SEFT 062: Everything You Need To Know About Bitcoin & Blockchain

by Jun 26, 2020Bitcoin, Spooky Express Final Thoughts Podcast We Talk Sports Period!

  • Final Thought Episode: 62
  • Topic: Everything You Need To Know About Bitcoin & Blockchain
  • Host: Spooky

Let me first state I am not a Financial Advisor and you need to invest at your own risk. Now that said. I have been asked recently more and more about what is Blockchain, what is Bitcoin and all this talk about cryptocurrency. So let me digress a little from our Sports Talk and mention a few things on another sort of gambling and investment. Bitcoin, Altcoins and Cryptocurrency.

If you started investing in crypto in October 2017 or thinking of starting to invest you may have heard of lots of people that had big things happen, like buying Ethereum at $10 or Bitcoin at $500. And then you look at your portfolio or want to get on the gravy train and say when am I going to get my big winner. Well there are a couple ways of thinking about all this. First most of you will probably decide that the bigger coins are just now too expensive and you missed the boat, so you will think of buying the smaller coins, the coins that are not that expensive thinking it will be a better chance of a big return. I want to emphatically say you will be wrong!

First of all I strongly feel, What will happen is over the next 12 months, you are going to see the top 20-25 coins separate themselves from everybody else and the top coins are going to win big and the rest are not. One of the things that messes with peoples minds is that the top coins are going to produce the most results in the next year or two when you are looking at the smaller coins to make the jump.

Just because the price is so high on some of the top coins that doesn't mean it wont keep going up. Check out coinmarketcap.com and you will see specifically what I am talking about. Many of the coin market (Crypto community) world such as myself may be driving up the smaller coins but when all this institutional money comes in will all be absorbed in the top 10% of the coins. So the bigger coins will start showing even more returns. If you have not heard Coinbase just launched a storage solution for institutions with at least $10 million in crytpocurrency holdings. There is over $10 BILLION dollars in institutional money on the sidelines awaiting custodial and other solutions so they can move those funds into the currency market. With all the eye popping returns it will be hard for any fund manager to ignore.

Think of all these fund managers, banks and people with a ton of money. Where are they going to put their money. In the big market coins. They are still peanuts to them. When you invest billion dollars at a time, what do you think will start driving all the growth in the next couple of years.

These big coin now are not big with these big market companies. Check out coinmarketcap.com and you will see the top coins, do some research, ask some questions and watch these investments take off in the next couple of years.

Okay so now you have myself and everyone talking of blockchain, bitcoin by now. Whether you've been tentatively watching the value of Bitcoin soar, reading up on the boom of digital currencies, or taking notes, these have become words in our vocabulary. But, what actually is the blockchain and, beyond investing a few thousand in digital currency, how else will it impact your life?

Let me explain! Described by many as the new internet, blockchain is a digital technology that is becoming essential to both business and politics and will soon disrupt every industry imaginable.

So how does it impact you and me and why the heck am I even talking about this on a sports betting website.

First of all…..

What Exactly is Blockchain?

The blockchain is an incorruptible digital ledger of economic transactions that can be programmed to record not just financial transactions, but virtually everything of value.What I am trying to say is.

Blockchain is secure, trustless, and decentralized. All records on the blockchain are unable to be changed because they are shared by all the participating parties on their own computers.

Blockchain is distributed among many people and records transactions that everyone can see and verify. It is essentially a chain of computers that all must agree on a transaction.

Just like any technology–your car, the internet, a microwave–you don't need to understand how blockchain works to use it, but the perhaps the simplest way to think about it is by using a spreadsheet example.

Remember the days when Microsoft Excel dominated the office scene? You would prepare a spreadsheet, email it to the next person to check and edit, wait for it to come back and update. While you could have potentially thousands of the same document available, you could not have thousands of people editing it at once. That lead to documents being duplicated, several versions being created, email threads and confusion.

Google Docs removed that problem by allowing several people to work on the same document at once, like a shared ledger visible to two or more parties in different locations. But where Google Docs' limitation lies in the distribution of the document. Blockchain steps up by allowing everyone to access the same information at the same time.

Instead of passing documents back and forth, losing versions and causing mayhem, blockchain is updated and available at all times.

So how is Blockchain Changing Businesses worldwide?

If the ramifications of such technology haven't become clear yet, just imagine the amount of legal documents that could be managed with blockchain. We would no longer need passports, birth certificates, or any traditional hard copies. We will soon have digital passports that relate to a unique private key, so the scary and inefficient way of carrying and risking losing passports during international travel will be a thing of the past.

And consider the banking industry. If you had all your money in one bank account and that bank shut down one day, all your funds would be lost because they were centralized. Now imagine using blockchain technology. If your records were distributed across several accounts, your account would be safe because all of the participating parties have the same information.

Decentralization is a major part of blockchain technology. No transactions can be lost or manipulated and no data can be located in a single location. Anytime trust is centrally located it has a single point of failure, the blockchain allows that same critical information to be stored on many computers ensuring it is a tamper-proof database.

With blockchain, any changes that happen anywhere happen on the entire network. This means that, as far as Bitcoin and other digital currencies are concerned, transactions are almost simultaneous and happen in real time. Now transfer this to all types of record keeping, from land registry to immigration.

