So I finally had a chance to have a sitdown conversation with my husband today regarding investments on cyptocurrency, coinbase , bitcoin, bitconnect, blockchain, and all. Now for me it's hard to follow any investments fast because I'm just slow to catch on with that type of aspect. So my husband ask me where do I want to start? I stated start me from what website do I start with and learning on how to log in and all the basics of that website. He stated log in COINBASE.COM. On a side note: My quotes of the day are, "Experience is part of the learning curve that will help reach anyone to Expert Status!" Also, "Starting from the Foundation and knowing the Basics is the key to any of your SUCCESS!" Those are my little quotes in motivation in learning anything. With that mind set I began my journey to understanding our Investments ! I'm going to just start with the meaning behind all of this and will continue another blog for the part 102. Here I go and hope you are learning with me as well.
- What is Coinbase? This is the stem of it all.
A. This is where you verify your information, connect your banks, and how much you want to invest in.
B. Tabs you must go under is " ACCOUNTS"and "USD WALLET." - What is Bitconnect and Bitcoin? Different type of CRYPTOCURRENCIES
A. Go to https://coinmarketcap.com/ - As you can see Bitcoin is #1 on the list and BitConnect is #22 therefore, they are
all types of Cryptocurrencies but the one that is more common name in our industry today is BITCOIN. There's more
talk about that type of cryptocurreny now than any other.
B. Each Cryptocurrency is different in ways but its technology is the same and that's where BLOCKCHAIN is at. - What is BLOCKCHAIN?
A. To better understand what BLOCKCHAIN is, you can youtube it and search "BLOCKCHAIN FOR KIDS," or
"BLOCKCHAIN FOR DUMMIES." Apparently I understood it better in "Blockchain for Dummies." lol
B. How does it work? Let's put it this way:
1. It's a form of group that can be publicly seen but must be part of the group.
2. Everything is transparent and therefore if a change needs to take place it's hard to do. Basically everyone in the
group must be convinced of the change or else it won't fall through.
3. It has to be validated in order for it to be true or It's not true unless it's validated.
FYI- I know you all are thinking what are you talking about! Let me simplify this by starting out by ok....
Most people use checkbook accounts right? When you do any transactions you must record all the data and that's how you track it. Therefore for any added transactions, you create what's called a BLOCK.
4. This BLOCK is what the Ledger has at hand and is seen by everyone.
5. BLOCKS are transparent.
6. Behind every BLOCK there's a LEDGER.
4. LEDGER is the person that has the data, history record, and all facts therefore a Distributed Ledger is a group of
people/everybody that has the same copy of the data, history record, and all facts from that Ledger.
5. No outsider can make changes and falsifications within unless your part of the group.