If you remembered last time, we talked about how crypto works. This time, it will be a short tutorial on all the things I did not cover last time.
Alternatives
Bitcoin is just one of the 4,000 cryptocurrencies that there are today. There are many alternatives to Bitcoin. Like Etherium can process transactions faster than bitcoin. Litecoin uses a more modern algorithm. Ravencoin has better mining abilities. One token is the most expensive. Its lowest as of this week was $1,000,000.
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Issue #1: Nobody knows how much it should be worth
Take bitcoin for example. Tesla and Microsoft announced that they were going to be accepting it, it goes way up. They announced that they are no longer accepting it, it goes way down.
Issue #2: It has a dark side
Many people, hackers, and ransomware will make you pay in Bitcoin because it’s hard to track.
Issue #3: Not evreybody accepts it
The only popular companies that accept it are:
- Newegg (Kind of)
- Microsoft
Issue #4: It’s banned in some countries
For example, China
Bye
I know this one was short and boring, but my next one is going to be how to mine it.
I understood Blockchain very clearly after reading your explanation. I hadn’t understood how the blocks were linked but now I know that each block stores the previous blocks hash – like a linked list!!
Thanks for all the info. Great Explanation!! Loved it.
Can blockchain be used for other things as well? Apart from payment tracking?
Is Ethereum a blockchain or just a currency? Do you think we should invest in cryptocurrencies? Is this the future?
Lots of questions 🙂