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What are Bitcoin and Blockchain?

Bitcoin was created by Satoshi Nakamoto, who saw the need to create an electronic means of payment that is based on cryptographic proof. Bitcoin can be described as a new invention in the financial space. Here are the things you need to know about Bitcoin and blockchain

Making sense of Bitcoin and Blockchain.

What are Bitcoin and Blockchain?

More about Bitcoin

What is Blockchain?

How does blockchain work?

Is Cryptocurrency the same as Bitcoin?

Does the Government have control over my Bitcoin?

Is Bitcoin worth it?

Apart from Bitcoin, what cryptocurrencies can I invest in?

I heard blockchain can help my small business, is this true?

Conclusion

More about Bitcoin

Bitcoin is rightfully known to be a decentralized digital currency that aids the function of buying, selling and facilitates exchange without the interference of a third party such as a bank. There is an unclear horizon that exists as regards Cryptocurrency and bitcoin—hence the terms are often used concurrently. As you read further, you will understand the clear distinctions that exist between them.

What is Blockchain? 

Blockchain describes a decentralised, distributed ledger that performs the function of recording digital assets. Blockchain utilizes blockchain technology for proper functioning. It stores data and makes the history of digital asset immune to any form of alteration through transparent cryptographic hashing.

How does blockchain work?

Blockchain can be likened to a Google Document that is shared with people after being created. The document is usually distributed instead of being transferred or copied. This kind of process makes it possible for everyone to have access to the document at the same time—even when corrections are made to the document, everyone can still have access to it in real-time!

This is similar to blockchain. Here is how it works:

Blockchain is a kind of database that utilizes blockchain technology to store encrypted blocks of data in a chronological format. It chains the data together to ensure that they’re properly stored and accessible.

Just as earlier explained; digital assets are distributed in the blockchain, and not stored or transferred. This enables an immutable the establishment of an immutable record of an asset. 

The asset stored in the blockchain is decentralised and allows real-time access as well as an equivalent level of transparency to the public.

There are security measures in the blockchain which makes it useful in every sector that exists. There is a transparent ledger of changes that preserves the integrity of the digital asset and creates an atmosphere of trust with the asset and transactions.

Is Cryptocurrency the same as Bitcoin?

Cryptocurrency is a "digital or virtual" currency. It is the general name for any digital assets or currency that uses cryptography as a measure of securing and authenticating its transactions. This mechanism makes the transactions difficult to counterfeit.  Bitcoin is a type of cryptocurrency that uses cryptography as a measure of securing and authenticating its transactions. There are other types of cryptocurrencies such as Ethereum, dogecoin, Shiba, etc.

Does the Government have control over my Bitcoin?

No. Cryptocurrencies are not legal tender in any way, so the government has no control over them and cannot interfere. A new cryptocurrency can be created at any time by private investors. Unlike other conventional types of currencies that are issued by the monetary authority, bitcoin is not as such and cannot be controlled or regulated by the government. The prices of bitcoin and other cryptocurrencies are determined by the forces of demand and supply in the market place.

Is Bitcoin worth it?

Bitcoin has proven itself to be a promising area. It was tagged as the best performing asset in 2020 and has continued in that line in 2021 also. Bitcoin can be used to perform peer-to-peer (p2P) transactions through a secured algorithm, but transparently. Although transactions made with bitcoins are visible. Only the owner possesses a private key that can be used to decrypt it. One BTC was worth over 60000 USD on April 16. It is predicted that the price of BTC will cross $100,000 by 2030. 

Apart from Bitcoin, what cryptocurrencies can I invest in?

Since there are different kinds of promising cryptocurrencies in the market place, here are some that have made a name, just like bitcoin-

Litecoin (LTC)

Launched in 2011, Litecoin has stayed in the market as a subtle alternative to bitcoin. It exists as an open-source, global payment network that operates without interference from central authorities. Litecoin is decentralised and has a coin limit of 84 million, with faster transaction times. The price of LTC reached an all-time high for the first time in April 2021. Through market valuation and trading transactions, LTC is now worth over 300 USD and is predicted to reach $1,200 by 2025 and $2,250 by 2030. These predictions are based on adoption.

Ethereum (ETH)

Created in 2015, Ethereum is another well-known type of cryptocurrency in the market space which is so accessible to the public. Interestingly, offers a virtual machine that can perform scripts through the efficiency of an internal node network. Through the utilization of blockchain technology, ownership transactions of digital currency transactions can be tracked type of cryptocurrency. Ethereum blockchain is quite different because it runs the programming code of any decentralization application; thus allowing developers to pay a fee for their transactions and services provided on the Ethereum network.

I heard blockchain can help my small business, is this true?

Yes. As described earlier, blockchain technology is a detailed process that creates transparency in the creation, record, verification and enforcement of a transaction.

 It can rightly be harnessed by small businesses like gyms, restaurants, and others as a means to set up financial stability structures.

Here is how:

Through blockchain applications and platforms, money transfers and payment transactions can be added. Your business can utilise its mechanism to transfer funds to remote employees in a different part of the world without having to incur additional costs. Additional expenses are often incurred for small businesses through the activity of intermediaries which often slow down these transactions while also charging extra fees. This additional chargeback can be done away with through the use of blockchain technology. If you are also keen about data and storage for your business, you can harness Blockchain storage application to your their data safely and securely. Although this comes with minimal cost implications, the problem of data security and overspending can be addressed this way.

Conclusion

Bitcoin and blockchain cover a wide range of essentials. However, your business can actively take advantage of bitcoin and blockchain technology to make waves in the digital market. You can check out (insert a link to your resource material from your site) to know more about it.

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