Are You Ready To Read About Blockchain 101? You May Be Wondering What Is Blockchain Technology, Right? The blockchain is the technology that Bitcoin and other cryptocurrencies use to power their transactions. It is the most robust banking method to the point where it has never been hacked. You might be saying, I heard about Bitcoin exchanges being hacked or other things getting broken into. Yes, exchanges like Binance and Coinbase.com/GDAX have been hacked. However, the actual blockchain technology has never been hacked. It uses “miners” to help facilitate each cryptocurrency transactions. Also, every banking transaction is verified several times.
How Does The Blockchain Technology Help Banking Systems?
In this “Blockchain 101” tutorial we are going to keep it as simple as possible. That said, Bitcoin and other cryptocurrencies are decentralized and unregulated, which means no real bank like Chase or JPMorgan accepts Bitcoin or other cryptocurrencies. Cryptocurrency wallets and exchanges use Blockchain Technology, but banks have not started yet. If you use a Bitcoin wallet and keep it secure, blockchain technology can benefit you by confirming your transactions. However, Blockchain technology is still very new although it started in 2009. Banks are not ready to adopt it as they feel people use Bitcoin and other cryptocurrencies for nefarious reasons on the deep dark web.
Your Beginner’s Guide To Blockchain Technology
The person who created Bitcoin and the Blockchain technology has remained anonymous. Above all, he has gone by the name Satoshi Nakamoto and Craig Wright. Nobody knows who built the blockchain technology. However, the person that did is probably one of the world’s wealthiest men or women by now. That said since Satoshi Nakamoto and Craig Wright made Blockchain technology in 2009, a lot of changes occurred. Indeed, many more cryptocurrencies are on the altcoin market. As of April 2018, there are over fifteen hundred altcoins on the cryptocurrency market. The Blockchain Technology powers most of the altcoins. However, a Ripple (XRP) claims to have the new and improved technology.
Our tutorial on Blockchain Technology 101 is still new and a work in progress. The ArmyOfBitcoin.com sees a lot of false information on the Internet. We are developing this section slowly to ensure it’s accuracy. We will discuss and give readers straightforward guides to this enterprise distributed ledger technology over the next few months. Get ready to find out a lot more about Blockchains, Bitcoin Core, Ethereum, Litecoins, and The Bitcoin Core.
