A Simple Explanation of Blockchain and Why You Need to Know It.

 

A Simple Explanation of Blockchain and Why You Need to Know It.

 Written by Zackary RIchards for Excel Investing

Sadly, we have gotten to the point where we can’t trust our government, our businesses or the members of our communities. Everywhere you look there is another scam, or technical failsafe created to convince you that you are buying one thing when in fact, you are actually getting something else.

 And the government says, “You’re on your own, baby!”

Is that “organic food” really organic? Is your coffee really “Fair trade?” Is that sugar free salad dressing really sugar free? Are the people you’re texting really who they say they are? Presently, there is no way to tell, but help is on the way.

 And that help is called blockchain.

 What is it?

It is a system where computerized records are on a network of computers across the globe. The transactions are verified in a blockchain that is completely secure. And because there are hundreds of thousands of viewers, no one could hack the system and alter the information.

Blockchains are decentralized and distributed, meaning no one person, company or government can own it. It belongs to everyone.

 The information is submitted and held by others in blocks in a chronological chain called a blockchain which uses a form of cryptography, to ensure that records cannot be counterfeited, corrupted or changed by anyone.

And that is the core of Bitcoin. What makes Bitcoin different is that there is no middleman involved in the transaction of money and services. Meaning no transactions fees or interest is charged. The blockchain also verifies authenticity or fair-trade status of products by tracking them from their origin.

 Simply put. When you buy bitcoin, or just a part of it, the transaction is recorded and placed on the blockchain. The transaction cannot be completed until the transaction is verified by the network. Any attempt to change or corrupt the transaction will be noted and the transaction will not be put through.

 In short what it does is eliminate corruption, waste and inflation.

 Bill Gates once said Bitcoin is the future of money. And it should be!

 Why? Because fait currency such as the Dollar or Euro can be printed as often as governments need them, which causes a dramatic loss of value. Have you noticed how little your dollar buys these days and how expensive products have become?

 That’s not possible with Bitcoin. There can be only 21 million of them and it will take until 2100 before all 21 million are created.

Here is the most important part. Regardless of how you feel about Bitcoin and other cryptocurrencies, the blockchain technology is here and it is the future. Its impact will be even greater than the Internet. It will influence every aspect of your life, your finances and your well-being.

It is absolutely essential that you learn about Blockchain technology because I can guarantee that within the next five years, any and all transactions will occur using blockchain technology. And because it will have that large of an effect, you need to know what it is and how it works before big businesses and the government fully realizes its potential and attempts to lock themselves in and you out.

 There are several videos on Youtube that explains blockchain simply and in detail. Make a point of taking some time each day to watch one or two, so you can become fully versed in its potential and how it will alter your future.

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