Finshots Daily Finshots Cracks Crypto #1: What are blockchain and cryptocurrency anyway?!
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Jan 17, 2025 Dive into the fascinating world of cryptocurrencies and blockchain technology! Discover how Bitcoin is reshaping traditional finance and its potential to boost financial inclusion. Learn about its unique digital nature and storage methods, all while navigating the regulatory landscape. The discussion also highlights the historical challenges of embracing new technologies, drawing parallels to past societal obstacles. Get ready to explore an innovative future that could redefine money as we know it!
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The Red Flag Act
- In the 1860s, Britain's Red Flag Act mandated slow car speeds and a person waving a red flag.
- This hampered car development while other countries advanced, illustrating how skepticism of new ideas can hinder progress.
Blockchain Basics
- Blockchain, like a shared classroom attendance sheet, provides transparency and prevents tampering.
- It's decentralized, meaning no single entity controls it, enhancing security and preventing fraud.
Bitcoin and Blockchain
- Bitcoin, built on blockchain, is a decentralized digital currency independent of banks and governments.
- Its transactions are recorded on a public ledger, ensuring transparency and security through complex puzzles and consensus mechanisms.