any on the comment session.
Here we go, it’s my humble-self Christian wealth,
So in the series I have prepared on the fundamentals of cryptocurrency and blockchain.
Today we are going to start with the title “Blockchain Technology (in a nutshell).
Here every word I am going to say here are never copyright or copy and paste but rather from self-study and analysis been carried.
NOW LET’S GET STARTED
First of all, ”What is this blockchain” and ”What is it all about”, and lastly ”What makes it so special”
Blockchain is a technology where transactions on an immutable ledger is been carried out, portraying tight security via encryption producing transparency and traceability.
In Essence, I mean blockchain has made transaction far more easy and better than the current financial routine we are familiar with, therefore removing secret transactions and demonstrating better accountability of figures.
Furthermore, with the arrival of Blockchain we tend to be our own authors and agents of our own transactions therefore removing middleman in transaction process.
Here we are going to skip the technical aspect but rather equipping us with the fundamentals skills needed to look like a specialist even as a newbies in the crypto space.
We are all aware of the cryptocurrencies we have been hearing in the likes of Bitcoin, Ethereum, Litecoin and so on.
The Facts is that Blockchain is the upcoming Financial Background to run financial activities with the cryptocurrencies as their agent in carrying out transactions, just like money.
Now What makes it so special
Blockchain’s security makes it much harder for theft to occur since each cryptocurrency has its own encrypted identifiable number that is attached to one owner.
Also Crypto reduces the need for individualized currencies and central banks- With blockchain, crypto can be sent to anywhere and anyone in the world without the need for currency exchanging or without interference from central banks of which we know what they have been doing before now.
Likewise, Cryptocurrencies can make some people rich- Large firm have been driving up the price of crypto, especially Bitcoin, helping some early adopters to become billionaires. Whether this is actually a positive has yet to be seen, as some retractors believe that speculators do not have the long-term benefits of crypto in mind.
More and more large corporations are coming around to the idea of a blockchain-based digital currency for payments.
Believe Transacting in the Blockchain is far easier, better, sweeter than any kind of processing method that mind come, except AI.
Now let me come to the ground description of how blockchain works, despite the fact that transactions take long to run on the blockchain and also takes time to reflect on storage platform still you can confirm the transaction even before the reflection on your storage platform or wallet per se.
Therefore, giving us transparency of transactions, keeping nothing under the carpet but rather surfacing every little transaction.
Conclusively, Blockchain is the ideal kind of background we need to run our financial transactions giving room to high security and transparency.
In My Next post we will be taking about Different kind of wallets and their merits and demerits trust you will not want to miss this lessons. I bet you will uninstall some apps and install some fresh ones on your phone after this lesson.
Stay tune and see you in two days’ time. Same time and same place PEAKD
Peace 🕊️ to you all
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