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Author Topic: Cryptocurrency and Blockchain technology  (Read 59 times)
Arlette Foxsparkle
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May 20, 2018, 11:31:44 AM
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Base on this articles there was a significance and connection between blockchain technology and cryptocurrency. This two revolutionary inventions of human was a great impact on our new generation! This revolutionary invention it makes for us another door into a new ways that change our ways of living. However at this time/days we can't considered this new invention as a totally answer for our worlds problem. Because these two things are not already perfect since this is not already knows  around  the world.

But what if one this invention is not existed or a cryptocurrency is not invented or a blockchain is not also invented?

Do you think even though a cryptocurrency or blockchain technology stand by it's own? Do you think this phenomenon could help us and our economy to develop to a new modern era?

Share your own ideas, thoughts, opinions about this situations.  

Respect each of one!

Thank you Smiley



What is a 'Cryptocurrency

A cryptocurrency is a digital or virtual currency that uses cryptography for security. A cryptocurrency is difficult to counterfeit because of this security feature. A defining feature of a cryptocurrency, and arguably its most endearing allure, is its organic nature; it is not issued by any central authority, rendering it theoretically immune to government interference or manipulation.

'Cryptocurrency'

The first cryptocurrency to capture the public imagination was Bitcoin, which was launched in 2009 by an individual or group known under the pseudonym Satoshi Nakamoto. As of May 2018, there were over 17 million bitcoins in circulation with a total market value of over $140 billion. Bitcoin's success has spawned a number of competing cryptocurrencies, such as Litecoin, Namecoin and PPCoin.


Cryptocurrency Benefits and Drawbacks

Cryptocurrencies make it easier to transfer funds between two parties in a transaction; these transfers are facilitated through the use of public and private keys for security purposes. These fund transfers are done with minimal processing fees, allowing users to avoid the steep fees charged by most banks and financial institutions for wire transfers.

Central to the appeal and function of Bitcoin is the blockchain technology it uses to store an online ledger of all the transactions that have ever been conducted using bitcoins, providing a data structure for this ledger that is exposed to a limited threat from hackers and can be copied across all computers running Bitcoin software. Every new block generated must be verified by the ledgers of each user on the market, making it almost impossible to forge transaction histories. Many experts see this blockchain as having important uses in technologies, such as online voting and crowdfunding, and major financial institutions such as JP Morgan Chase see potential in cryptocurrencies to lower transaction costs by making payment processing more efficient.

However, because cryptocurrencies are virtual and do not have a central repository, a digital cryptocurrency balance can be wiped out by a computer crash if a backup copy of the holdings does not exist. Since prices are based on supply and demand, the rate at which a cryptocurrency can be exchanged for another currency can fluctuate widely.

The anonymous nature of cryptocurrency transactions makes them well-suited for a host of nefarious activities, such as money laundering and tax evasion. However, cryptocurrency advocates often value the anonymity highly. Cryptocurrencies are also considered by some economists to be a short-lived fad or speculative bubble - concerned especially that the currency units, such as Bitcoins, are not rooted in any material goods. Bitcoin has indeed experienced some rapid surges and collapses in value.

Cryptocurrencies are not immune to the threat of hacking. In Bitcoin's short history, the company has been subject to over 40 thefts, including a few that exceeded $1 million in value. Still, many observers look at cryptocurrencies as hope that a currency can exist that preserves value, facilitates exchange, is more transportable than hard metals, and is outside the influence of central banks and governments.


Article Soure link click here:  https://www.investopedia.com/terms/c/cryptocurrency.asp

Blockchain technology

The blockchain is an undeniably ingenious invention – the brainchild of a person or group of people known by the pseudonym,  Satoshi Nakamoto. But since then, it has evolved into something greater, and the main question every single person is asking is: What is Blockchain?
By allowing digital information to be distributed but not copied, blockchain technology created the backbone of a new type of internet. Originally devised for the digital currency, Bitcoin,  (Buy Bitcoin) the tech community is now finding other potential uses for the technology.
Bitcoin has been called “digital gold,” and for a good reason. To date, the total value of the currency is close to $9 billion US. And blockchains can make other types of digital value. Like the internet (or your car), you don’t need to know how the blockchain works to use it. However, having a basic knowledge of this new technology shows why it’s considered revolutionary. So, we hope you enjoy this, what is Blockchain guide.

