How Bitcoin works

Bitcoins are a decentralized form of cryptocurrency. That is, they are not regulated by a financial institution or government. As such, unlike a traditional bank account, you don’t need a long list of paperwork such as identification to establish what is known as a bitcoin wallet. The bitcoin wallet is the one you will use to access your bitcoins and send bitcoins to other people.

How to set up an account

You can purchase a bitcoin wallet from a bitcoin broker like Coinbase. When you open a wallet through a certified broker, you are provided with a bitcoin address that is a series of numbers and letters, similar to the account number of a bank account and a private key that is also a series of numbers and letters, which serve as your password.

How Bitcoin works as an anonymous payment processor

You can do three things with bitcoins, make a purchase, send money anonymously to someone, or use it as an investment. More and more traders have accepted bitcoins as a form of payment. By using bitcoins instead of cash, you will essentially make this purchase anonymously. The same goes for sending money, based on the fact that you don’t have to send any payment to set up a bitcoin anonymously, you can essentially send money to someone else anonymously.

How Bitcoin works as an investment

The price of a bitcoin fluctuates from time to time. To put things in perspective, in early 2013, the average price of a bitcoin was about $ 400 per bitcoin, but by the end of 2013 the price of bitcoin rose to more than $ 1,000. This meant that if you had 2 bitcoins worth $ 800 in early 2013 and stored them as an investment in late 2013, those two bitcoins would have been worth more than $ 2,000 instead of $ 800. Many people store bitcoins because their value fluctuates.

Bitcoin poker and casino sites

Due to the anonymity of bitcoin, the gaming industry has taken bitcoin as a payment method. Both bitcoin casinos and bitcoin poker sites come to life and offer their players income, play bitcoin at the tables and retire directly to their bitcoin wallet. This means that there are no taxes or possibilities for government control. Like a normal Nevada casino, where you don’t have to register anywhere and all your transactions are anonymous.

How to send Bitcoin

In order for you to pay for goods and services or to send bitcoins to a person, three things are needed. Your bitcoin address, your private key, and the person’s bitcoin address. From now on, through your bitcoin portfolio, you will put 3 data, which are: entry, balance and exit. The entry refers to your address, the balance refers to the amount of bitcoins you send, and the exit is the address of the recipient.

6 most common mistakes new Bitcoin traders make

Are you thinking of getting started in the world of cryptocurrency trading? If so, be sure to avoid the most common mistakes. It will be better than most crypto traders avoiding these mistakes. The interesting thing is that almost all traders make these mistakes without even realizing it. Without further ado, let’s check out the usual mistakes. Read on for more information.

1. Emotional decision making

Beginners tend to trade emotionally. But the fact is that trading has nothing to do with your emotions. In fact, if you make decisions based on your emotions, you will be headed for road failure.

2. Buy high and sell low

Another common mistake beginners make is to buy high and sell low. You don’t want to be greedy while doing this business. All you have to do is buy low and sell high. This is the only way to make money trading Bitcoin.

3. Sell at the same time

Due to the two mistakes mentioned above, beginners buy or sell their bitcoins at the same time instead of buying them and gradually sell them in small quantities. If you ask an experienced trader, they will ask you to sell 20% of your Bitcoin profit with a 50% profit. But the problem is that new traders are too prepared to sell. So they have no money to buy casualties. Some sell all their bitcoins at once.

4. Buy wrong coins

The new trade buys cryptocurrencies that make many promises with big words. But they don’t know that these currencies don’t bring any technical innovation, like Litecoin, NEO, Tron and EOS, to name a few. The problem is that they are fairly centralized blockchains. Therefore, you may want to avoid them.

5. Put the eggs in too many baskets

Due to the above error, beginners tend to invest in many cryptocurrencies. Not a good idea, as it can make it difficult for you to make a profit. Ideally, you may want to invest in 3 to 4 currencies. In the world of cryptocurrency, you can’t afford to put all your eggs in tons of baskets.

