Introduction to Blockchain for the layman
How do you get involved with crypto currency? The most important idea for anyone that wants to use crypto currency like Bitcoin is to understand what a Crypto Wallet is.
The simplest way to think about a crypto wallet is to compare it to an email account. I explain in my blog more about the comparison, but the key factor about a wallet is that it’s a public entity and everyone can see money being transferred into your wallet and how much is in the wallet, but they can’t see who owns the wallet.
The major benefit for BCBRI is that people living in rural areas can transfer digital currency like Bitcoin to physical printed out wallets called ‘paper wallets’ with designated values.
Simply anyone in a rural environment can become a bank by having a laptop , printer and internet access. Small rural business owners can pay their employees, who might not have a computer by providing their employees with designated paper wallets, which they can use as physical currency in trading with other members in the community.
I will create a powerpoint presentation to give a visual idea about it in my next posting.
Index to related links in the series
- https://steemit.com/bri/@marcsoer/cryptography-and-blockchain-101-step-1-wallets
- https://steemit.com/bri/@marcsoer/crypto-currency-and-blockcahin-step-2-currency
Steemit Channel - go here for all my other videos
https://steemit.com/@marcsoer