Everything You Need to Know:
Blockchain, Bitcoins & Cryptocurrency
About - Straight Off the Ledger
The world of cryptocurrencies and blockchain technology is here to stay, but what is it, really? What’s the future look like? How can I begin investing? What and How should I invest in cryptocurrency and blockchain? What are the new regulations in cryptocurrency? These are just some of the questions we are exploring on “Straight Off the Ledger”.
With Bitcoin’s humble beginnings to the explosion of ICOs in 2017, we are keeping our finger on the pulse of crytptocurrency and blockchain technology. Our mission is to educate the masses and thwart fraudulent news from spreading in the world of digital ledgers. With the help of experts in the field of cryptocurrency and blockchain technology from around the online community, we hope that you can join our community and stay current on the most important topics today and prepare for the future of blockchain technology.
What is Blockchain Technology?
In a nutshell, Blockchain technology is a form of record keeping by distributing transaction data to a network of nodes (computers, servers, or the cloud) that are independent of each other. Whenever there is a new transaction, that data is updated throughout the whole network creating blocks of data attached with a cryptographic signature and officially times tamped. Essentially, because the data is not stored on one centralized location, the record is kept public and accurate, free from the powers that try to manipulate the data.
A great example of how blockchain works is from an awesome podcast we listen to, “Planet Money” by NPR – It’s like you have a thousand people in an auditorium, and whenever there is a transaction, the persons sending and receiving the transaction will go up center stage and let everyone know that a transaction is taking place. Everyone else in the audience will then record that into their books.
This ingenious idea was first introduced by a person or a group called Satoshi Nakamoto for Bitcoins. Today, blockchain has evolved into more than just a technology to keep track of digital currency, but also the BEST way to keep track of ANY data! From medical records to copyright protection, blockchain is public data that is authenticated by a network of nodes.
Below is a great video we found on YouTube that does a great job explaining blockchain technology:
What is Cryptocurrency?
Cryptocurrency has evolved from the early stages of Bitcoin, created by the infamous or famous, yet anonymous, person or group called Satoshi Nakamoto. The idea of cryptocurrency was to make transactions with digital “coins” and those transactions are recorded by a public and independent network of computers to keep record of every transaction, eliminating the need of a centralized power to dictate and record exchange.
In essence a “coin” in the world of cryptocurrency, is a digital code that holds encrypted data protected by cryptography (a mathematical encryption that makes it impossible to compromise) that is recorded on a network of computers around the globe and confirmed by all the computers on the network. Each “coin” is tied to an “address” and whoever has the key to that address owns the “coin”.
“It is more probable that an asteroid falls on your house than that a bitcoin address is compromised.” – Ameer Rosic, Blockgeeks.com
Just like physical cash, you can trade your crypto-coin for goods or services, as long as the person selling their goods and services accept crypto-coins. As you know, Bitcoin is the household name when it comes to using cryptocurrency, and it is the most accepted cryptocurrency when it comes to everday consumers. But, there are hundreds of thousands of cryptocurrencies that are being exchanged for services in the tech world.
Below is a great video that describes cryptocurrencies in 60 seconds:
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