When it comes to blockchain, there are acknowledged advancements being made, particularly with the use of a blockchain wallet.
What exactly is a blockchain wallet?
That is the best question to begin with. A Blockchain Wallet is best described as a more secure and efficient way to hold and manage your Cryptocurrency. This is a virtual digital wallet, similar to that of a leather-bound “fold-over” wallet in which you keep in your back pocket with your cash, credit cards, and that photo of your first Mansion (which you will buy when Bitcoin reaches $200k per coin).
Looking for the easiest way to convert CASH or FIAT to cryptocurrency? We use a blockchain wallet with COINBASE (which we recommend you set up because it is the greatest method to learn more). You receive $10 in BTC simply for joining).
To buy, sell or exchange Cryptocurrency, you’ll need a Wallet on the Blockchain, which is the future’s database and platform. And that future is rapidly approaching.
What is Cryptocurrency?
- Cryptocurrency is a digital currency that does not rely on Banks to verify our transactions. Records are kept by a decentralized system called the blockchain, rather than a centralized authority utilizing cryptography. “Decentralized cryptocurrencies, such as bitcoin, now provide us with an outlet for personal wealth that is not subject to restriction or confiscation by the banks.”
- By it being a peer-to-peer payment system it allows anybody, anywhere to send and receive money. Cryptocurrency payments exist solely as digital entries to an online database identifying specific transactions, not like tangible money carried around and exchanged in the real world. Bitcoin transactions are recorded in a public ledger. And Cryptocurrency is kept in a Digital wallet.
- The term “cryptocurrency” derived from the use of encryption to verify transactions. Therefore, specialized coding is required in order to store and transport the cryptocurrency data between wallets and public ledgers. The goal of this is to ensure safety and security.
Bitcoin was the first existence of cryptocurrency, and it is still the most popular today. Much of the interest in cryptocurrencies is speculative, with speculators occasionally sending prices through the roof.
How does Cryptocurrency Work?
- Cryptocurrencies are formed on the blockchain, a distributed public ledger that monitors and tracks all transactions updated and maintained by digital currency holders.
- Mining is a technique that by the use of computer power solves complex mathematical problems that earn coins to build cryptocurrency units. Purchasers can also buy the currencies from brokers and use encrypted wallets to store and spend them.
- Since the existence of Bitcoin in 2009, cryptocurrencies and applications of blockchain technology are still becoming more prominent in the financial community, and more future uses are to be expected. For instance, we can expect to see transactions including bonds, stocks, and other financial assets could eventually be traded using this technology.
What is the Blockchain; It’s Purpose, and How does it Work?
A blockchain is a public digital ledger which is decentralized. It is used mainly to prevent tampering by objectively recording transactions and distributing information across numerous computers. While having the ability to change retrospectively without requiring consent of the network nor affecting all subsequent blocks.
Blockchain is an innovative system of recording digital info that makes it nearly impossible to hack, manipulate, or update. A blockchain distributes cryptocurrency transactions across a digital ledger throughout the blockchain’s network of computers.
Sign Up with COINBASE:
- The most efficient way to convert CASH or FIAT into Cryptocurrency, we suggest, using the blockchain wallet with COINBASE (we highly recommend it because of its’ simple interface that allows trade on multiple platforms). And not only that but you get $10 in Bitcoin when you sign up to use this interface).
- Of course, many other different wallets are available. Each one has its own specific purpose and function in the blockchain. Cryptocurrencies, and the expanding digital economy future is now here.
- COINBASE now offers Staked Coins, as well as the possibility to “Stake” or hold your coins for profit. You agree to “STAKE THEM”, which means you will not sell or transfer them. They are STAKED in order to preserve the value of the COIN. This earns you an APY (Annual Percentage Yield), exactly like a Bond or Certificate of Deposit Account. These APYs can range from 0.01 and 25% or greater. Staked coins supported by COINBASE have frequently shown to be more secure. However, danger is always involved in every investment, and this includes staking as well.
- Incentives are offered to you when you Stake Coins. Usually more coins are rewarded to you during the staking period. Much like Bonds or CD’s from a bank, for example. That can be used to leverage and generate new Crypto Coin earnings.
We cover and train on Blockchain, Cryptocurrencies, and other topics in our Online Community Zoom Rooms. Make sure to contact us for further information! We will educate and help you throughout this incredible moment in your life using this technology.
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