Blockchain is also essential to politics because it can provide a way to increase voter participation and reduce voter fraud. Every voter would have a unique private key that they could use to vote in elections. This way, voters couldn't vote twice, and the inefficient way of hand counting ballots would be eliminated.

Why Businesses Will Eventually Need Blockchain

Businesses will need blockchain for more efficient transactions, transparency and security. They'll no longer need to worry about data getting lost. Because the blockchain self-audits itself every 10 minutes which is called a block, so it can never be corrupted or altered and every record is public.

Blockchain technology will disrupt many businesses similar to how the internet has disrupted entire industries. First their was the wheel, then electricity, the car, airplane, television, internet, cell phones and now Blockchain.

Blockchain is essential to businesses because it is a much more efficient way of keeping records. It significantly reduces the risk of fraud because one party in a transaction can't change their own records without confirming the change with every other participating party.

Over the next few years, we'll begin to see blockchain stamp its footprint across all areas of our lives, allowing us to do things faster, cheaper and more securely. Forget about focusing on digital coins–blockchain is going to revitalize my company, your company, every company worldwide.

While Bitcoin investing can be intimidating for everyone just getting their feet wet, there are several tips that newbies can use to maximize their chances of success.

Here are 5 quick tips that are probably common sense which is not always that common.

1) Do Your Homework

First and foremost, if you are just getting started with Bitcoin you need to do your homework.

The more you understand the better off will be.

Find a trusted person or resource that you can engage with to ask questions in order to understand the nuances of your investment in a safe environment,

2) Proceed With Caution

Risk is inherent to investment, and everyone should keep in mind that all this digital currency is in a very early stage of development when compared to similar asset markets like the stock or bond markets.

Don't invest money you can't afford to lose!

Start small, and invest a small portion of your capital,

Don’t chase Bitcoin prices. Decide on an entry point and stick with it.With Bitcoin, you’re almost always right in terms of foreseeable price action since it will keep going up for the time being – it’s your timing that might be off. So, be patient, and let the Bitcoin price come to you. Try and refrain from buying all your Bitcoin all at once.

3) Diversify Effectively

Over the last several years, Bitcoin has produced some very impressive gains, and media outlets have developed a steady stream of stories about Bitcoin millionaires.

While these stories might tempt you to put all their money in Bitcoin, keep in mind that no investment professional would advise an individual to put all their eggs in one basket.

When creating a diversified portfolio, you should could consider altcoins, more traditional assets such as stocks and bonds, or both.

The basic idea behind diversification is creating a portfolio where a decline in one component will correspond with an equal gain in another. Real Estate drops, Gold Rises and so forth.

For example, let's say an investor has a simple portfolio, consisting of equal amounts of Bitcoin, Ethereum, Litecoin, Dash and Bitcoin Cash.

If one digital currency falls 10%, then ideally, another digital asset will rise by the same amount.

4) Keep Your Coins In Wallets

While exchanges are a great place to purchase digital currencies, they may not be the best place to hold such assets.

Don't store coins on an exchange. In Bitcoin's short history many, many exchanges have gotten hacked.

It's fine to buy on an exchange like Coinbase, but then move your coins into a wallet like KeepKey or Trezor both available right on Amazon.

Just like you keep some cash in your wallet, some in your bank account and perhaps the really valuable stuff in a safe, you need to manage digital currencies in the same way.

5) Prepare For Volatility

The digital currency markets are frigging volatile, and there are several strategies that everyone can use to manage the inevitable price fluctuations.

Buy and hold, has been advocated by a great many, including the old man, legendary investor Warren Buffett.

Buy-&-forget is the right strategy for myself and many of us. Good luck!

 

6)   What is Blockchain

Whether you’re new to crypto or a veteran, do you know what blockchain is?   It’s what some of the most advanced traders, analysts, and enthusiasts use to understand what’s going on with Bitcoin or Ethereum, and it’s about time everyone learned how to use it.

Hash Rate

Demonstrates the amount of total computing power that is estimated to secure the bitcoin network. It’s one of the most important elements to bitcoin’s network security. The more hash rate, the greater the level of bitcoin network security and resilience against 51% attacks.

Mempool

Where all the valid transactions wait to be confirmed by the Bitcoin network. A high mempool size indicates more network traffic which will result in longer average confirmation time and higher priority fees.

Average Fee per Transaction

An easy indicator to understand how much the bitcoin network charges for confirming a transaction and is directly affected by the state of the mempool.

Number of Transactions

The number of daily confirmed transactions highlights the value of the bitcoin network as a way to securely transfer funds without a third party. During times of peak mempool congestion, transactions with lower fees are likely to be confirmed after a few hours or even days in rare cases.

Price

While this one speaks for itself, keeping an eye on the price chart also gives a sense of how the market thinks about the network and specific tokens on a daily basis.

 

 

Cryptocurrency for Sports Betting

Click on any of the below links to get started buying, selling and trading Bitcoin and other cryptocurrency with these recommended wallets and exchanges now!

 

Coinbase | Binance | Gate.IO | KuCoin | CoinMama | Cryptopia | Changelly |  HitBTC 

Ledger Nano S | Trezor  | KeepKey  

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