Crypto Chat with Lalkay – founder 9jacashflowKehinde LAWAL
There is a lot of misunderstanding around Cryptocurrencies, and that’s what I plan to demystify in my Crypto Chat Session.
In the above video, I defined a Cryptocurrency as an advance Digital currency. Thsnis because it’s actually more technologicaly advance than the Digital Currencies you know e.g. your Naira and Dollar.
So what make Cryptocurrencies advance?
I will explain this by using Bitcoin (the only Cryptocurrency I recommend people to use) as a case study.
What makes Bitcoin special is the fact that Blockchain was designed into it’s architecture.
Blockchain in it simplest form is just a Database. And I’m sure we all know that database are use to store information.
So what makes Blockchain different from the type of database we are used to?
Because it’s decentralized.
The information on it is not on a single computer or server, instead, it is stored on thousands of computers accross the globe. This same features gives it it’s unique strength of immutability.
You cannot easily currupt or manipulate a Blockchain. Infact, it is tamper-proof, and in the real sense, append only.
You can’t remove or delete from a Blockchain except by consensus.
Consensus is the process whereby all network participant comes together to agree and make changes.
By this method, Blockchain gives power to the public because the participants in the network decide what happen in it. Not just a single person or group of people.
You should also know that though it’s good for all participant to come together and make collective decisions, this same features makes Blockchain very slow and unreliable for high speed solutions.
For now, I will pause this article, so you can digest it. I hope you’ve learnt something new, and I look forward to see you come back and read my new post.
But before you go, don’t hesitate to tell me what exactly you’ll like to learn on my website.
I might just be in the best position to help you or connect you with someone that will help you.