6. Put all the eggs in a basket

Another common mistake is to put all the eggs in the same basket. Ideally, you should have a well-diversified portfolio. Other than that, you may not want to deposit all your cryptocurrencies in the same wallet or exchange. All you have to do is use a minimum of three wallets. This will help you protect your investment.

In short, these are just some of the most common mistakes made by new cryptocurrency traders. If you follow these steps, you are less likely to make these mistakes. As a result, your investment will be safer and you are more likely to make a profit instead of a loss. Hopefully, these tips will help you get started as a new marketer and reap many benefits.

Is it feasible to invest in Bitcoin?

Chances are you read this article after the latest Bitcoin value jump frenzy, which saw it within walking distance of $ 20,000. You are now looking for reasons to invest in this cryptocurrency and blockchain technology. Here are some of the reasons why you should:


The first thing a lot of people think, when they have news of the current price, is that it’s too late and people who keep buying Bitcoin are just jumping. In fact, with the mining years to come and the currency still in its infancy (rather as teenagers), its value has yet to increase and it is a solid investment.


Blockchain is not just about cryptocurrencies. It is the future of the supply chain and the fight against counterfeiting. Super-smart protocols, such as DAO (Autonomous Decentralized Organization) and Smart Contracts, are some of the things that are derived from the blockchain that automates an organization’s operation and money transaction.


Every day people are robbed and bank robberies are done. Bitcoin and Blockchain ensure that the money stored in your digital wallet is at an extremely secure level of security than the virtual number that represents your cash at your local bank.


Have you ever had the bad experience of having to send money to the other side of the world and the amount of expenses for currency conversion, opening a letter of credit, bank charges, and so on. Bitcoin eliminates all that. Since there is no banking system when it comes to cryptocurrencies, there is no intermediary like a bank. You can avoid all these excessive charges by sending money directly to the intended recipient.


Did we mention you can send the money directly yourself? This saves you time as you do not need to fill out forms or applications. All you have to do is ask for the recipient’s public address and click on the required amount.


Since the number of bitcoins is limited (only 21 million will be produced), the value of this cryptocurrency cannot be devalued as supply is limited, but growing demand means it is a self-floating currency. No inflation translates into an excellent investment.


Remember the Greek financial crisis where municipalities were asked to hand over extra money to the central bank? With the normal currency, the central bank is the owner, not you, and can force you to return them. Bitcoin is not owned by anyone but by yourself for the amount you have at your disposal. No one can force it.

It’s not too late to invest in Bitcoin and Blockchain, but like any other currency, the future cannot be predicted. Study the charts of your favorite bitcoin exchange well before committing to an investment.

5 Advantages of Trading Cryptocurrencies

When it comes to trading cryptocurrencies, you need to speculate on whether the market you have chosen will increase or decrease in value. And the interesting thing is that you never own the digital asset. Actually, trading is done with derivative products like CFDs. Let’s look at the advantages of cryptocurrency trading. Read on for more information.


Although cryptocurrency is a new market, it is quite volatile due to short-term speculative interest. The price of bitcoin fell to $ 5851, from $ 19,378 in 2018, in just one year. However, the value of other digital currencies is fairly stable, which is good news.

What makes this world so exciting is the volatility of the value of cryptocurrency. Price movements offer many opportunities to traders. However, it also carries many risks. Therefore, if you decide to explore the market, just be sure to research and develop a risk management strategy.

Working hours

Normally, the market is open to trade 24/7 because it is not regulated by any government. In addition, transactions are made between buyers and sellers around the world. There may be short downtime when infrastructure upgrades occur.

Improved liquidity

Liquidity refers to the speed with which a digital currency can be sold in cash. This feature is important as it allows for faster transaction times, better accuracy and better prices. In general, the market is illiquid as financial transactions take place on different stock exchanges. Therefore, small transactions can lead to large price changes.

