Goal reached for cryptocurrency for 2020
I told myself to finally get into crypto this year and frankly I like it. But I don't like it because of some Youtube channel telling me to buy it. I honestly like it for the technology behind it, and you should too!
Before we get into cryptocurrency, I'd like to get you guys updated on what blockchain technology is:
Right now we're all pretty much use to understanding the fundamental concept of money. Remember, money is a binding contract of worth (or value) between two or more parties. For instance, you do a service or provide a product for someone, you get paid in money for said actions. The money paid to you is valued according to your services or products. Depending on where you live in the world, this money can be dollars, pounds, yen, pesos or even cows! Yeah, if you're curious, look up South Sudanese cow exchanges, very interesting! This money (wherever you live or work) allows you to turn your efforts into something tangible or useful for your quality of life, or at least we hope so. But now it seems we're all using some sort of "middle man" or third party when it comes to getting our money. Some of us have a bank we use and that bank has contracts with big credit card distributors and credit card manufacturers, which are tied in with more associated parties, the list can go on and on. Along the way, while you're busy doing transactions, some of those parties are being hacked, inadvertently affecting your cash flow. Even if they're not being hacked or tampered with maliciously, there's taxes you have to pay or services fees you have to chip in because of third party expenses. Sometimes human error happens and you're stuck with a missing check or the cashier wrong changes you. It's incredible how much you're worth and how much you're actually being provided. Forget net and gross amounts when you've got an untrustworthy bank, a cheap plastic card or a bad internet service provider. All of this gives us a better understanding about blockchain technology.
What if I told you there's a system out there that allows you to do transactions without any middle party? What if I said this system has no government, it has no "special interest" or throat cutting fees attached to it. Imagine if you did a job worth exactly your effort and you were paid in that exact effort? Some might say to just use cash, but even cash has a shelf life, not to mention it's tangible, which means it can be stolen (from the thief breaking in your house to your kids sneaking away a few bucks for ice cream). So if not cash, then what? Enter blockchain: a system that requires all parties to have a contract between them stating what the transaction was and the production value of the transaction. Since all parties have a copy of what the transaction is, then there's no lost information, making it almost impossible for any party to take advantage of another party. Same goes for hackers. How can you rip someone off if everyone's got a copy of the receipt? How can you fib a contract when everyone else carries the same contract? So all of these transactions happening between parties are put on a digital ledger, which each transaction group is called a block. When you buy with crypto you're actually building a new block and everyone who has used that ledger sees your transaction and their computers all refresh, telling themselves your transaction is valid. Furthermore each block is encrypted and password protected all for your own security. Cryptocurrency miners are actually computers who look at the validity of each ledger transaction and they build blocks to the continuing ledger for more transactions.
But what is a digital currency or cryptocurrency? Well, the computers needs to turn your worth into some sort of value. These values are called coins. Each coin has their own attributes and their own special ledger building. As you learn about each coin you get to have the option of purchasing that coin to use for online transactions. Now if you're skilled enough you yourself can build a currency on your own, name the coin and use it as it's own form of cryptocurrency among the parties you plan to share and use it with. Think of it as governing your own country with your own currency! Crazy, huh?
So blockchain allows us to transfer money and goods in the most efficient way, with the least amount of multiple parties and the least amount of time. Most importantly it provides us with a greater trust for money. Not to mention all nodes of your network of transactions are completely recorded for validation. In other words, all parties involved are in complete agreement of the said transaction. Not to mention all parties are putting there transaction on a decentralized system (free of government, institutions, corporations or banks - or any form of ownership).
Check out this incredible video in case you're still confused.
I know blockchain is going to change our future and not just for money. It'll change us by organizing our digital and real world, building more secure transactions, harbor correct information and validity. It also might make me a few bones. Take care!
Adam
Oh my initial goal for crypto was $1000 and I'm almost double that in BTC.
Before we get into cryptocurrency, I'd like to get you guys updated on what blockchain technology is:
Right now we're all pretty much use to understanding the fundamental concept of money. Remember, money is a binding contract of worth (or value) between two or more parties. For instance, you do a service or provide a product for someone, you get paid in money for said actions. The money paid to you is valued according to your services or products. Depending on where you live in the world, this money can be dollars, pounds, yen, pesos or even cows! Yeah, if you're curious, look up South Sudanese cow exchanges, very interesting! This money (wherever you live or work) allows you to turn your efforts into something tangible or useful for your quality of life, or at least we hope so. But now it seems we're all using some sort of "middle man" or third party when it comes to getting our money. Some of us have a bank we use and that bank has contracts with big credit card distributors and credit card manufacturers, which are tied in with more associated parties, the list can go on and on. Along the way, while you're busy doing transactions, some of those parties are being hacked, inadvertently affecting your cash flow. Even if they're not being hacked or tampered with maliciously, there's taxes you have to pay or services fees you have to chip in because of third party expenses. Sometimes human error happens and you're stuck with a missing check or the cashier wrong changes you. It's incredible how much you're worth and how much you're actually being provided. Forget net and gross amounts when you've got an untrustworthy bank, a cheap plastic card or a bad internet service provider. All of this gives us a better understanding about blockchain technology.
What if I told you there's a system out there that allows you to do transactions without any middle party? What if I said this system has no government, it has no "special interest" or throat cutting fees attached to it. Imagine if you did a job worth exactly your effort and you were paid in that exact effort? Some might say to just use cash, but even cash has a shelf life, not to mention it's tangible, which means it can be stolen (from the thief breaking in your house to your kids sneaking away a few bucks for ice cream). So if not cash, then what? Enter blockchain: a system that requires all parties to have a contract between them stating what the transaction was and the production value of the transaction. Since all parties have a copy of what the transaction is, then there's no lost information, making it almost impossible for any party to take advantage of another party. Same goes for hackers. How can you rip someone off if everyone's got a copy of the receipt? How can you fib a contract when everyone else carries the same contract? So all of these transactions happening between parties are put on a digital ledger, which each transaction group is called a block. When you buy with crypto you're actually building a new block and everyone who has used that ledger sees your transaction and their computers all refresh, telling themselves your transaction is valid. Furthermore each block is encrypted and password protected all for your own security. Cryptocurrency miners are actually computers who look at the validity of each ledger transaction and they build blocks to the continuing ledger for more transactions.
But what is a digital currency or cryptocurrency? Well, the computers needs to turn your worth into some sort of value. These values are called coins. Each coin has their own attributes and their own special ledger building. As you learn about each coin you get to have the option of purchasing that coin to use for online transactions. Now if you're skilled enough you yourself can build a currency on your own, name the coin and use it as it's own form of cryptocurrency among the parties you plan to share and use it with. Think of it as governing your own country with your own currency! Crazy, huh?
So blockchain allows us to transfer money and goods in the most efficient way, with the least amount of multiple parties and the least amount of time. Most importantly it provides us with a greater trust for money. Not to mention all nodes of your network of transactions are completely recorded for validation. In other words, all parties involved are in complete agreement of the said transaction. Not to mention all parties are putting there transaction on a decentralized system (free of government, institutions, corporations or banks - or any form of ownership).
Check out this incredible video in case you're still confused.
I know blockchain is going to change our future and not just for money. It'll change us by organizing our digital and real world, building more secure transactions, harbor correct information and validity. It also might make me a few bones. Take care!
Adam
Oh my initial goal for crypto was $1000 and I'm almost double that in BTC.
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