For our readers who are just starting to dip their feet in the waters of the blockchain world, can you explain the difference between blockchain, bitcoin, and cryptocurrency?
Blockchain is the system where transactions & smart contracts are maintained and recorded. Bitcoin is a currency that is used for transactions on the blockchain system itself. Bitcoin is a digital currency called Cryptocurrency taken from Cryptography which means secure communication. You can buy all types of different cryptocurrencies. They are not regulated yet with the government so they are highly risky. But more risk equals more reward. Salvador in Brazil has already confirmed Bitcoin as their main currency and is already regulated by their government.
There’s a lot of regulations and laws that need to implemented until cryptocurrency is mainstream. It is NOT mainstream and is not reliable when it comes to long term investments yet. There’s a lot of uncertainty … but that’s what makes it very interesting for investors that want to have fun and make serious bags of money!
Can you explain how the layers of security in blockchain make it super secure? Would you recommend blockchain for business? If so, what for?
There are 6 layers of blockchain technology:
- The TCP/IP network.
- Peer-to-Peer protocols.
- Consensus algorithms.
- Cryptography algorithms.
- Execution (Data blocs, Transactions, …)
- Applications (Dapps, smart contracts …)
Blockchain is great for security and safety. It’s very transparent. Nothing can be misconstrued or altered for atrocity or tomfoolery. Smart contracts can be seen by all parties and is saved forever on the blockchain. Blockchain is the future of how we as people and companies do business and file important documents
According to Espae Hong, head of CBDC Blockchain Research Institute, there are different target end users and while public blockchains target the general public as end users, private blockchains are geared toward invitation-only users and their networks. Keep in mind that there are advantages and disadvantages to public, private, hybrid, and consortium blockchains,
How do you currently use blockchain in your own digital diva life?
I am currently in school learning about financial markets and day trading. So I am currency learning how to implement it into my life now. If you don’t know how to start or where to start, check out this site and sign up! https://im.academy/corp/cjoin?enroller=Emilyguglielmo
The IM Academy is everything you need to get started and learn about anything and everything when it comes to how to invest, how to trade, how to understand the financial markets from the ground up, future technology, and anything dealing with crypto and how to make money in the industry, they can literally give you the guidance that would take you years to search and find!
Cryptocurrency first took off around 2017. As Variety magazine has pointed out, there have been large scandals tied to celebrity endorsements since then that have ruined the reputation of crypto. However, there are also some newer celebrity endorsements that are philanthropic in nature that are helping to repair its rep. How do you personally feel about the legitimacy and security of cryptocurrency, especially after you lost hundreds of thousands in cryptocurrency yourself? How did that even happen? Do you think influential people like yourself will determine how others view crypto?
There are a lot of scammers out there. Beware of Telegram and WhatsApp! They will phish for people on social media and then reach out as imposters.
I was bimboozled many times. Such a disgrace, but I know now what I didn’t know then, and that’s a win. Don’t ever trade money that you can’t afford to loose, because 6 out 10 times, you will loose the money eventually. I’m now learning how to take my wins and put it in pools and staking where I can compound my money and allow it to grow.
You can stake and pool on all different cryptocurrencies. There’s so many out there. Find a crypto-project you believe in! Bitcoin is the trailblazer but there’s even pretend-play-cryptocurrencies you can make some money on. Crypto is the absolute future of all world currencies. Get into it now.
If your serious about starting your journey, reach out to me on Instagram and sign up with this link today: https://im.academy/corp/cjoin?enroller=Emilyguglielmo