CRYPTO FOR BEGINNERS PART ONE - WHAT IS BLOCKCHAIN TECHNOLOGY?

@terminallyill presents.........

LUCKY'S CRYPTO GUIDE FOR BEGINNERS

PART ONE

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Let me start by introducing myself to everyone here. My name is Devon, though I go by the pseudonym Lucky on a daily basis and am better known on Steemit as @terminallyill. When I started my journey on Steemit, I had entered this platform after many many months of studying the crypto world head first, absorbing as much knowledge as I could from not only research, but personal trial and error. It wasn't long before I had developed a solid grasp on what I was dealing with, and furthered my knowledge as I went on. Being on Steemit gave me the ability to share my experience and knowledge with others who were not in the know, which led me to creating this tutorial series early on. Now, after many months of personal and professional growth, I am bringing it from the grave to educate my fellow Steemians and help teach you all in a comprehensive manner what the crypto world is all about. This is Part One of my tutorial series. Read on....

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LET'S GET STARTED FROM THE BOTTOM AND WORK OUR WAY ON UP

If you are reading this tutorial, chances are that you are new to the world of crypto and looking for some understanding in such a strange, foreign place. Some of you may be not so new to crypto, and just looking to further your education or understanding for some key elements. Whatever your reason for reading this, you have decided to read what will become the top rated crypto guide on the Steemit platform. My series is designed with the beginner in mind, someone with no relative experience in the crypto world at all. My goal is to be able to take someone with no prior knowledge and have them grow to the point to where they can make educated decisions in the crypto world, trade successfully and fully understand what is going on. With that being said, go ahead and prepare yourselves for one Hell of a learning experience.

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WHERE DO I START IN THE CRYPTO WORLD?

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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.

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WHAT EXACTLY IS BLOCKCHAIN TECHNOLOGY

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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 platform that we are using right this moment. 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 growing ventures, this entire crypto craze, our beloved Bitcoin AND every crypto exchange, including every digital currency available within them 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 permanent history in the blockchain, eliminating the possibility of fraud and the hiding of records, which is famous within large corporations and big business in general. No more cooking of the books when crypto is involved! So what does all this really mean? In the following articles I create, I will give a more thorough breakdown of these definitions and what all of this does for the modern world.

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HOW ELSE CAN WE DESCRIBE BLOCKCHAIN TECHNOLOGY?

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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 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 digital ledgers that make up the blockchain. Within these networks and mass numbers of computers working together are "nodes", or basically intersections where numerous members of the network intersect and join at significantly larger scale of power. How it all 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, building the world of crypto one day at a time.

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This concludes Part One of my comprehensive guide to crypto, built for the beginner. Please, take the moment to comment your thoughts and views on this post, as well as any ideas you may have for upcoming articles. I will be releasing Part Two over the weekend, so please be prepared for continuing along. Please, also upvote and resteem this article, as it will find itself in the hands of many folks who will benefit from the knowledge inside of it. I hope that you all enjoyed this article and as always, I wish you all many blessings of success and prosperity. Check this one out @dynamicgreentk, @thundercurator and @dynamiccrypto, let me have your thoughts guys! Might be good for educating some of our community members. Remember folks, the more you know, them more you grow!

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FOLLOW ME @TERMINALLYILL TO READ MORE THOUGHT INVOKING MATERIAL ON CRYPTO, MUSIC, ADDICTIONS/RECOVERY, BUILDING THE COMMUNITY AND MUCH, MUCH MORE!

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