~ LUCKY'S CRYPTO GUIDE FOR BEGINNERS ~ PART ONE - WHAT IS BLOCKCHAIN TECHNOLOGY?

in cryptocurrency •  2 years ago  (edited)

LUCKY'S CRYPTO GUIDE FOR BEGINNERS

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PART ONE

WHAT IS BLOCKCHAIN TECHNOLOGY?


If you are reading this, you are either new to cryptocurrency or considering getting on board with it in some fashion, whether it be trading digital currency, application or code production, or something else relative to crypto and the blockchain. Be advised, this is one of many articles I will be releasing for those new to crypto, and at a later date I will begin more advanced articles to follow up with. I'm hoping that my insight and knowledge can help some of you grow within this new era that is upon us, both professionally and financially.


WHERE DO I START IN CRYPTO?


The most important information one can obtain when dealing with cryptocurrency in the very beginning, is familiarity with what exactly you are dabbling with. Walking into (or investing into) cryptocurrency blindly with the good ole' fashioned "I'll find my way around" attitude is going to do one of three things, or all of the following. One, going at this with no understanding of the blockchain or crypto WILL cause you to lose investment equity and your hard earned money, if not all of it. Two, you will not understand what is going on and you will get overwhelmed, causing you to make poor decisions based on lack of possessed knowledge. Three, you will miss out on the ground floor of some of the biggest investment opportunities of our lifetime due to lack of understanding and inability to perform efficiently. It is imperative that you learn how crypto was created, why it was created and understand the the basic as well as inner workings of the blockchain if you ever plan to succeed in the crypto world. This article was created to give those with little or no understanding and knowledge the stepping stones they need to get their feet wet and advance successfully in the market while continuing to grow with significantly better understanding.


SO, WHAT EXACTLY IS BLOCKCHAIN TECHNOLOGY?


Before I give the textbook and plain term definitions of the blockchain, I'm going to give you some very valuable information to get you started. One thing blockchain technology is that blockchain technology is the backbone of every cryptocurrency in the world, from Bitcoin on down to smaller, "no-name" coins that are widely ignored. Blockchain technology is the only reason these currencies are available today, and it is the sole reason that many, many companies, programs, scripts and apps exist today, including our beloved Steemit. Without getting overwhelming, the code and scripting put into the blockchain, enable it to grow and continue to produce, to an almost infinite level. It is the lifeblood of many of today's ventures, this crypto craze, Bitcoin AND every exchange and currency available today.

If you want to go by the book, blockchain technology is a "decentralized" ledger (or record) of all transactions across a P2P (Peer to Peer) Network with complete anonymity (meaning you can keep your identity hidden if you so choose). It’s a complete and accurate record of events that is shared between many parties and networks. One key feature is that once information is entered into the blockchain, it cannot be altered or manipulated by anyone or anything. It is forever recorded and becomes history in the blockchain, eliminating the possibility of fraud and hiding of records, which is famous with large corporations and such. So what does all this really mean? In the next articles I create I will give a more thorough breakdown of these definitions.


HOW ELSE CAN YOU DESCRIBE BLOCKCHAIN TECHNOLOGY?


An even simpler way of looking at the definition of the blockchain,is that the blockchain is a group of computers from various locations (mine, yours and everyone else's on Steemit) that dedicate (or lend) their computational power to everyone in the system, to accomplish amazing feats (such as building the code and system to record transactions, create currency, etc). Before the blockchain technology was created, the same principle existed with Peer To Peer networks, or P2P, where everyone on the network would lend part of their processing power and data to the entirety of the group to provide media, programs, etc. A fine example of this is The Pirate Bay or KickAssTorrents. With the blockchain being basically the foundation of everything crypto, our processing power (computational power more specifically) of our computer is combined with mass numbers of others, to more or less process code to create these ledgers that make up the block chain. Commonly, cores or centers of large amounts and processing of power are called nodes.. How it works varies on the application of it's use, but it all boils down to the same great things. Transparency, efficiency and unlimited growth potential.


So this concludes Part One of Luck'y Crypto Guide For Beginners. Please follow up with Part Two ~ What Does Decentralized Mean?, for more in depth articles and breakdowns of everything you need to know in order to successfully trade cryptocurrency and be involved with today's greatest technological advancement, blockchain technology! If you enjoyed my article, please show me some love by commenting, upvoting and resteeming. Follow me @terminallyill

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Hi! I am a robot. I just upvoted you! Readers might be interested in similar content by the same author:
https://steemit.com/cryptocurrency/@terminallyill/lucky-s-crypto-guide-for-beginners-part-one-what-is-blockchain-technology

Thank you! Just trying to educate the Steemit community and do my part!

vote back , I'll be happy

Consider it done!

Thanks for the information, ive added a bit of knowledge to my crypto knowledge

This part is good, I understand it pretty good. Thank you

Awesome, thank you! Im glad it was able to help. If you have any questions, feel free to ask.

Hi @terminallyill and Everyone,

Our team, @EOS9CAT came with a very short explanation and hope it would be helpful for everyone here.

The blockchain is a continuously growing list of records, called blocks, which are linked and secured using cryptography. It features decentralization, immutability, security, and openness, comparing to traditional distributed systems. the most symbolic adaptation of blockchain technology is cryptocurrency (bitcoin, ripple and various coins) and decentralized applications (Ethereum, EOS and etc).

If you need any other questions, please feel free to send us an email at [email protected] or visit our website