How does blockchain work?

#1
Hey all,
I'm new to the cryptocurrencies world (and this forum, as well) and I'd like to learn more about it.

Could anyone kindly explain to me how does blockchain work?

I try to understand but I can't find anything but technical descriptions, and since I'm not so familiar with this, I need a simple explanation :)

Thanks!
0 x

Re: How does blockchain work?

#2
harview wrote:
March 8th, 2018, 8:57 am
Hey all,
I'm new to the cryptocurrencies world (and this forum, as well) and I'd like to learn more about it.

Could anyone kindly explain to me how does blockchain work?

I try to understand but I can't find anything but technical descriptions, and since I'm not so familiar with this, I need a simple explanation :)

Thanks!
Hey, Harview! Welcome to CryptoHeresy!

Those are my favorite explanation of Bitcoin (including hashing, blockchain, verification):



😁
0 x

Re: How does blockchain work?

#3
Wow, thank you so much, @alexanderisora :)

While we're at it, can you recommend me any exchange markets worth looking at? I'm thinking about investing some money there, since I don't think I can afford mining.

I've recently been reading some bitcoin-related sites and some exchange naimed CoinDeal was mentioned a couple of times. From what I see they started only recently. On one hand, maybe it's better to use well-known exchanges, but if this one will offer the same features as others, I might get some profit from registering there early. I mean, early cryptocurrency investors profit extraordinarily now, so maybe it'll be the case with the exchanges as well? What do you think?

It'd be nice to get some opinions from more experienced bitcoin fans :)
0 x

Re: How does blockchain work?

#4
Hi Harview! *waves* for the exchange markets it really depends on your location though, as some of the exchange may not be available to at your country, ie Gemini is not available in Malaysia... I personally would recommend Quoine or BitStamp.. mainly because Quoine is actually licensed and regulated in Japan.

as for coindeal, they are a new exchange and it is a normal practice for these new exchanges to give out more deals and promotion.. however, most of these new exchanges are connected to other bigger exchange's API.. for example if you uses CoinDeal (or any particular new exchange) to buy BTC, they will actually link your order to the other bigger exchanges (ie Gemini, BitStamp and Quoine).. Upon successful purchase CoinDeal will just take a portion of the transaction fee from the other bigger exchanges..

harview wrote:
March 12th, 2018, 8:32 am
Wow, thank you so much, @alexanderisora :)

While we're at it, can you recommend me any exchange markets worth looking at? I'm thinking about investing some money there, since I don't think I can afford mining.

I've recently been reading some bitcoin-related sites and some exchange naimed CoinDeal was mentioned a couple of times. From what I see they started only recently. On one hand, maybe it's better to use well-known exchanges, but if this one will offer the same features as others, I might get some profit from registering there early. I mean, early cryptocurrency investors profit extraordinarily now, so maybe it'll be the case with the exchanges as well? What do you think?

It'd be nice to get some opinions from more experienced bitcoin fans :)
1 x

Re: How does blockchain work?

#5
tanakaMatsumoto wrote:
March 15th, 2018, 6:45 am
Hi Harview! *waves* for the exchange markets it really depends on your location though, as some of the exchange may not be available to at your country, ie Gemini is not available in Malaysia... I personally would recommend Quoine or BitStamp.. mainly because Quoine is actually licensed and regulated in Japan.

as for coindeal, they are a new exchange and it is a normal practice for these new exchanges to give out more deals and promotion.. however, most of these new exchanges are connected to other bigger exchange's API.. for example if you uses CoinDeal (or any particular new exchange) to buy BTC, they will actually link your order to the other bigger exchanges (ie Gemini, BitStamp and Quoine).. Upon successful purchase CoinDeal will just take a portion of the transaction fee from the other bigger exchanges..
Hi tanakaMatsumoto! Thank you very much for your message! :) I appreciate you've taken time to write such a detailed reply.

It's interesting what you said about newer exchanges being connected to bigger ones. Frankly, I didn't expect that to happen, I guess I don't know much about marketing yet :D

I actually reached out to them via livechat (I was kinda surprised to find out that their support is available 24/7) and asked them about this. This is what the support agent wrote:
"Hi! We know that, unfortunately, this is a common practice among smaller cryptocurrency exchange markets. What I can tell you with certainty is that CoinDeal is different. We do not rely on any other exchange platforms - all of the exchanges that are carried out in CoinDeal are dependent on our platform only. You will not pay double fees for a single exchange and you can be sure your cryptocurrency is stored in our cold wallets, which provide extra safety."

What do you think?
0 x

Re: How does blockchain work?

#6
tanakaMatsumoto wrote:
March 15th, 2018, 6:45 am
Hi Harview! *waves* for the exchange markets it really depends on your location though, as some of the exchange may not be available to at your country, ie Gemini is not available in Malaysia... I personally would recommend Quoine or BitStamp.. mainly because Quoine is actually licensed and regulated in Japan.

as for coindeal, they are a new exchange and it is a normal practice for these new exchanges to give out more deals and promotion.. however, most of these new exchanges are connected to other bigger exchange's API.. for example if you uses CoinDeal (or any particular new exchange) to buy BTC, they will actually link your order to the other bigger exchanges (ie Gemini, BitStamp and Quoine).. Upon successful purchase CoinDeal will just take a portion of the transaction fee from the other bigger exchanges..

harview wrote:
March 12th, 2018, 8:32 am
Wow, thank you so much, @alexanderisora :)

While we're at it, can you recommend me any exchange markets worth looking at? I'm thinking about investing some money there, since I don't think I can afford mining.

I've recently been reading some bitcoin-related sites and some exchange naimed CoinDeal was mentioned a couple of times. From what I see they started only recently. On one hand, maybe it's better to use well-known exchanges, but if this one will offer the same features as others, I might get some profit from registering there early. I mean, early cryptocurrency investors profit extraordinarily now, so maybe it'll be the case with the exchanges as well? What do you think?

It'd be nice to get some opinions from more experienced bitcoin fans :)
Thanks fo this info Tanaka! It really isnt easy to follow all the steps behind the exchange and the platforms. Especially for newbies its a confusing world. I am not a 100% newbie but still in the learning process. So thankful for any information.
0 x

Re: How does blockchain work?

#7
One other thing you should note is that Blockchain does not equal Cryptocurrency.

Blockchain is the backbone to cryptocurrency but a lot of people think they are the same thing or confuse the two.

"Cryptocurrency is an untraceable, anonymous and unregulated currency which one could easily use for illegal transactions. What blockchain brings to cryptocurrency is provide it a way to make sure the transactions can be traced and recorded. This would allow transactions to be transparent on both ends; the sender/seller, and buyer/receiver."

After you understand that blockchain is underlying to crypto, you need to see that blockchain helps make crypto what it is today. Blockchain can be used for other technological development also though, it is not limited to crypto,
0 x
Post Reply

Return to “Beginners & Help”

cron