My take on this, 'Explaining Bitcoin and Blockchain"
Ok a bit about me, I have been drawn and interested to this space for some time. I am invested with mining equipment and always looking to BUY LOW. I also look forward to picking one of those ICO's that goes on to be a billion dollar market share asset just like BTC or ETH - https://coinmarketcap.com/
The next 5 years in this space are going to BLOW people's minds when they finally see and understand how the Blockchain, Bitcoin, AltCoins and Currencies are reality. This industry is getting noticed and everyday people are starting to see the advantages of Cryptocurrencies and Smart Contracts.
Now, this is when everyone that has a genuine interest asks that same question, Explain it to me?
Probably at this point in history one of the hardest questions to answer! I often say to eager ears that are expecting the one sentence answer. "It is impossible for me to bottle a standard answer that will bring clarity and understanding for a subject and technology that has taken me well over 10 000 hours to understand in my own way."
***** One of many that will just randomly appear - DISCLAIMER!!! - Please don't expect me to predict ANYTHING in this space, If economists who have Degrees can not even get the economy sorted. :) Do you own DD!
So this past two months i have been connecting and explaining to individuals from various countries in Africa what Bitcoin is. The technology that it uses and the implementation of this tech. I have just spent the last 2 hours writing out what i consider to be a fairly broad overview but it is enough to make you want to learn more which is the effect that i am after.
So here goes.
My objective when explaining is to stay clear of monetary value, Strip the tech down to something that is relatable to the listener, I ask questions, Do you have FB, Do you know what an app is? Do you have a website? Do you own an email? When last did you send a fax? to see what their understanding of tech is. Very quickly you will get an idea of where you can start the parable, story, explanation of cryptocurrencies and what has happened since 2008.
Let us pick a point in history and speak Blockchain and Bitcoin into 2017 from 1800's.
1800's
1. One of the most important inventions of 1800s - printing presses - why, well this meant that joe soap citizen could now read and get educated
2. Men and Women became informed and more educated and learned
3. Education and information no longer belonged to the select few
1900's
1. Industrial Age is Born
2. Those printing presses become huge well distributed syndicated Newspapers that created revenue through adverts placed in classifieds etc
3. Then in the later part of century there came Radio,TV, Cable, CNN ABC MSNBC ABC FOX etc the transfer of information 10X'd over the last 30 years into 2000's
2000's
This is when newer technology started to show how it could eat entire corporations and industries.
1. Printed Presses started losing AD revenue and ground to TV and Cable
2. Then TV and Cable started losing AD revenue to Internet and Satellite - Google Ad Words etc
3. Then Wifi and Data absolutely consumed everyone! Along came Social Media- Facebook Youtube NetFlix Amazon AirBnB Lyft Uber etc etc all Applications that can be downloaded immediately off the internet provided you have a smart device.
2008
The year the world came closer than anyone knows, to a complete and total SHUTDOWN financially. Literally HOURS! All because of a system that is abused, old, hacked, out of date and highly corrupt! The GLOBE is $220 Trillion in debt and counting..... The global BANKING SYSTEM is a FARCE!
Come with me, let us take a little walk through banking history mmmm let's say the last 100 years?
Question to all banking institutes. What have you contributed to mankind? Answer in my humble opinion ZERO ZILCH NORT NADA NICKS.
***** One of many that will just randomly appear - DISCLAIMER!!! - Please don't expect me to predict ANYTHING in this space, If economists who have Degrees can not even get the economy sorted. :) Do you own DD!
What they have done is create :-
1. Debt and associated fees
2. Financial houses and associated fees
3. Invented ATMs - Make you spend more - so they can charge you more AND you guessed it... more FEES!
4. And finally Credit Cards and Debit Cards and the associated fees
Getting the picture on this outdated system it does not work. The business model of financial institutions is so outdated and under pressure. How is it possible that today 7/25/2017 it will still take days if not weeks for (money) actually numbers ( Numerical Digits) to pass from one account to another! Yet at the push of a button i can be video calling someone in Africa on numerous Apps designed for that purpose.
74% of the planet is UNBANKED - This privilege belongs to approx 1 billion globally. mmmm is it a privilege when you see how they trap you in their debt creator
50% of the USA has no access to banks
1 Billion in Africa unbanked.
These are two words that you will begin to hear more and more as you spend time and learn more about this space. Now you have a choice to adopt and adapt to this new age in our History or as some companies and businesses found out the hard way you can ignore!
Let us take Kodak and Blockbuster as examples of business that chose to ignore and paid the price!
Nokia destroyed Kodak in 5 years - they produced Billions of cameras attached to phones and memory for picture storage
Netflix - Closed down Blockbuster!
So let us talk some tech that we are familiar with or have used in the last 20 years....
1. Internet - www
2. Emails - @gmail.com
3. Websites - https://
4. GooglePlay - Apps Store
5. Applestore - Apps Store
6. Applications - Facebook Whatsapp Instagram etc etc
What is all of the above? Essentially it is all code.
Enter the Blockchain.
What is blockchain - It is a distributed public ledger of all the ALT transactions that have ever occurred.
As i have heard one of the individuals that is an expert in this area say - 'lock yourself in a room turn off your phone and start learning and studying."
Blockchains have been around awhile, let us back up a bit, remember what internet did to print media and cable. Well the blockchain of Bitcoin, Digital Currencies, Cryptocurrencies etc will consume the Banking Industries, financial Houses and Insurance Corperations to mention a few. It has already began.
At this present time in history where the user experience of the application is not so user friendly and seamless... BUT it is getting better. and with that comes that all important word TRUST. Once that barrier is crossed and you have the trust of Global Citizen Joe that is when the words Altcoin, DigitalCurrency Cryptocurrency will be everyday talk and transactionable ether with or without current outdated institutions ie Visa/Mastercard/AMEX etc. Always remember this the banks are not known for having NO NEW IDEAS.
As a recent example of one of the many exchanges out there that are open for business and trading. (some are legit some are not) Coinbase in the last 6 weeks has experienced severe down time and hang time with transactions and this was happening as they were receiving 40k DL a day for the app off Googleplay, come on man and still people are telling me it wont last.
And in closing i would just like to finish off by saying thanks to all the Pros and Gurus that i have consumed daily on webinars and replays etc. All of the above material is their content in some shape or form i just regurgitated my own version hope it made sense.
And lastly When you do download a wallet and join an exchange PLEASE PLEASE PLEASE activate all the necessary security features and treat those portals like you would your personal bank account! And lastly BLOCKCHAINS DON'T GET HACKED! Points Of Entry Do! ie Wallet or browser level - This is where theft happens!
My name is Gary and i am #ALLIN on Crypto. Just after i completed this i found this video.