Yes, information on the blockchain is still largely unknown to many folks. We do a quick dive here for you and help to put all the concepts together. After all, it’s the reason we’re here: to explore the Internet and provide you with the necessary information, products and services to help you understand just what it is you need to know.
There is indeed a good deal of information available on the Internet, but you still need to do a lot of searching and reading before you can start to see the big picture. We feel it’s important to have a good understanding of the blockchain, cryptocurrency and Web3, since it seems to be the way of the future.
Information on the Blockchain Begins with Definitions:
Blockchain: “A digital database or ledger that is distributed among the nodes of a peer-to-peer network. The nodes make up the blockchains that can then be used to make data in any industry immutable—the term used to describe the inability to be altered.” Hayes, A. (Updated April 23, 2023).
Cryptocurrency: “A cryptocurrency is a form of digital asset based on a network that is distributed across a large number of computers. This decentralized structure allows them to exist outside the control of governments and central authorities.” Frankenfield, J. (Updated April 21, 2023).
Web3: “A shorthand label for the project of rewiring how the web works, using blockchain to change how information is stored, shared, and owned. In theory, a blockchain-based web could shatter the monopolies on who controls information, who makes money, and even how networks and corporations work.” Stackpole, T. May 10, 2022. Harvard Business Review.
Information on the Blockchain Continues with TEDx:
Just those definitions alone give us a whole LOT of information. So, if you’re one of us still stuck in the 1990s (as many of us seniors are), next, take this opportunity to listen to the following 17 min TEDx Talk video that brings the three concepts together:
Maybe you’re wondering if it’s about time to invest in crytocurrency? That’s not a question that anyone can answer for you. You need to feel comfortable that you know enough of the information about blockchain, cryptocurrency and Web3. So, maybe you still need to do more research.
Keep in mind that the above video was done in 2018. And, a lot has happened since regarding technology in this field. But, the good news is that Web3 is now here and because of it, we have found a way to keep our medical data safe! Our page can explain even more about a way in which to invest in crytptocurrency, while keeping your medical data secure. And, it offers you an easy and quick way to enter the crtyptocurrency market, without losing an arm and a leg.
First, let’s talk more about the advantages and disadvantages of cryptocurrency, so you can make some intelligent decisions along with the rest of us.
Advantages of Cryptocurrency (Decreases Personal Risk):
- Removes Single Points of Failure
- Cryptocurrency is not tied to, or regulated, by banks or other monetary institutions.
- Thus, a large bank creating a dynamo effect of crises around the world cannot be a cause of failure.
- Easier to Transfer Funds Between Parties
- Algain, there is no bank or credit agency involved.
- Transfers can happen immediately between the two interested parties.
- Removes the Need for a Third Party
- Can Generate Profits
- As noted, cryptocurrency has grown since it’s beginning.
- It’s growth in profits is expected to continue an upward trend.
- Remittances are Streamlined
- If transferred across borders, Bitcoin serves as the intermediate currency, to which all cryptocurrency is converted. Once transferred across the border as Bitcoin, it is then converted back to it’s destination currency.
- Because the process is easier, it’s also cheaper.
Disadvantages of Cryptocurrency (Increases Personal Risk):
- Prices are Quite Volatile
- We’ve all seen great rises and falls in cryptocurrency value, especially within the past five years.
- As a result, some fear that cryptocurrency is only a fad, may be only a fad or speculative currency, at best.
- Transactions are Pseudonymous
- They leave a digital trail.
- The FBI can investigate digital trails and thus track financial institutions.
- Being Pseudonymous allows for Criminal Uses
- Allows for money laundering and illegal purchases
- Hackers purchase ransomware with cryptocurrency.
- Security Issues Off-Chain
- The blockchain itself is very secure.
- However, the storage of cryptocurrency (off-the blockchain) in wallets and exchanges can be hacked allowing coins to be stolen.
- Highly Decentralized
- Loans can be processed without collateral.
- Transactions can happen very fast and without time to consider red flags and individual warnings.
- Is Expensive to Participate in a Network and also earn Profits
As you can see, we all are at a pivotal, and exciting, time in history. We do not yet know the full outcome of blockchain, crytocurrency and Web3. Let’s just say though that in doing the research, the yay-sayers seem to be outweighing the nay-sayers. Additionally, everyone has an opinion, and it is important that we all are in the know, to help our family and friends make important decisions for the future.
Do however, check on our page mentioned here and above, so that you can take an active role in keeping your medical data safe!
And do remember that you can always CONTACT US when you need more information, have questions or absolutely anything that on these pages that sparks a need to communication with us. We LOVE to hear from our readers!