What Is Blockchain Technology?

At some point over the past few months we’ve all heard some one talking about “Bitcoin.” Most people only what they see and hear on T.V. however if you have been following the success of Bitcoin you’d be surprised. One year ago it was valued at around 990-1000 dollars today the price is hovering around 10,500. When you look at profits you’d have earned over the past 12 months it’s amazing. I personally have not seen an investment sore like Bitcoin, If you were to ask my thoughts a few years ago I would have said stay away from it.

After further review, Bitcoin is a new way to look at how we conduct a medium of exchange. However the proper identification for this new exchange is blockchain technology. This new innovation may seem cutting edge to us, truth s it has been around for over 25 years. Think of it as an online ledger, a way to eliminate the middle man, a decentralized way to exchange. Blockchain does not depend on a third party in order to complete a transaction like banks, credit card companies often do. Additionally this peer-to-peer transaction is completely open source, unlike a private ledger blockchain is a transparent ledger with each participant able to see the transaction.

Unlike conventional banking, blockchain is a much safer way to exchange as well as allows the user to protect their money. eliminates the chance of identity theft, fraud, phishing attacks, etc…It operates by a network of computers, not just here in the states, all over the world. Each transaction is assigned a number or letter and must be identified by both parties before the transaction is finalized. The history is called the block which is able to link it to the block before it. A bank must verify prior to the transaction. Like making sure the check doesn’t bounce Blockchains software does not allow for alterations, or to be edited.

A blockchain is a concept which is very secure, which offers it’s users an honest way to exchange funds. Imagine if you loose your wallet all your credit cards are exposed, someone makes unauthorized purchases, or a cash advance. This issue must be addressed immediately or all your info could be compromised. Now we call the bank and all your cards are shutdown including your debit card. Now we are not able to access funds, what if you were on vacation? what would you do?

If you were into the blockchain and you lost your wallet, you could access your funds from a computer, all you would need is to have the code that are specific to your blockchain and you could access your funds from anywhere. However there is many levels of security you’d need to get through before you were able to access your account. First time I went through and set up my personal account I was amazed the level of security I needed to get through. This is much different than the way we conduct a transaction online, although there is a level of security, blockchain is way ahead of how we exchange money. As with any investment always consult with your financial advisor before purchasing any cripto. A work of caution, cripto’s are highly volatile and can decrease in value very rapidly, however they can also provide amazing returns. Be patient, always do your homework before making any purchase, there are many cripto’s to choose from.

We are entering an amazing time in life, blockchain technology is changing how the world can exchange funds without the fear of someone compromising your bank account. We can send funds around the world with the click of a button. Get started today…You’ll be glad you did!

~Stay Strong~