Exhibition taken advantage of

Because CFD trading is considered a leveraged product, you can open a position on what we call “margin”. In this case, the value of the deposit is a fraction of the commercial value. Therefore, you can enjoy a great exposure in the market without investing a lot of money.

The loss or gain will reflect the value of the position at the time of closing. Therefore, if you trade marginally, you can make huge profits by investing a small amount of money. However, it also amplifies the losses that can exceed your deposit in one transaction. Therefore, be sure to consider the total value of the position before investing in CFDs.

In addition, it is important to ensure that you follow a sound risk management strategy, which should lead to appropriate limits and stops.

Quick account opening

If you want to buy cryptocurrencies, be sure to do so through an exchange. All you have to do is sign up for an exchange account and keep the currency in your wallet. Keep in mind that this process can be restrictive and require a lot of time and effort. However, once the account is created, the rest of the process will be fairly smooth and hassle free.

In summary, these are some of the most prominent advantages of forex cryptocurrency trading right now and now. Hopefully, you will find this article quite useful.

Is cryptocurrency the future of money?

What will the future of money look like? Imagine entering a restaurant and looking at the digital menu board of your favorite combination food. Only, instead of being priced at $ 8.99, it is shown as 009 BTC.

Can crypto really be the future of money? The answer to this question depends on the general consensus on several key decisions ranging from ease of use to safety and regulations.

We examine the two sides of the (digital) currency and compare and contrast traditional fiat money with cryptocurrency.

The first and most important component is trust.

It is imperative that people trust the currency they use. What gives value to the dollar? Is it gold? No, the dollar has not been backed by gold since the 1970s. So what gives value to the dollar (or any other fiat currency)? The currency of some countries is considered more stable than others. Ultimately, people’s confidence is that the government issuing this money is firmly behind it and essentially guarantees its “value”.

How does trust with Bitcoin work, as it is decentralized, meaning that it is not a governing body that issues currencies? Bitcoin is in the blockchain, which is basically an online ledger that allows everyone to see each and every one of the transactions. Each of these transactions is verified by the miners (people who operate equipment on a peer-to-peer network) to prevent fraud and also to ensure that there is no double spending. In exchange for their blockchain integrity maintenance services, miners receive a payment for each transaction they verify. Since there are countless miners trying to make money, each one checks to see if the others are working if there are mistakes. This test of the work process is the reason why the blockchain has never been blocked. Basically, this trust is what gives value to Bitcoin.

Then let’s look at the closest security friend, security.

What if my bank is stolen or there is fraudulent activity on my credit card? My bank deposits are covered by FDIC insurance. Chances are my bank will also reverse charges I’ve never made to my card. This is not to say that criminals will not be able to achieve acrobatics that are at least frustrating and time consuming. It is more or less the peace of mind that comes from knowing that I will most likely recover from any wrongdoing that has occurred to me.

In cryptography, there are many options when it comes to storing your money. It is essential to know if the transactions are insured for your protection. There are reputable exchanges, such as Binance and Coinbase, that have a proven track record of correcting mistakes for their clients. Just as there are less respectable banks around the world, the same goes for cryptography.

What happens if I throw a twenty dollar bill into the fire? The same goes for cryptography. If I lose my login credentials for a particular wallet or digital exchange, I will not be able to access these currencies. Again, I can’t stress enough the importance of doing business with a reputable company.

The next number is the scale. Currently, this could be the biggest hurdle preventing people from making more transactions in the blockchain. When it comes to the speed of transactions, fiat money moves much faster than cryptocurrencies. Visa can handle about 40,000 transactions per second. Under normal circumstances, the blockchain can only handle about 10 per second. However, a new protocol is being enacted that will trigger up to 60,000 transactions per second. Known as the Lightning Network, it could result in the transformation of cryptography into the future of money.

The conversation would not be complete without talking about convenience. What do people normally like about their traditional methods of spending and banking? For those who prefer cash, it’s obviously easy to use most of the time. If you want to book a hotel room or a rental car, you need a credit card. Personally, I use my credit card wherever I go for convenience, security, and rewards.

