Demystifying the blockchain: a basic user guide

Most people agree we do not need to know how television works to enjoy using one. This is true of many existing and emerging technologies. Most of us are happy to drive a car, use the phone and send email without knowing how they work. With this in mind, here is a free technology users to blockchain that – the technology infrastructure behind bitcoin, and many other emerging platforms.

What blockchain do?

To use blockchain, you will need to create an account or address (virtual wallet) . At this time, the most popular uses for blockchain is to make micro-payments with virtual currency. For example, you can buy a bitcoin with real money and then spend it on the internet using the blockchain.

Authorize payment using blockchain similar to using a credit card to buy something online. Instead of numbers 16-digit credit card, you provide vendors with a unique string of numbers and letters that is generated for each transaction. With this unique identifier, blockchain can verify and authenticate the transaction.

Can I use blockchain to transfer real money?

Not yet. Some companies use blockchain to conduct international financial transfers, but most of these transactions enabled by digital currency bitcoin or more. Exchanging real money for Bitcoin incurs costs for the sender, but the benefits are speed, safety and comfort.

How to transfer the value of the virtual currency or in different blockchain of transferring money from my bank account?

Depending on the amount and purpose, when you transfer money from your bank account, your bank will limit the amount you can transfer. Most banks impose a daily limit for all transactions. When you use a virtual currency on blockchain it, there are no limits.

When you transfer the value or currency from your bank account to a different bank account or other financial institutions, the transfer can take days. When you use the blockchain, direct transfer. If you transfer from your bank account puts your account to debit your bank will charge a fee. blockchain will not allow transfer over your balance and your virtual wallet will never be debited.

How to store the value of using different blockchain of keeping my money in a bank account?

Bank account and credit cards are vulnerable to attack from fraudsters and hackers. blockchain is a safer way to store and transfer funds, especially if you store simple values ​​in your virtual wallet. Hacking blockchain difficult, time consuming and expensive. No one breaks into Fort Knox for only $ 500. Of course, the value stored in blockchain not going to give you flowers or improve your credit ratings; and blockchain will not lend money to buy a house or car. blockchain not replace your bank, but soon the banks will use the blockchain well.

How to transfer data using various blockchain to attach a file to an email?

Unlike e-mail with attachments, blockchain which enables direct transfer of data no matter how large the file. Also, there is less danger of spam or virus and no need for a firewall or junk folder.

How to store data using a variety of blockchain to store my files on my computer?

If you lose or damage your computer or if it is attacked by a hacker or virus, you could lose data. blockchain in the clouds. As a web-based storage, you just need a username and password to access your data from anywhere at anytime.

What else could I use blockchain for?

Soon blockchain be used for online transactions. This will enable smart contract, crowdfunding and auction. It will verify the provenance of works of art and diamonds; transfer title to real estate and other assets; and store information about people, products and property. application.