WHAT IS BLOCKCHAIN TECHNOLOGY? HOW DOES IT WORK? AND WHAT IS BTC?

We ended yesterday’s session talking about the difference between crypto currency, digital currency, and fiat currency. We said that crypto currency has no Central Bank or government involvement and is based on a blockchain. So, what’s a blockchain? You already know we’re dealing with short and simple answers here, right? lol! So the ‘Sherma’ version of it is that blockchain is the technology at the heart of bitcoin and other cryptocurrencies. It is a ledger that is digital, and can record transactions between 2 parties in a way that can be verified, and in a way that leaves a permanent mark.

You know what has left a permanent mark on you? Your salvation! 🙌🏾You may not be able to see it physically, but in heaven there is a permanent transaction of your salvation, stored on a ledger that may or may not be digital (lol, I’m not sure how that works in heaven). But I do know that in talking to Jerusalem (Zion) - which is a picture of the Church, the body of Christ, God said in Isaiah 49:16 AMPC:

Behold, I have indelibly imprinted (tattooed a picture of) you on the palm of each of My hands; [O Zion] your walls are continually before Me!

Heaven is never getting rid of the permanent transaction made between you and Jesus when you asked Him to be the Lord of your life! Never. That cannot ever be erased.

In an article by The Harvard Business Review, I read this about blockchain technology: “With blockchain, we can imagine a world in which contracts (your crypto transactions) are embedded in digital code and stored in transparent, shared databases, where they are protected from deletion, tampering, and revision. In this world every agreement, every process, every task, and every payment would have a digital record and signature that could be identified, validated, stored, and shared.”

That’s good news for anyone involved in crypto currency! The records of all your transactions can never be deleted or tampered with using blockchain technology. Now …. the place that you store your crypto may be tampered with (we will deal with how to prevent that in another session), but the actual transaction cannot be erased.

Now finally on to Bitcoin, yeah! I’m pretty sure you’ve heard of Bitcoin, the most popular crypto currency there is, created in 2009 (which makes it 13 years old this year). If you look at it with financial eyes, it’s just a baby, so if  you dive in now you’re in the early stages of it.  You and I have the advantage of being early adopters in the crypto market!

The ticker symbol (an abbreviation used to uniquely identify Bitcoin) is BTC. Whenever I refer to BTC I’m talking about Bitcoin. We’ve been accustomed to thinking about fiat currency/paper money being held in a physical bank building, and receiving less than one percent interest per year🙄🙄🙄. Bitcoin is different, it is digital property. It is a digital asset that can be bought, sold, traded, or exchanged for other crypto currencies.

It was created by Satoshi Nakamoto, and the name SATOSHI is now used to refer to parts of a Bitcoin. For example, the current price of BTC today is $42,689 for one BTC, but you don’t have to have $42K to purchase BTC. You can purchase as little as $1.00 worth of BTC and that $1.00 worth of BTC is known as SATOSHI.

We will dive in more about BTC tomorrow. Until then, peace out!😊✌🏾

Copyright ©2022 Sherma Jacqueline Felix, BLACK ADVANTAGE Publishing™ . The author shall neither be liable nor responsible for any loss or damage allegedly arising from any information or suggestion in this post.