Did you know that there are also companies that provide all this to the cryptographic space? Monaco now issues Visa cards that automatically convert your digital currency into the local currency.

If you’ve ever tried to connect money to someone, you know that this process can be very tedious and costly. Blockchain transactions allow a user to send encryption to anyone in minutes, no matter where they live. It is also considerably cheaper and safer than sending a bank.

There are other modern methods of transferring money that exist to both worlds. Take, for example, apps like Zelle, Venmo, and Messenger Pay. These apps are used by millions of millennials every day. Did you also know that they are also starting to incorporate cryptography?

The Square Cash app now includes Bitcoin and Jack Dorsey CEO said, “Bitcoin, for us, doesn’t stop at buying and selling. We believe it’s a transformative technology for our industry and we want to learn as quickly as possible. ”

He added: “Bitcoin offers the opportunity to get more people to access the financial system.”

While it’s clear that fiat spending still dominates the way most of us move money, the new encryption system is gaining ground quickly. Tests are everywhere. Prior to 2017 it was difficult to find conventional media coverage. Now almost all major business news outlets cover Bitcoin. From Forbes to Fidelity, everyone weighs their opinions.

What is my opinion? Perhaps the main reason Bitcoin can be successful is that it is fair, inclusive, and gives financial access to more people around the world. Banks and large institutions see this as a threat to their own existence. They follow the losing end of the largest wealth transfer the world has ever seen.

Still undecided? Ask yourself this question, “Do people more or less trust governments and banks every day that passes?”

Your answer to this question may be what determines the future of money.

What is a cryptocurrency ICO?

ICO is the abbreviation for the initial supply of coins. When launching a new digital currency or cryptocurrency, developers offer investors a limited number of units in exchange for other major cryptocurrencies such as Bitcoin or Ethereum.

ICOs are amazing tools for rapidly pouring development funds to support new cryptocurrencies. The tokens offered during an ICO can be sold and exchanged on cryptocurrency exchanges, assuming there is enough demand for them.

Ethereum’s ICO is one of the most notable hits and the popularity of the initial coin offerings grows as we speak.

A brief history of ICOs

Ripple is likely to be the first cryptocurrency distributed through an ICO. In early 2013, Ripple Labs began developing the Ripple payment system and generated approximately 100 billion XRP tokens. These were sold through an ICO to fund the development of the Ripple platform.

Mastercoin is another cryptocurrency that has sold several million tokens for Bitcoin during an ICO, also in 2013. Mastercoin aimed to symbolize Bitcoin transactions and execute smart contracts by creating a new layer on top of the existing Bitcoin code. .

Of course, there are other cryptocurrencies that have been successfully funded through ICOs. In 2016, Lisk raised approximately $ 5 million during its initial coin offering.

Still, Ethereum’s ICO that took place in 2014 is probably the highlight so far. During its ICO, the Ethereum Foundation sold ETH for 0.0005 Bitcoin each, raising nearly $ 20 million. With Ethereum harnessing the power of smart contracts, it paved the way for the next generation of initial coin offerings.

The Ethereum ICO, a recipe for success

Ethereum’s smart contracting system has implemented the ERC20 protocol standard that sets the ground rules for creating other compatible tokens that can be transmitted to the Ethereum blockchain. This allowed others to create their own tokens, which meet the ERC20 standard which can be exchanged for ETH directly on the Ethereum network.

The DAO is a notable example of successfully using Ethereum smart contracts. The investment company raised $ 100 million in ETH and investors received DAO tokens in return that allowed them to participate in the governance of the platform. Unfortunately, the DAO failed after being hacked.

Ethereum’s ICO and its ERC20 protocol have described the latest generation of blockchain-based crowdfunding projects through the Initial Currency Bids.

It also facilitated investment in other ERC20 tokens. Simply transfer ETH, paste the contract into your wallet, and the new tabs will appear in your account so you can use them as you wish.

