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A blockchain is a distributed database that is used to maintain a continuously growing list of records, called blocks. We offer blockchain education though personal experience.
Bitcoin is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen.
Ethereum is a platform for creation of decentralized applications running on blockchain, through the use of smart contracts.
Stratis is a Blockchain-as-a-service (BaaS) Platform, created to provide solutions for corporations in the financial sector that want to enjoy the benefits of Blockchain technology.
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Constellation is the world’s only Blockchain technology designed for Big Data, providing infrastructure for an open decentralized data marketplace and an enterprise grade software solution for data provenance and integrity. It’s secure, cost-effective, scalable, and easy to integrate.
Alice wants to send money to Bob
The transaction Is represented online as a “block”
The block Is broadcast to every party in the network
Those In the network (blockchain) approve the transaction Is valid
The “block” provides an indelible and transparent record of transactions
The money moves from Alice to Bob
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Bitcoin is a digital currency that is used to make payments of any value. It runs on a blockchain, a decentralised transparent ledger that is kept running by “miners” whose powerful computers solve transactions and are rewarded in bitcoins.
This is how bitcoins are “unearthed” and brought into existence.
The difficulty of transactions increases over time, making it harder and harder to mine as it gets closer to total supply of 21 million. At the time of writing, there are currently 16,711,825 in circulation.
People see value in money free from government control and the fees banks charge; as well as the blockchain, to verify transactions.
Bitcoin is not about making people rich, but allowing people to be free.
A digital ledger (think excel spreadsheet) in which transactions made in bitcoin or another cryptocurrency are recorded chronologically and publicly. This takes out the middleman (banks) and all transactions auditable on the ledger publicly. It is constantly growing as ‘completed’ blocks are added to it with a new set of recordings. The blocks are added to the blockchain in a linear, chronological order.
Cryptocurrencies can be bought and traded from exchanges or traded locally between friends, family or strangers with the help of third party apps which help you locate buyers / sellers in your area.
For beginners, we suggest using the coinbase app (link to the right) as they hold your “private keys”. This will leave your bitcoin, ethereum & litecoin (the 3 cryptos they offer) safe in the event of a lost phone, computer or password.
For advanced users, or someone who wants to start trading Bitcoin for ‘Alt-coins’ lower market cap coins, we suggest using Binance.com. use the link above in Trusted Exchanges. Remember, exchanges are considered hacker honey holes, so it’s best to move coins offline to a cold wallet when possible. Please consult us for any help.
Ultimately, that’s for you to decide and we are here to help! We do not provide financial advice, we provide education and consulting for blockchain technology.
A hard fork in the cryptocurrency world is pretty controversial, it basically means that a potentially upcoming update will conflict with older versions. A lot of people say this isn’t in the ethos of cryptocurrencies. So all the users would have to ensure they run the update.
With a soft fork, quiet a lot of these have happened with cryptocurrencies. Specifically, these are updates to the protocol that don’t conflict with the current version. An update here isn’t mandatory by users.
With cryptocurrencies as there decentralized forking is a little more tricky than it would be for a typical organization, as all of those connected to the ecosystem such as miners have to agree on the decision that needs to be made. Only then can a fork occur.