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Blockchains/Bitcoins


Ever heard of these both terminologies? Both have been in existence for quite a while but most of us have not bothered to find out more about them. Worry not as I will explain in the simplest way possible.

Blockchain.

This is a technology in which uses distributed database. Data is divided in small block which is then distributed over the network. Each block contains a timestamp to the next block. They use peer-to-peer connections and a time stamping server.

Blockchain is secure by design and reversing the process is impossible same as making modification to the already distributed data/information. Unlike the tradition methodology that used a centralized database, and modification can be carried out or data deleted permanently from the servers, with this uses exactly the opposite analogy.

This simulates the same technology that is used in torrents. The files sits on the seeders machines and when a download happens the data is pulled from these seeders.

Bitcoin.

This is a type of virtual currency. (Crypto currency) Just like local currency it’s used to pay for goods and services.it acts as a public ledger for all transactions. It was launched a year later after blockchain.

This uses the blockchain peer-to –peer methodology and transactions are carried out directly between users and getting rid of middle men. Once a transaction is made it verified by nodes and recorded in a public distributed ledger the blockchain.

You may wonder how this bitcons are obtained. Simple Bitcoin mining – this is the process users offer their computing power to verify and record bitcoin transactions into the blockchain. Successful miners are rewarded with transaction fees and newly created bitcoins.

This bitcoins can be used in the day to day activities like exchanging them for local currency (in whichever part of the world you are in). Some maintain them as a savings which they intend to use then in the future, others use the coins to pay for commodities.  There are also people who give or take loans as bitcoins

The with growth of bitcoins developers are now in demand to continuously develop the algorithms and also create apps that incorporate the blockchain system.  

If you are interested in the bitcoin business first you need to grab the bitcoin wallet. Create a bitcoin account of their website and store coins in there. Optionally if you are on mobile go to play store/apple store and download the app.

For mobile transaction (which I have used) it’s very simple, you receive a QR code which you friend/ customer scans to enable connections between the two devices then you send the amount of bitcoins you would like to transact. Please note that this transaction is irreversible.

Conclusion

This is an exciting field that has not yet been fully tapped. Go out there do intensive research, mine as much coins as you can. Its value to the dollar still its higher than $1000 to 1bitcoin. It works all over the globe so there is no limitations.
On the other hand be very careful with who you are transacting with as once the coins are send it’s irreversible.  This gives cons a platform to carry out their illegal trade under the radar.




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