Viously, obviously, not all cryptocurrencies have ERC20 tokens that live on the Ethereum network, but virtually any new blockchain-based project can launch an initial coin offering.

The legal status of ICOs

When it comes to the legality of ICOs, there is a bit of jungle. In theory, tokens are sold as digital assets and not as financial assets. Most jurisdictions have not yet regulated ICOs, so assuming the founders have an experienced attorney on their team, the entire process should be paperless.

However, some jurisdictions have become aware of ICOs and are already working to regulate them in a manner similar to stock and stock sales.

In December 2017, the U.S. Securities and Exchange Commission (SEC) classified ICO tokens as securities. In other words, the SEC was preparing to stop ICOs that they consider misleading investors.

There are some cases where the testimony is only a useful testimony. This means that the owner can only use it to access a certain network or protocol, in which case it may not be defined as financial security. However, equity tokens that aim to appreciate their value are very close to the concept of security. The truth is that most tile purchases are made specifically for investment purposes.

Despite the efforts of regulators, ICOs still persist in a gray legal framework and until a clearer set of regulations is imposed, employers will try to benefit from the initial Currency Offers.

It should also be mentioned that once the regulations reach the final form, the cost and effort required to comply with them could make ICOs less attractive compared to conventional funding options.

Final words

For now, ICOs continue to be an amazing way to fund new cryptography-related projects and there have been many successful ones and many more to come.

However, keep in mind that everyone launches ICOs today and many of these projects are scams or don’t have the solid foundation they need to thrive and make the investment worthwhile. For this reason, you will need to do a thorough research and research the equipment and background of any cryptography project you want to invest in. There are several websites that list ICOs, just do a Google search and you will find some options.

Nano Coin compared to Nexty Coin – Crypto

Nano and Nexty: Are these real and practical cash alternatives? Let’s find out!

Blockchain is no longer a trendy geek talk. Bitcoin revolutionized the way many of us view currencies, ledgers, fund transfers and transactions. The beauty of all virtual currencies is that almost every one of them tries to solve a problem. And this is where our currency of interest, Nexty, comes into play. During the drafting, the similarity of the Nexty platform will be compared to Nano – XRB to get a better understanding of this platform.

In very simple terms, the Nexty platform is presented as a transaction system that will eliminate the concept of transaction fee, while ensuring ultra-fast transfers to facilitate its users. Apart from that, transfers are extremely fast because transactions do not require miners to make confirmation as in the case of other virtual currencies like Bitcoin and so on.

However, according to the white paper published by the creators of Nexty, the main use of Nexty is intended for start-up e-commerce companies to help generate public funding. Since there are no transactions, an ultra-fast transfer (2 seconds! And that’s almost real-time) and a confirmation fee, fundraising will be less complicated. The currency is surgically targeted at e-commerce stores because it will cultivate an ecosystem where these stores will accept NTY coins from shoppers.

The concept behind NTY makes daily online operations a fluid experience. The team behind NTY is made up of Blockchain developers and established marketers. Some of the team members have ten to twelve years of experience in full stack development and marketing.

Some of you might argue that Nano (formerly known as Railblocks, XRB) is already performing the same functions as NTY. The XRB currency is a bit unique because it uses its proprietary blockchain data structures. Because of this, each Nano account has its own blockchain that reduces latency for a fast transfer. Other than that, the XRB is resource and resource efficient and does not need a high-end GPU system to execute transactions. However, Nano does not include any smart contracts. Smart contracts are intended to exchange activators for any cryptocurrency. These contracts assist in the exchange of funds, real estate, shares or any tangible or intangible entity of financial value. Smart contracts also eliminate the need for intermediaries while transporting our cryptocurrency to asset exchange seamlessly. Apart from this difference, NTV and XRB (Nano) are more or less identical. Another important capability of the Nexty platform is its integration into existing e-commerce applications such as Joomla. According to NTY developers, the integration lasts a maximum of 3-4 hours.

