TOP 5 TRUTH BEHIND THE MYTHS OF BLOCKCHAIN
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Blockchain And Bitcoins are like a Kith and kin to have an easy understand. Since the invention of the internet, Blockchain has been the biggest technology that has slow adoption in the industry. But, as a new technology Blockchain, required some time to adapt and evolve to society’s current economic ecosystems and revenue models. 2
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Fortunately, now blockchain has become the heart of bitcoin and to various cryptocurrencies. The Contracts, Transactions and the records are the defining structure of blockchain and also to our economic, legal and political systems. Blockchain an open, distributed ledger that can store records of the transaction between two parties in a secures manner and having its high beneficiary in various industries also. Significance Apart, the way people take and think about the myths of blockchain has to change in this 21 st century 3
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1. Blockchain is also a Cryptocurrency like Bitcoin www.bitdeal.net
Actually, the Blockchain is to Bitcoin as that of the Internet is to Google. Am I making any sense? Yes, Blockchain and Bitcoin is two dierent technology but linked together, here bitcoin is a type of cryptocurrency with that we can trade and exchange and the purpose of blockchain is to facilitate the distribution of digital information in a decentralized platform with high security.
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Fact: Bitcoin with the capital letter B refers to Bitcoin Ledger, whereas bitcoin with Small letter b refers a currency or a unit of account on Bitcoin Ledger
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2. There is a Single Blockchain www.bitdeal.net
Don’t take Blockchain as a Sun Instead take it as a Solar system that is every planet has its own path like that every cryptocurrency has its own Blockchain, Am I clear?
Blockchain is a technology that could be sheared up by a common denominator called crypto. There are both Public and Private versions of blockchain which also has a consensus mechanism. 8
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3. Can Become Richer with Blockchain www.bitdeal.net
Though Bitcoin is a cryptocurrency it is more of a commodity. You can buy and sell anything with an exchange of cryptocurrency like bitcoin. Cryptocurrency is like a Roller Coaster where you can experience both ups and down to the extream based on its demand.
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As It is a highly valuable substance like gold and diamond hence we can easily make a count on it.
Fact: The Bitcoin Production limit is 21 million and its value will be set when the number is reached. 11
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4. No Chance to Hack Blockchain www.bitdeal.net
The biggest myth among the industry is blockchain is impossible to hack. With Blockchain the codes will be embedded in Digital code and stored in a shared database that protects the data from deletion, tampering, and modiďŹ cation.
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Though Blockchain is a very powerful technology, it is not completely immune to attacks. Because there are so many dierent types of blockchain in the market and all those are still in the earlier stages.
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5. Blockchain is not relevant to the industry www.bitdeal.net
1. Supply Chain — Blockchain Development 2. Banking — Blockchain Development 3. Healthcare — Blockchain Development 4. Insurance — Blockchain Development 16
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Want big impact? 17
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Looking forward to building a Blockchain for your organization without any in-house blockchain developers. We Bitdeal — The Best Blockchain Development Company in India set out to build a trustworthy business and equip customers with various technologies.
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Thanks! Any questions? You can ďŹ nd me at:
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