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Why You Need to Know About Blockchain/Cryptocurrency

Blockchain/Cryptocurrency 101 (in a Nutshell)

No Joke:  If you had previously bought bitcoin (BTC) over time and kept holding (HODL) it would have been nearly impossible to have lost money, as it is the highest performing asset of all time.

Maybe Steven Colbert and other comedians might soon understand Cryptocurrency

Even the Tesla stock price won’t be able to keep up with BTC over the long run.

The most unlucky person that had only bought at the top of any previous All Time High (ATH) over most any length of time would still be making money.

If you were fairly auspicious and acquired Bitcoin (BTC) in March of 2020 (less than a year ago) you would have 10X gains (not 10%) at the moment. Even after such huge gains it is still NOT too late as only about 3% of the worlds population currently has a digital wallet…so we are still near the starting gate as far as the world adoption horse race is concerned.

Blockchain: What is it?

On the most simple level blockchain is a database that lives on its very own secure internet. In the case of BTC every ten minutes a ledger of every transaction in the history of transactions is shared among all nodes on the network. Once that block of transactions is shared among all the nodes it can not be modified. That is a very powerful feature because this is done in a decentralized, and very public manner. That means you can send value (money) just as easy as email or a picture and no third party company banks or government is needed. That is blockchain or cryptocurrency 1.0. FYI: I consider BTC to be like digital gold bricks…good for storing and moving wealth, but not great for everyday spending.

Ethereum (ETH) is more like Blockchain 2.0 not only can it lock in a block of transactions every 15 seconds (instead of 10 minutes like BTC) it is even more programable and has more features and ability, like built in GoFundMe/Crowdfunding projects using their own coins/tokens and the ability to duplicate all bank & finance features: payments, loans, and interest, etc. Thus making most traditional centralized Banks and insurance companies, and many functions of government could now easily be classified as “the walking dead”.

Blockchain 3.0: has transactions less than 1 second (not 15 seconds like ETH). The blockchains: EOS, Tron, Cardano and others make it possible to have blockchain transactions happen as fast as traditional centralized systems (like Visa or Mastercard) without the fees or central party security risks as well as they have no user fees for transactions (like BTC or ETH) and the other “proof of work” coins even for super micro actions or transactions… so you can send 100,000th etc. of a penny to someone with no fee by the users. That makes many cool things and business models possible for the first time in history.

 

Disclaimer: This post is for informational and entertainment purposes only— it is not financial advice or is in anyway intended to provide any financial recommendation.

“Independent News Reporting by Ken Burridge”

kenneth green burridge

Independent journalist, blockchain and sustainability activist, EV of the Year Judge, photographer, and author that has published over 1500 articles. Mr Burridge’s travels have taken him to over 40 countries and 300+ major cities. He is originally from the USA, but has been residing in Australia for the last nine years. Connect to Ken Burridge on: Twitter, voicefacebook, minds, Linked in, Uptrennd, official website

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