In order to strike a balance between NTY demand and supply, the platform includes an integrated smart betting program. This program offers bonuses and credits for buying, selling and maintaining Nexty. The system is designed for investors and everyday users at the same time.

The capacity of the Nexty and Nano platforms is huge. Imagine a world where cryptography replaces conventional wallets and transactions are fast. For example, if a merchant accepts BitCoin, they may not deliver the merchandise and service to you until several operators confirm the transaction. And now re-imagine the payment for goods and services using a currency that is transferred quickly without transaction fees, regardless of any minor verification.

How to use a free Bitcoin generator

Bitcoin is the new cryptocurrency designed by Satoshi Nakamoto in 2007 and born in the business world in 2009, widely accepted by a large number of investors as it promises a higher return on their investments. Bitcoin is used in many countries as an alternative currency. Many bitcoin companies have been established by expanding their customer base to several countries providing lucrative returns and an easy convertible policy. A bitcoin generator is becoming a new trend that gives two or three times the sum invested.

Companies provide a security base for their investors, although it is influenced by market fluctuations and the most modern software and hardware solutions, which makes it understandable to ordinary people. return on your investments.

HOW A bitcoin generator is used

To learn how to use a free bitcoin generator, first open the bitcoin software on the desktop screen. Now connect it to your internet server, as it is secure and anonymous, you can easily generate or duplicate your problem without any problem. Therefore, the main step to duplicate your bitcoin is to first enter the sum. To deposit money, you must enter the address of the bitcoin wallet in the deposit bar. Now open the wallet window and from there transfer your amount to the deposit bar. To do this, click the submit button and paste in your bitcoin deposit address to send the money to the bitcoin software to double the amount. You will see a successful payment transfer notification in the bitcoin software window. Now, this bitcoin currency will become the software currency, after a few minutes the amount will automatically double. Now click on the deposit button to see the amount deposited and the money duplicated. Then click the Refresh button to get the full summary of your transaction, for example, if you deposited 0.10 bitcoins, the duplicate amount will be 0.20 bitcoins in your wallet. Now to withdraw Bitcoin money, you need to go to your bitcoin wallet, from there click the receive button and copy the address that appears in the window. The next step is to paste the address into the bitcoin withdrawal bar and click the withdraw button. The whole process will take a while, but after you complete it, you will see a notification appearing on the screen that says “Bitcoin received” and bitcoins will appear in your wallet.

A bitcoin generator is an easy way to make money easily. Bitcoin works on the basis of the cryptographic protocol. Bitcoins are the symbol of the currency by which the user makes the transaction of receiving and sending money in bitcoins instead of real money. Bitcoin generators are programming software that doubles or triples bitcoins in 5 to 10 minutes with a minimum balance in the bitcoin portfolio. There are many companies that offer a free bitcoin generator, but before you invest do a thorough research as many of them are scams. Bitcoin is the new currency of the new generation and has a wide scope in the near future.

6 Tips to Help You Improve Your Investment Strategy When Trading BTC

If you want to invest in Bitcoin, be sure to consider many factors. This decision should be based on sound technical evaluation and thorough analysis. You don’t want to risk your very earned money. Instead, the goal of all investors is to get the most out of their investment dollars. Here are some tips that can help you improve your investment strategy. Read on for more information.

1: Know the basics

The first step is to make sure you can get a return on your investment, which is only possible if you know the basics. Sometimes, if you don’t fully understand the basics, you may end up making the wrong decisions.

So the terms you need to know include cryptocurrency exchange, private keys, public keys, wallets, and digital currencies, to name a few. Knowing these basic terms is important to make better investment decisions.

2: Be consistent

It often takes us too long to make important decisions for many reasons. In fact, even experienced investors may end up making this mistake. It is important to understand that it is crucial to adjust your strategies based on market conditions. The value of Bitcoin continues to change, which means that you need to change your investment strategies from time to time.

3: Use technology

The concept of digital currency depends on technology, which means that you should be able to use technology for your investment decision. For example, you can try automated robots as they help in forex currency trading. Therefore, it is not necessary to intervene much.

