Thanks for your post. The biggest advantage of bitcoin is it does not require the involvement of any third parties or if you could say there is no presence of middle man in BTC. So that means the entire control is on you.
Topic: The Blockchain Advantage Explained in Simple Ways - page 2. (Read 452 times)
The advantages of blockchains are so many. Transparency is one of it’s best features. Blockchain keeps the records of the transactions made by the crypto users and the good part is it could be visible by everyone.
The advantages of blockchain technology can not be explained in limited words. It is one of the finest technology of modern era. The transparency feature is really great.
Blockchain enables the creation, storage and transmission of things of monetary value online. Blockchain executes these processes in an exceptional way by ensuring that maximum safety, transparency, trust and others.
It makes the whole transaction system easier. I am a big fan of this technology. The decentralized feature has made it more unique. It is now widely accepted in different sectors.
For me, blockchain is a way people can transact without any center or a governing intermediary. By this, people is not obliged to trust a central organization for a transaction but can trust one another through the system.
That is precisely what makes the blockchain an amazing technology, the fact that you do not have to place your trust on some third party, it is faster, cheaper and tamper-proof
Blockchain is the revolution. It is working as the underlying technology and it's just great. It can defeat the traditional system in many aspects because it is faster and more secure.
Blockchain is a buzz word that seems to dominate much of the crypto economy nowadays. It's like the bread and butter of every crypto-related project.
And in bid to help non-crypto experienced people around, why not we try to explain the advantages of blockchain in simple ways? I hope many of you will follow suit.
First off, among the many advantage of blockchain is the removal of the middleman that paved way to the so called peer-to-peer transaction (or payment). What's the simple explanation?
Traditionally, an online payment is done with the help of a bank that serves as a middleman. For Person A to pay Person B, the bank will receive the deposit from Person A and confirm the amount is available to Person B and records that transaction on their database in a centralized manner.
Blockchain disrupted this method by allowing Person A to transfer directly to Person B without a bank or payment gateway involved. But how does it work?
Simple, to confirm that the transaction proceeded and is valid, the transfer is broadcasted to the network (the so called miners) and is needed to be confirmed a number of times. Once confirmed, this particular record is saved network wide (which makes it decentralized). And this record could not be overturned by anyone, not Person A nor Person B, nor by a miner or a group of miners (that makes the blockchain immutable).
And these are few of the simple explanation i came up with. I believe that simplifying things from a very technical explanation will help build a stronger crypto community and a great boost to the crypto economy too.
I'm sure a lot of you have better ways of explaining the advantages of blockchain technology, it would be great to hear them.
And in bid to help non-crypto experienced people around, why not we try to explain the advantages of blockchain in simple ways? I hope many of you will follow suit.
First off, among the many advantage of blockchain is the removal of the middleman that paved way to the so called peer-to-peer transaction (or payment). What's the simple explanation?
Traditionally, an online payment is done with the help of a bank that serves as a middleman. For Person A to pay Person B, the bank will receive the deposit from Person A and confirm the amount is available to Person B and records that transaction on their database in a centralized manner.
Blockchain disrupted this method by allowing Person A to transfer directly to Person B without a bank or payment gateway involved. But how does it work?
Simple, to confirm that the transaction proceeded and is valid, the transfer is broadcasted to the network (the so called miners) and is needed to be confirmed a number of times. Once confirmed, this particular record is saved network wide (which makes it decentralized). And this record could not be overturned by anyone, not Person A nor Person B, nor by a miner or a group of miners (that makes the blockchain immutable).
And these are few of the simple explanation i came up with. I believe that simplifying things from a very technical explanation will help build a stronger crypto community and a great boost to the crypto economy too.
I'm sure a lot of you have better ways of explaining the advantages of blockchain technology, it would be great to hear them.
Just simple for me, i'm using crypto because it's simple and it's fast and easy to use.
And ofcourse it's decentralized, that's my main reason using crypto
Blockchain has been like a blessing for the people in the crypto market. It gives a record of all the exchanges in a ledger for the public to see, and it is safe and secure.
Blockchain has five significant advantages over existing payment networks, due to which in the future it could become a widespread technology in the financial services industry and other industries: Transparency; Reduced transaction costs; Acceleration of settlements on transactions; Decentralization; User-managed networks.
Blockchain is new technology which provide decentralized server. Every crypto adjacent with this technology. And it’s helped to avoid third party.
The records that are stored in blockchain are irreversible. So, once a data is stored in blockchain regarding the transaction, it is impossible for someone to erase or edit it. So, there remains zero chance of such scams or fraudulent cases happening. That is another point I want to add beside yours.
To be honest, Blockchain is one of best technology over time in terms of many things related to projects especially in the field of cryptocurrency. But the problem that many countries do not know the real value of this technology and how it can improve the economy and even the infrastructure. On the other hand, it is certain that through the Blockhain technology you can take a shortcut way for the sucess of your project.
In my opinion, It is essential to put Blockchain in education on the schools. it is very important, and I think that this will happen when the countries will recognize Bitcoin.
In my opinion, It is essential to put Blockchain in education on the schools. it is very important, and I think that this will happen when the countries will recognize Bitcoin.
