Blockchain Basics

MakingBank: S3Ep22 with Joel Comm

There is a lot of buzz around blockchain and cryptocurrency disrupting the world as we know it—changing the way we view and complete monetary and contractual transactions. Joel compared the current shift towards blockchain to how it felt in 1997 when the web started to really take off, saying blockchain “is going to disrupt more industries than anything else.”

It’s hard to imagine what that could even look like. After watching Amazon flip traditional retail on it’s head and Netflix redefine our television and movie viewing experience, we know radical change is possible, but where does that mean we’re heading?

Blockchain has the potential to be used as a technological solution that gives complete transparency to every transaction. It’s exciting to think of the accountability it provides and what that could mean for the future. Theoretically, it could eliminate hacking in voting by verifying every vote down the line. The possibilities with blockchain reach far beyond the cryptocurrency that already utilizes it.

Joel gave us a bit of the basics, answering what is blockchain, how does it work, and where is the technology going. In its simplest form blockchain is a distributed ledger technology that tracks without error. Every single transaction is documented and tracked so anyone can look at it at anytime and see where it has been and the journey it took to get there. It eliminates disputes because everything is trackable and permanent and it hasn’t been hacked to date which makes it an extremely attractive financial investment tool.

What do we do with it? How do we get involved? Joel’s advice, “start by learning.” For the past couple of weeks we’ve been talking about live video—marketing, how-to’s, etc. There’s a lot of hesitation, a lot of fear about getting on camera and creating content, but you have to start somewhere. Joel touched on live video as well this week confirming that you have to get over the fear, realize it’s not about being perfect, and get out there and add value. You have to dive in.

With blockchain and cryptocurrency it’s a similar mentality in that you have to get over the fear of the unknown. Of course getting involved and investing in something not a lot of people understand or can speak on with authority is scary, but the best and only way to tackle that fear is to start by learning.

Ask questions, gather up as much information as you can, and dive into the aspects that you are passionate about and find interesting. It’s important to maintain your curiosity and do your due diligence when you’re exploring investing in cryptocurrency. Before choosing a specific currency, ask what problem is the company solving, and why are they tying cryptocurrency to it, so you know why they’re raising the money in the first place.

To learn more about bitcoin, blockchain, litecoin, and all things cryptocurrency related, tune in to The Bad Crypto Podcast and go to www.badcryptopodcast.com.