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So what the heck is a blockchain?

blockchain

It’s never too late to jump into the future, so if like me you want to jump into the world of cryptocurrencies, Bitcoin, and altcoins, it pays to have a fundamental understanding of the technology that makes it all possible.

That technology is blockchain. It’s not something I’m very familiar with, so for the last two weeks or so, I’ve been trying to catch up, reading whatever I can find to help me understand the future. In this article, I’ll share with you two sources that explain what blockchain is in a manner that even a dummy will understand.

The first source is the video below from this guy. It’s about 17 minutes long, but by the time you are done watching it, you’re sure to have a very good understanding of what a blockchain is.

Minimum Viable Blockchain

The second source is a blog post, fairly long, but worth the read. What you just learned in the above video and the content of the following blog post will be all you need to get a firm grasp of the blockchain technology. The post starts like this:

Cryptocurrencies, and Bitcoin in particular, have been getting a lot of attention from just about every angle: regulation, governance, taxation, technology, product innovation, and the list goes on. The very concept of a “peer-to-peer (decentralized) electronic cash system” turns many of our previously held assumptions about money and finance on their head.

That said, putting the digital currency aspects aside, an arguably even more interesting and far-reaching innovation is the underlying block chain technology. Regardless of what you think of Bitcoin, or its altcoin derivatives, as a currency and a store of value, behind the scenes they are all operating on the same basic block chain principles… Continue reading

In the coming weeks, I’ll be sharing with you more about cryptocurrencies, cryptocurrency exchanges and how to mine the most popular cryptocurrencies. Stay tuned!

blockchain

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