13/04/2020
UNDERSTANDING CRYPTOCURRENCY INDUSTRY
The level of gain or profit you make out of a business investment or anything you do is dependent of your level of understanding of what you do.The most pitiable situation in life is zeal without understanding. Where there is zeal without understanding, there would be a waste of energy. For this reason, King Solomon who was the wisest man ever lived before Jesus came said:
"The labor of fools wearies them,for they do not know how to go to the city".
Ecclesiastics 10:15
The roles of understanding in anything we do can never be overemphasized. Where there is high degree of understanding, there will be a high degree of performance resulting into high degree of productivity. And where there is productivity there is a profitability. Take for instance, when you were in school,the same teachers teach you from the same scheme of work or curriculum. You guys were given the same questions to write during examination, but one is impossible. One thing can never be the same for you all.Ask me what is it? Alright, I will tell you now,you guys will never have the same scores.Every other things will be the same for you all, but your scores must differ.Why bcz you guy never wrote the same thing.There were differences in Understanding of what was taught by the lecturer. And,therefore, during exams everyone wrote according to his own understanding. Finally, scores were earned according to facts written in your papers. Let's look at wisdom of Christ in His teaching according to Matthew 13:23:
"But he who received seed on the good ground, and UNDERSTANDS it,bears FRUITS, and produces; some 100folds,some 60folds and some 30folds".
Did you see that? I believed you observed something. The seed there denotes information, ideas,etc.Their hearts are all good hearts but they never reproduced the same level of fruits. Why because they frequency modulation of understanding differs.Understanding makes the difference!!
Friends, heard this,the level of success you will achieve in ETHEREUM BLOCKCHAIN CRYPTOCURRENCY SMART CONTRACT is dependent on how you understand the cryptocurrency industry.
WHAT IS CRYPTOCURRENCY?
Cryptocurrency is a digital cash for the computer age.It is similar to regular cash like paper and coins but it's digital only, that is,no paper or coins to carry around.
The paper and coins currency is managed and regulated by the country that issued it but cryptocurrency is a network of computers running open resource code.
The Value of paper and coins is primarily based on the confidence in the government that issues it but the Value of cryptocurrency is based on the market forces of demand & supply.
The paper and coins currency is secured by third party like banks and government, only a selected few individuals participate but cryptocurrency involves a wide network of computers that verifies every transaction.Therefore, anyone with an internet connection can participate.
The paper and coins currency are used as medium of exchange only in the country that issues it but cryptocurrency is used anywhere a merchant can accept it.
The value of Cryptocurrency can be converted to the currency of any country.
Cryptocurrency provides equality of opportunity for everyone regardless of where you were born & where you live.As long as you have smartphone or other internet connected device,you have the same access to cryptocurrency as anyone else.
Cryptocurrency has the capacity to make the world better by letting any two people in the world exchange money directly without involving financial institution or government. This will mean equality of opportunity for those without access to traditional financial services like banks accounts and credit cards.
TYPES OF CRYPTOCURRENCY
Bitcoin is the oldest the most well known cryptocurrency but there are hundreds of other cryptocurrencies in existence. Some of the are Bitcoin Cash (BCH),Ripple (RXP),Litecoin,Ethereum(ETH), etc.Bitcoin Cash and Litecoin share
Bitcoin's characteristics but expore new ways to process transactions. Bitcoin is abbreviated as BTC.Bitcoin was the first cryptocurrency introduced on October 31,2008 with a computer science paper that described how it would work.A few months later,that is,on January 3, 2009 the code was released and the first Bitcoin appeared.
ETHEREUM is the second in command. After Bitcoin,Ethereum is the next cryptocurrency. Ethereum is an open source, public and Blockchain-based distributed computing platform and operating system featuring smart Contract(scripting) functionality. Ethereum is both a cryptocurrency and a decentralized computing platform. Developers can use the platform to create Decentralized Applications(Dapps) conceptualized by Vitalik Buterin.
Ethereum is the pioneer for Blockchain SMART CONTRACT. When running on a Blockchain, a smart contract becomes like a self operating computer program that automatically executes when specific conditions are met.On the blockchain, smart contracts allow for code to be run exactly as programmed without downtime, censorship, fraud, or third party interference.
Ethereum can facilitate the exchange of money,contents, property, shares or anything that has value.
Ethereum network went live on July 30,2015 with 72 million Ethereum primed.
Ethereum is abbreviated as ETH.