Info : What is blockchain? Everything you need to know.
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#1
y Bitcoin 
Quote:Few people understand what it is, but Wall Street banks, IT organizations, and consultants are buzzing about blockchain technology. It’s hard to remove blockchain from Bitcoin, so we’ll start with Bitcoin as we work to understand this technology’s potential.

Bitcoin. Blockchain. Cryptocurrencies. Initial coin offerings.
Everyone’s talking about them, but what do these terms really mean?

...

What is Bitcoin?

The 2008 financial crisis caused a lot of people to lose trust in banks as trusted third parties. Many questioned whether banks were the best guardians of the global financial system. Bad investment decisions by major banks had proved catastrophic, with rippling consequences.
Bitcoin — also proposed in 2008 — presented something of an alternative.
According to its whitepaper, Bitcoin was a “peer-to-peer electronic cash system.” It would allow for online payments [to move] from one party to another without going through a financial institution.”

...

Bitcoin is politically decentralized — no single entity runs bitcoin — but centralized from a data standpoint — all participants (nodes) agree on the state of the ledger and its rules.
A bitcoin or a transaction can’t be changed, erased, copied, or forged — everybody would know.
That’s it, and it’s a big deal.

...

Is Bitcoin really secure?

You may have noticed a key difference between the above example and Bitcoin. Specifically, Alice’s and Bob’s ledger only allows “trusted friends” to participate. In contrast, Bitcoin is entirely public, and anyone can participate.

...

Is Bitcoin really secure?

You may have noticed a key difference between the above example and Bitcoin. Specifically, Alice’s and Bob’s ledger only allows “trusted friends” to participate. In contrast, Bitcoin is entirely public, and anyone can participate.

...

Wait… what is Bitcoin?

OK, let’s connect all the dots:
  • Bitcoin is a decentralized, public ledger. This ledger is known as a blockchain. There is no trusted third party controlling the Bitcoin blockchain. Instead, anyone can read it, write to it, and hold a copy.
  • The Bitcoin blockchain tracks a single asset: bitcoin. The blockchain has rules, one of which states that there will only ever be 21M bitcoin. All participants must agree to Bitcoin’s rules in order to use it.
  • Because anyone can read it and write to it, Bitcoin needs a method to establish consensus among untrusted nodes — unlike Alice’s and Bob’s distributed ledger shared among trusted friends. It solves this problem via clever economics:
  • Incentive: The first miner to verify transactions and devote immense computing power to secure the blockchain can append a block of transactions to the chain of previous blocks. This miner is rewarded with bitcoin, and the race starts over every ten minutes.
  • Disincentive: Bad actors are dissuaded from attacking the blockchain, because it’s effectively a money-losing proposition.

Read it all at the source: Medium

Pretty good summary for newer people to better understand Bitcoin and blockchain in general. It really is a fairly simple technology to understand, ONCE you understand it. By that, I mean - it's natural to try to overcomplicate things before we actually understand them, but once that light bulb goes off, it just makes so much sense - and blockchain is no different. I've sent this to a few friends who have only heard the name "Bitcoin" but don't really know what it is. They say this definitely helped them.
hodling till Im odling
Ethereum, IOTA, Lisk, OmiseGo, Blackmoon Crypto
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#2
Thanks, sent this to my girlfriends dad. He was drilling me with questions at dinner the other night, I did my best but it's hard explaining this technology to older people haha.
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