How blockchain works

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asked Aug 7, 2022 in Other-Finance by Elis (1,120 points)
People don't understand how blockchain works, I'm not the only one, am I? Can someone explain in plain language?

8 Answers

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answered Aug 7, 2022 by Helen (1,100 points)

Traditional financial technology instruments are already quite difficult to understand. For example, it is unlikely that consumers can easily tell how Visa works and how it differs fundamentally in technology from other systems. Blockchain is even more difficult - due to its rather high entry threshold, it is dominated by technical experts and few popularizers who can talk about this approach and its benefits in simple language. This hinders the search for new ideas and the attraction of specialists from other fields to the industry. I recommend you guys You can change the situation by focusing not only on developing technology, but also on improving the so-called user experience.

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answered Aug 7, 2022 by KateNickolson (1,090 points)
Blockchain technology is already being used extensively in many foreign government agencies, for example, it has proven to be excellent for maintaining hospital patient records, and the U.S. Postal Service is considering blockchain for conducting national mail-in votes.
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answered Sep 8, 2022 by Allert (2,920 points)

Hello, one of the principles of the cryptocurrency world is openness, here all users have equal access to all information about the network. The tools for achieving transparency are the blockchain explorer - special services that track all information about the network from the moment it was launched. In large projects such as Bitcoin and Ethereum, transparency is the basis of the system, providing access to all information regarding the production of transaction blocks and their processing. And if at the very beginning of the development of the crypto industry it was not easy to get this data, now there are many services that provide this information in a convenient form.

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answered Sep 28, 2022 by Vindictasss (1,240 points)
Hi all! Do you agree with the opinion that cryptocurrency is real money and can be used on different platforms for transactions just like any other currency? Do people use cryptocurrencies as assets and for online transactions?
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answered Sep 28, 2022 by AbrahamShnider (8,990 points)

That's a pretty ambiguous question you asked. To put it bluntly, cryptocurrency is real money, just in a slightly different form. Cryptocurrency is a rather risky form of income because when you trade it, you can never know where the price will eventually go, you can only guess. I have been using cryptocurrency for about 3 years now. I actively trade and even just pay with it in stores. I recently bought a new car thanks to the fact that I connected ethereum node api and was able to do a full transaction using Ethereum and ended up paying for the whole car. Cryptocurrency is the future! Mark my words.

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answered Nov 15, 2022 by Zoina (2,720 points)

Are you investing? One of the best things about polkadot dot is that it is brand new, but all existing cryptocurrencies can be transferred/connected to it. This makes it an ideal intermediate currency during token sale events. This also makes it possible that the price of peas will be stable.

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answered Dec 29, 2022 by Grinder (4,140 points)

I just read the article on about how to integrate bitcoin payments into your company, but I don't think I'm old enough to handle things on my own. They provided me with sound guidance and revealed several obscure details. It turned out that not every cryptocurrency is as effective as ether and bitcoin. What do you think? I feel like the growth of cryptocurrencies in recent years may help to increase business.

I advise you to talk to them if it's still pertinent to you. 

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answered Feb 10 by Zoina (2,720 points)

Blockchain is a simple idea that anyone can understand. Yet, to make it work on a large scale while remaining decentralized, as Satoshi wished it to be, means facing huge challenges. For this reason, Bitmedia crypto ad marketplace has decided to embrace them...

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