These types of tools can help you save a lot of time and effort during the decision making process. So using them is a stroke of genius.

4: Consider exchange charges

When opting for a cryptocurrency change, make sure you are quite selective. In fact, different stock exchanges have different tariff rates, which can have a big impact on your ROI. This is important if you are involved in many small businesses, as each transaction is charged based on the rules and regulations of the stock exchange. Therefore, you need to make sure that you opt for the best change to reduce the commission.

5: Do not transmit in excess

At first, some investors tend to engage in excessive trading. They do several trades a day, which is a serious mistake. You may want to avoid this, as the results can be devastating. Therefore, you should take your time and make every negotiation decision after careful thought.

6: Think of alternatives

In some ways, your investment in BTC can be quite productive. You may want to opt for an alternative that can minimize the risk and maximize the benefits. Therefore, what you need to do is opt for an alternative that involves low risk and higher profitability.

In short, investing in BTC can be quite productive, especially if you follow a careful and measured approach. So make sure you learn the basics and compare different alternatives to make the best decision. I hope this helps.

An introduction to Blockchain technology for beginners

Today, technology is scaling new levels of success at an incredibly fast pace. One of the latest triumphs in this direction is the evolution of Blockchain technology. New technology has greatly influenced the financial sector. In fact, it was initially developed for Bitcoin, the digital currency. But now it also finds its application in other things.

Getting here was probably easy. But do you still need to know what Blockchain is?

A distributed database

Imagine an electronic spreadsheet, which is copied many times over a computer network. Now, imagine that the computer network is designed so cleverly that it periodically updates the spreadsheet on its own. This is an overview of the Blockchain. Blockchain contains information as a shared database. In addition, this database is continuously reconciled.

This approach has its own advantages. It does not allow you to store the database anywhere. The records they contain have a real public attribute and can be verified very easily. Because there is no centralized version of the records, unauthorized users have no means to manipulate and corrupt the data. The Blockchain distributed database is hosted simultaneously by millions of computers, making it easy for almost everyone to access the data via the virtual web.

To make the concept or technology clearer, it’s a good idea to discuss the Google Docs analogy.

Google Docs analogy for Blockchain

After email arrives, the conventional way to share documents is to send a Microsoft Word document as an attachment to one or more recipients. Recipients will have a good time before submitting the revised copy. In this approach, you must wait to receive the return copy to see the changes made to the document. This is because the sender cannot make corrections until the recipient finishes editing and submits the document again. Contemporary databases do not allow two owners to access the same record at the same time. This is how banks maintain the balances of their customers or account holders.

Unlike established practice, Google Docs allow both parties to access the same document at the same time. In addition, it also allows you to view a single version of the document in both simultaneously. Like a shared ledger, Google Docs also acts as a shared document. The distributed part only becomes relevant when participation involves multiple users. Blockchain technology is, in a way, an extension of this concept. However, it is important to note here that the Blockchain is not intended for document sharing. Rather, it’s just an analogy, which will help you get a clear idea of ​​this cutting-edge technology.

Featured Blockchain features

Blockchain stores blocks of information on the network that are identical. Under this feature:

  • Data or information cannot be controlled by any specific entity.
  • Nor can there be any point of failure.
  • The data is kept in a public network, which guarantees absolute transparency in the general procedure.
  • Stored data cannot be corrupted.

Demand for Blockchain developers

As mentioned above, Blockchain technology has a very high application in the world of finance and banking. According to the World Bank, more than US $ 430 billion was sent in money transfers in 2015 alone. Therefore, Blockchain developers have significant market demand.

The Blockchain eliminates the profits of intermediaries in these monetary transactions. It was the invention of the GUI (Graphical User Interface), which made it easier for ordinary people to access computers in the form of desktops. Similarly, the portfolio application is the most common GUI for Blockchain technology. Users use the wallet to buy the things they want using Bitcoin or any other cryptocurrency.