This is a well researched post indeed. Yes, blockchain is an important part of the market now, even a lot of us believes that it is this very system that has bonded the market from falling apart. It is like a backbone of this market.
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Bitcoin and blockchain are often explained from a very technical point of view, using a vocabulary full of technicalities which often presume knowledge which is not widespread nor in the feasible range of understanding for many. Messages need to be adopted to the intended audience, and if one of the aims of all this thechnology is to be mass adopted, it requires product maturity, technical excellence and easy concept explanation. The OP’s post may seem simple to some here on the forum, but I’m pretty sure we’d be surprised by the number of readers that need to grasp the concepts in an easy manner with non-technical explanations.
Blockchain provides full security of data which I found the best feature among all other features that are being talked about. Due to the decentralized nature of blockchain it is impossible to trace data of sender and receiver which has made it popular among a lot of people. There was a safety concern regarding illegal dealing but that have also drastically reduced recently.
Here’s the blockchain explained for dummies:
Imagine the blockchain as a digital database, just like an Excel spreadsheet.
This database is typically shared across a large network containing many computers (known as “nodes”) and it is completely public. I say “typically” because it can technically be formed by any number of nodes. The more nodes, though, the more secure it is — that’s why it’s good to have a large number of nodes running the blockchain!
Every time the network makes an update to the database, it is automatically updated and downloaded to every computer on the network.
Blockchain technology is secured with cryptographic techniques, making it near impossible for hackers to make changes to it. The only way to make changes would be to hack more than half of the nodes in the blockchain, which again, is why it is more secure to have more nodes/computers running the blockchain.
Imagine the blockchain as a digital database, just like an Excel spreadsheet.
This database is typically shared across a large network containing many computers (known as “nodes”) and it is completely public. I say “typically” because it can technically be formed by any number of nodes. The more nodes, though, the more secure it is — that’s why it’s good to have a large number of nodes running the blockchain!
Every time the network makes an update to the database, it is automatically updated and downloaded to every computer on the network.
Blockchain technology is secured with cryptographic techniques, making it near impossible for hackers to make changes to it. The only way to make changes would be to hack more than half of the nodes in the blockchain, which again, is why it is more secure to have more nodes/computers running the blockchain.
Blockchain is a buzz word that seems to dominate much of the crypto economy nowadays. It's like the bread and butter of every crypto-related project.
And in bid to help non-crypto experienced people around, why not we try to explain the advantages of blockchain in simple ways? I hope many of you will follow suit.
First off, among the many advantage of blockchain is the removal of the middleman that paved way to the so called peer-to-peer transaction (or payment). What's the simple explanation?
Traditionally, an online payment is done with the help of a bank that serves as a middleman. For Person A to pay Person B, the bank will receive the deposit from Person A and confirm the amount is available to Person B and records that transaction on their database in a centralized manner.
Blockchain disrupted this method by allowing Person A to transfer directly to Person B without a bank or payment gateway involved. But how does it work?
Simple, to confirm that the transaction proceeded and is valid, the transfer is broadcasted to the network (the so called miners) and is needed to be confirmed a number of times. Once confirmed, this particular record is saved network wide (which makes it decentralized). And this record could not be overturned by anyone, not Person A nor Person B, nor by a miner or a group of miners (that makes the blockchain immutable).
And these are few of the simple explanation i came up with. I believe that simplifying things from a very technical explanation will help build a stronger crypto community and a great boost to the crypto economy too.
I'm sure a lot of you have better ways of explaining the advantages of blockchain technology, it would be great to hear them.
And in bid to help non-crypto experienced people around, why not we try to explain the advantages of blockchain in simple ways? I hope many of you will follow suit.
First off, among the many advantage of blockchain is the removal of the middleman that paved way to the so called peer-to-peer transaction (or payment). What's the simple explanation?
Traditionally, an online payment is done with the help of a bank that serves as a middleman. For Person A to pay Person B, the bank will receive the deposit from Person A and confirm the amount is available to Person B and records that transaction on their database in a centralized manner.
Blockchain disrupted this method by allowing Person A to transfer directly to Person B without a bank or payment gateway involved. But how does it work?
Simple, to confirm that the transaction proceeded and is valid, the transfer is broadcasted to the network (the so called miners) and is needed to be confirmed a number of times. Once confirmed, this particular record is saved network wide (which makes it decentralized). And this record could not be overturned by anyone, not Person A nor Person B, nor by a miner or a group of miners (that makes the blockchain immutable).
And these are few of the simple explanation i came up with. I believe that simplifying things from a very technical explanation will help build a stronger crypto community and a great boost to the crypto economy too.
I'm sure a lot of you have better ways of explaining the advantages of blockchain technology, it would be great to hear them.
Wow thanks, now i'm more understand with blockchain.
Never seen someone explained as simple as this.
I wish i had smerit to give but i don't have it anymore :')
The blockchain is a concept that will change the world economy, I guess. Though it is not possible overnight, Blockchain concept will merge with the current banking system. And by the days, gradually and slowly, it will make the banking and other financial systems under decentralized network which will change the world.
Blockchain is a important technology now-a-days. Many company benefitted by this technology and hope in future many government used to adjacent with this technology.
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