by Joanna Fanuko
Bitcoin and blockchain. We have all heard snippets of conversations, or even had lengthy discussions about cryptocurrency. I just had my own rundown on the subject of the financial industry game-changer with a proponent and Bit-liever at a wedding I attended. What, oh what, does it all mean?
My enlightenment on blockchain began when I perused the World Wide Web, as I still lovingly call it, looking for interesting technology articles. One on blockchain caught my eye. I learned in a quick and sharp overview that blockchains ledger party-encrypted transactions (blocks) made with virtual currencies (like in the case of Bitcoin) and record them successively (chains) in public display.
Being the intelligent woman and lifelong learner that I am, I asked a partying guest to tell me all about it at my friend’s wedding. Here’s some juicy insight into blockchain. Bitcoin. Battlestar Galactica. (Just kidding on the latter. Please forgive my reference to The Office.)
Can ya just gimme the gist?
Bitcoin is a virtual currency that garners its value from the “miners” who, well, mine cryptocurrency. How do they mine for a computer coin, you ask? Why, let me tell you, it’s a doozy.
Once a Bitcoin transaction is made online, miners within the network are informed. Mining involves a race to be the first to decode the puzzle created using historical data on the Bitcoin transactions. Winner gets the transaction bundle after miners confirm that there are no duplicate transactions. And thus, a new Bitcoin is formed. Let the blockchain begin!
That was a mouthful…What does Bitcoin do for me?
Cryptocurrency sounds a lot like the thing of great online gaming — think classics like The Sims or your favorite nerd-fest online RPGs. And that’s because it totally is! Kind of. I see it as a game-changer, not just a silly game. A super-changing, ever-growing puzzle upon puzzle that keeps hackers from getting your hard earned (or downloaded) cash (Bitcoins).
Think of all the amazing scenarios that Bitcoin and other cryptocurrencies pose. It becomes harder for hackers to reach your credit card information as you online shop. Your hard earned cash (virtual coins) stay protected behind enigma blockchains, created by expert crypto-miners.
I want it, I need it, I can have some?
Trying to figure out what you can do to get started using Bitcoin or other virtual currencies? Try investing. It worked for nineteen-year-old Eric Finman. He’s now a millionaire.
The real case to be made here is it is a new and exciting trading opportunity that young, old, women, and men should be looking at. Women are making strides in fighting for equality, tightening salary discrepancies, and becoming more financially independent than the ladies of many years prior. Make those smart investment decisions. Long story short, you can have your crypto-cake and eat it too, girls.