Blockchain Durability and robustness

Blockchain technology is like the internet in that it has a built-in robustness. By storing blocks of information that are identical across its network, the blockchain cannot:
Be controlled by any single entity.
Has no single point of failure.
Bitcoin was invented in 2008. Since that time, the Bitcoin blockchain has operated without significant disruption. (To date, any of problems associated with Bitcoin have been due to hacking or mismanagement. In other words, these problems come from bad intention and human error, not flaws in the underlying concepts.)
The internet itself has proven to be durable for almost 30 years. It’s a track record that bodes well for blockchain technology as it continues to be developed.

Transparent and incorruptible

The blockchain network lives in a state of consensus, one that automatically checks in with itself every ten minutes.  A kind of self-auditing ecosystem of a digital value, the network reconciles every transaction that happens in ten-minute intervals. Each group of these transactions is referred to as a “block”. Two important properties result from this:
Transparency data is embedded within the network as a whole, by definition it is public.
It cannot be corrupted altering any unit of information on the blockchain would mean using a huge amount of computing power to override the entire network.
 
In theory, this could be possible. In practice, it’s unlikely to happen. Taking control of the system to capture Bitcoins, for instance, would also have the effect of destroying their value.

The idea of decentralization

By design, the blockchain is a decentralized technology.
Anything that happens on it is a function of the network as a whole. Some important implications stem from this. By creating a new way to verify transactions aspects of traditional commerce could become unnecessary. Stock market trades become almost simultaneous on the blockchain, for instance — or it could make types of record keeping, like a land registry, fully public. And decentralization is already a reality.
A global network of computers uses blockchain technology to jointly manage the database that records Bitcoin transactions. That is, Bitcoin is managed by its network, and not any one central authority. Decentralization means the network operates on a user-to-user (or peer-to-peer) basis. The forms of mass collaboration this makes possible are just beginning to be investigated.

For more information click here. https://blockgeeks.com/guides/what-is-blockchain-technology/



Base on this articles there was a significance and connection between blockchain technology and cryptocurrency. This two revolutionary inventions of human was a great impact on our new generation! This revolutionary invention it makes for us another door into a new ways that change our ways of living. However at this time/days we can't considered this new invention as a totally answer for our worlds problem. Because these two things are not already perfect since this is not already knows  around  the world.

But what if one this invention is not existed or a cryptocurrency is not invented or a blockchain is not also invented?

Do you think even though a cryptocurrency or blockchain technology stand by it's own? Do you think this phenomenon could help us and our economy to develop to a new modern era?


Share your own ideas, thoughts, opinions about this situations.  


Respect each of one!



Thank you Smiley

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June 15, 2018, 09:28:47 PM
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very informative information thank u for opening a thread and giving us valuable information
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June 16, 2018, 02:12:17 AM
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blockchain technology and cryptocurrency are so interconnected that it's almost hard to think of them being thought up separately to one another. The reason why we cannot consider the use of a cryptocurrency as a global currency as an answer to our problems is because we are a long way from that becoming a reality, individual countries will not give up the power and financial advantage that they receive from their own currencies and the control they have over them (USA for example). Without crypto being used as a global currency it cannot solve the worlds problems. Even if it was it wouldn't solve the worlds problems, it would just go a small way towards doing so.

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August 06, 2018, 09:43:24 AM
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With the Blockchain technology platform, electronic money has been created to gradually change the traditional money. It creates a fever in the currency market, which has a great impact on society. But the reality is that investing in Blockchain technology is a big question. Many large technology companies have poured huge investment packages on human resources and money for Blockchain application technologies, but the results are not clear. For me, I have certain doubts.
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August 06, 2018, 12:04:35 PM
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Blockchain generates Cryptocurrency, but Cryptocurrency is not all that Blockchain can create, it is also applied to industries such as shipping, banking, grocery, law. and is considered one of the greatest inventions in decades.
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August 06, 2018, 12:26:36 PM
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These two issues all stem from a common characteristic: the era of electronic technology. It is complementary to blockchain electronic money, which is a period of intense development. The technology of blockchain will bring human life more advanced and civilized. Electronic money gives people valuable value for money and quick transaction intelligence. This proves that they come to life in many colors and many applications to human life.

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