Hello everyone, welcome to the second week Season one of #blurttradinghub.

I am @zology69 and the lecturer for this week’s beginner course lecture titled Blockchain and Cryptocurrencies,need to know what blockchain is and how cryptocurrencies are related and works with it it is essential of the . So, without further a do, let’s get to the lecture.

What is Blockchain?

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This a question that had been asked many times since its appearance in 2009. Some people think it is an AI of some sort that deals basically everything, others think is a super computer that operates behind the scenes.

The truth is, a blockchain can be said to be a way of recording data and is immutable. What it means basically is that blockchain is a digital system of storing information on a ledger that makes it difficult, nearly impossible to change or hack.

In a blockchain, what you’ll see are a series of transaction information that is duplicated and distributed across the entire network of computer systems on the blockchain.

Each block in the transaction contains a set of transactions, and every time a new transaction occurs on the blockchain, a record of that transaction is added to every participant’s ledger.

Every block in the blockchain takes some traits from the Genesis block of the blockchain, it’s mostly called Block 0 or 1 depending on the design of the blockchain. This genesis block is the first ever block of the blockchain and is very unique such that you won’t find one like it on the blockchain. There are some traits in it that will be inherited by any other block being added after it.

Every block also has a hash that is unique to that specific block and won’t appear anywhere else in the blockchain. Protocols have been developed to prevent two blocks from having the same hash, a situation called hash collision.

Blockchain technology isn’t only related to cryptocurrencies, health sectors also adopt this technology, social media platforms, music streaming platforms and so on. They employ useful features of blockchain such as scalability, uncensored or unmuted service, and decentralization to improve their services. And yes, Blurt is an example of a social media platform that runs on a blockchain. We call these types of social media platforms social media dapps. We will talk about some time later this season.

Cryptocurrency

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Cryptocurrency also known as crypto is a form of currency that is intangible meaning it is a digital currency. This currency doesn’t rely on banks to verify its transactions and also isn’t controlled by any form of body or third parties.

There are types of cryptocurrencies, Volatile and stable coins. The first gets it’s name from the fluctuating nature of its value, a token could be $1 in a moment and move to more than $100 in the next. This is caused by the struggle between buyers and sellers of that token and also, good old Demand and Supply.

Because of the volatile nature of some tokens, some people venture to investing in them to gain good profits despite the risks. This has caused people to professionally take up trading these volatile assets in forex markets and crypto markets alike by reading the market charts with various tools and predicting next movement of the market to make quick profits.

How is Blockchain and Crypto related

Earlier, I explained blockchain and cryptocurrencies, now the relationship here is that the cryptocurrency runs on the blockchain were all transactions are store on the blockchain.

A process called mining is used to create most cryptocurrencies most popular being Bitcoin of course. The process involves machines solving solving complex mathematical problems and are miners are rewarded with part of the tokens created. A person can also decide to buy tokens from other traders or brokers.

The need to learn about crypto

Crypto is a digital currency, so why the need to learn about it? Well this is a question that many people that are not vested on the crypto world ask but the answer is always because that’s the future of finance. The centralized banks dictates who should own what and how much should be taken but with crypto, all these restrictions are lifted.

Blockchain technology gives maximum security to your funds in the sense, once you own your private key, no one can transfer your your funds unless they have access to your private key.

Crypto gives you full control of your funds and you’re not restricted as to how to spend your tokens.

Fast transactions and lesser fees is what most people wish for and crypto gives you just that and more.

When you are able to read the charts and able to identify entry and exit signals, one can made a lot of profit from investing in crypto.

Bitcoin & Altcoins(what are alt coins? Which are the important altcoins)

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As I explained what cryptocurrencies were, we all know that something must have started or the first-ever cryptocurrency. Bitcoin is the first-ever cryptocurrency of the world, it was created by a person(s) called Satoshi Nakamoto in 2009. It was created to be a peer-to-peer payment system that breached the gap set forth by the central banks. The identity of the creator(s) isn’t known to date yet he/she/they own more than a million Bitcoins.

After Bitcoin, many people took it as an inspiration and brought forth different cryptocurrencies, these later cryptocurrencies ate called alt-coins.

A popular altcoin or alternative coin is Ethereum, this can be said to be the most successful crypto after the grandfather Bitcoin.

Conclusion

The world is moving from the world of physical currency into the world of digital currency so it is best we learn about crypto and how it is changing the things around us and making things simpler. Transactions are faster and are the cheapest they’ve ever been without the need to involve third parties like banks, therefore enforcing security.

The internet itself is also no longer what we remember from 10 years ago. Blockchains are now incorporated into almost everything involving tech and internet these days because of the great benefits that comes with blockchain operation. Blockchain and internet are two main ingredients to build the future of the internet into what we envision.

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This will be all for my first lecture. I hope you learnt a lot and I encourage you to do your best to attempt the homework questions in your words and not plagiarize. Thank you for attending this lecture.

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Homework Task

• In your own words, discuss cryptocurrency and Blockchain.

• How is crypto and blockchain making life easier today? Discuss giving real life examples.

• What is decentralization. What are some advantages of decentralization?

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Rules For Homework Task

• #blurttradinghub should be your first tag for easy recognization followed by your country tag e.g #blurtghana.

• Use #s1w2zology69 as your third tag, so that I can easily locate the homework Posts. You can also use blurtexclusive if this post is posted only on BLURT.
  E.g #blurttradinghub #blurtghana #s1w2zology69 #blurtexclusive

• Mention me @zology69 somewhere in your post so I can find your task.

• Introductory post is compulsory.

• A minimum of 100 blurt power is required

• Reblurt compulsory

• Each account is allowed to enter once per week in Each of the levels

• No plagiarism of any kind is allowed. Write your own understanding of what you learnt.

• All materials/images from the web should be properly sourced

• All entry to this course closes by Saturday 11:59 pm UTC.

• Your homework Post should not be less than 250 words.

• Leave your homework task link in my comments

• You can ask questions in the comments if you don’t understand a question or need clarity about anything in my presentation.