BLOCKCHAIN is a more convenient way to complete transactions.

in LeoFinance2 months ago

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Hello everyone, how are you doing and how is your life going? I hope you are all well and having a good time with your loved ones. In today's post, I'll go over various transactions and how Blockchain has aided us in various ways. Have you ever wondered if there was a more efficient way to complete transactions? YES, Blockchain has done this for us, and we are now in the modern era with modern technology. Instead of using a waller, banking system, or other third-party application, we can use blockchain to complete any transaction.

Why does the banking system dislike cryptocurrency?

Almost all transactions in the world are conducted through banks. People deposit and withdraw money through the banking system, which is how banks make money. One country's economy is built on banks and investments, which it does not want to lose. Every country wishes to develop its banking industry, which will, of course, run the country and help the financial system grow. However, with the introduction of cryptocurrency and the blockchain system, they are concerned about their economic and financial problems. That is one of the reasons many countries do not allow cryptocurrency because it threatens banks.

The technology that underpins BITCOIN and other cryptocurrencies.

The blockchain system is used to run Bitcoin, which is a type of cryptocurrency. What is blockchain? The answer is very simple: blockchain is any ledger that is linked together without any default or hacking. It simplifies transactions because instead of using banks and third parties, we can interact directly with each other. Blockchains store information in blocks that are chronologically ordered and linked to one another via a chain of blocks. The information is saved in blocks, and if there is a change, instead of changing the block, a new block is created with the new information fed in.

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An example of how blockchain works.

Assume there are three people A, B, and C, and they disagree about who owns the land. Because blockchain is based on a ledger, it has records dating back a long time. If we go back to the 1990s, we can see from the blockchain that X sold the property to A, who was the original owner of the land. In the year 2000, A sold the property to B, the second owner, and the transaction was recorded in the blockchain. In 2022, B sold the property to C, who is the current owner. There are no misconceptions about blockchain technology.

BLOCKCHAIN is a trusted and time-saving process.

Blockchain transactions are more dependable and require less energy and time. Assume that anyone who wishes to invest money in a bank must first meet the bank owner and establish trust in order to calculate their investment. However, there is no guarantee from the bank that the money invested will be returned to the person. There will also be a time-consuming process, but blockchain brings a dependable and simple way to conduct transactions that are done in a chain of blocks, and all of the blocks are trusted.

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As a result, all cryptocurrency is powered by blockchain, and all transactions take place in a chain of blocks. This is information about blockchain that I possess and have shared with you. I hope you find this post useful and informative. I hope you enjoy the post as much as I do. If you find it useful, please reblog it so that it reaches a large number of people who will benefit from it. Don't forget to upvote, which will help me financially and grow my account. Feel free to ask any question about the topic, and I will do my best to answer it.

PICTURES ARE TAKEN FROM CANVA AND EDITED IN CANVA.

DISCLAIMER

Please keep in mind that I am not a financial advisor. Never, ever take anything I say as financial advice. Conduct your own research. Before making any investment decisions, consult with a professional investment advisor! My posts are strictly for entertainment purposes!!

Thank you!
Best Wishes.

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