What is Crypto Currency?
Cryptocurrency is a type of digital currency that is also decentralized. You can start to buy and sell things with Bitcoin or other cryptocurrencies. Cryptocurrency is also a store of value just like gold is a store of value. Before Bitcoin was created the most common store of value was gold. Many people are saying that Bitcoin is the digital gold and litecoin is the digital silver.What I mean by a store of value is that, you have US dollars or Canadian dollars in your purse or wallet that is a store of value. We no longer carry around cows and sheeps and chickens and barter and trade for goods and services instead we use modern-day digital cryptocurrencies.
Which is the most popular digital currency today?
Bitcoin! Bitcoin is the most popular cryptocurrency and it was created in 2009 by Satoshi Nakamoto.
What other cryptocurrencies are there out there?
Ethereum, XRP, Cardano, Dogecoin, Helium, Bitcoin cash, uniswap, polkadot, and many more that will be mentioned on this blog. Each and every cryptocurrency has a special utility or a purpose.
Which cryptocurrency is the most useful for a global money transfer?
What is the difference between the US or Canadian cash in my wallet versus Bitcoin?
The difference is that the fiat currency can be seized by the government. Whereas the cryptocurrency that you store on your cold storage wallet cannot be seized by any government, third-party, angry ex-wife or angry ex-husband. Cryptocurrencies are 100% digital so you’re not actually holding a physical coin or bill when you pay for a cup of coffee at Tim Hortons.
Where are the Cryptocurrency Transactions Stored?
Cryptocurrency transactions are recorded on a decentralized ledger which does not have the authority to be changed or removed. The blockchain, however, is also an interesting point of departure in developing business models and payment structures. In these transactions, the cryptocurrency holder is paid in Bitcoin, then can later withdraw it from the wallet which received it. These withdrawals are logged on the blockchain. However, because of the lack of authority, transactions with Bitcoin cannot be duplicated or reversed. Unlike traditional bank transfers, payments with Bitcoin are irreversible and not tied to any geographic location.
Can the Public ledger be changed, accessed, or erased?
The blockchain does provide a unique service. It is a public ledger which cannot be changed, accessed, or erased. Transactions with Bitcoin cannot be tampered with. The blockchain is like the “gold rush” log. All transactions from the very beginning are accessible and it is interesting to see who is paying whom. The advantage of using the blockchain is that it provides an accessible record of every transaction that took place. Since nobody owns the blockchain, it cannot be changed or erased, and the “gold rush” log is a public record which cannot be changed. However, this advantage of using the blockchain for business purposes has an additional disadvantage, especially when the blockchain is used for internal company records.
What is the Advantage of Blockchain?
The advantage of using the blockchain is that it is public. Everyone who has access to the Blockchain can see the transactions that took place and the value of any transfers.The blockchain does provide a unique service. It is a public ledger which cannot be changed, accessed, or erased. Transactions with Bitcoin cannot be tampered with. The blockchain is like the “gold rush” log. All transactions from the very beginning are accessible and it is interesting to see who is paying whom. The advantage of using the blockchain is that it provides an accessible record of every transaction that took place. Since nobody owns the blockchain, it cannot be changed or erased, and the “gold rush” log is a public record which cannot be changed.
Transactions using the blockchain are verifiable and traceable and cannot be changed or erased
Why are many Businesses are Interested in the Blockchain?
Many businesses are interested in the Blockchain because it will provide them with the possibility to accept payment in other cryptocurrencies such as Litecoin, Ethereum, etc. However, it is important that businesses not only use Bitcoin for internal purposes, but also in their products and services.
Does the Blockchain have the Authority to Make changes?
The Blockchain also has no authority to make changes to the original data, it is just an accounting system. As such, the company should be very careful when using the Blockchain with other cryptocurrencies. The Blockchain is also used to prove ownership of property, which means that if someone tries to back out of a transaction, there will be a traceable trail of the events from the beginning to the end, and the transaction cannot be changed.
What is the difference between the traditional bookkeeping system and Blockchain?
When comparing the Blockchain with the traditional bookkeeping system, there are certain advantages of the blockchain that make it superior to the traditional bookkeeping system. One of these advantages is the way transactions are made. The traditional system makes it cumbersome for every single company to keep track of the commitments that they made. This is especially true when it comes to the way transactions happen, how the parties can reach a conclusion, the process of approval and disapproval, the decision-making process, etc.
What is the second advantage of the blockchain?
The second advantage of the blockchain is its ease of implementation.
The advantages of the blockchain over a traditional bookkeeping system should not be overlooked. If you want to preserve your trading records, then the blockchain is perfect for you. The blockchain is also perfect to keep your financial records of all your companies. The blockchain is the perfect system for preventing financial fraud.