Golden Door’s Blockchain and Crypto Primer
Blockchain and Crypto PrimerAt its core blockchain technology has solved the double-entry problem in accounting. If you think about money, it’s a giant database of informational units. It tells everybody where specific units reside (debits or credits) and how to account for them. The current financial system has been living in the Web 2.0 era of the internet. Think MySpace instead of Meta/Facebook. At the moment, it seems all financial systems are equal but that’s only on the application layer. On the backend, most of these financial systems still take days to settle transactions. Whether it’s a stock, a wire or payment. Reconciliations are time-consuming and costly. However, they don’t have to be. What’s the difference between cryptocurrencies and blockchain?Crypto uses cryptography for security. It tends to be decentralized but not in all cases. Bitcoin was the first and most well-known cryptocurrency, which was created in 2009 by Satoshi Nakamoto. What are the benefits of crypto and blockchain?In some cases, it has faster and cheaper transactions compared to traditional financial systems. For me, increased security and transparency are a big part of it. The current financial system has a closed source system Blockchains are the underlying technology behind cryptocurrencies. They are distributed ledgers that record transactions chronologically and transparently. Once recorded, data on the blockchain is very difficult to alter, making it highly secure. Decentralization is a key component of these new technologies. Of course, it’s worth noting crypto investments are risky and very volatile. Investors need to be aware of how speculative these investments are. Blockchain technologies are still relatively new and evolving. Yes, that includes Bitcoin. Plus regulatory uncertainty and legal definitions are still unclear in many areas. We recommend doing a lot of due diligence before looking into any speculative investments. If you want to learn more about Blockchains, watch our 30 introductory videos to get started. An introduction to blockchain - course summary Most Popular Crypto & Blockchain resourcesIf you need resources to research crypto or stay on top of the news, check out these sites as well:
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