CryptoFinally Marketing Bitcoin & Cryptocurrency for Common Consumers

Marketing Bitcoin: The Importance of Distribution

By CryptoFinally | CryptoFinally | 10 Aug 2020

The need or the importance of marketing Bitcoin cannot be overemphasized. Blockchain, bitcoin, initial coin offerings, and other exchanges have made a lot of noise through online platforms and social media.

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Why make use of Cryptocurrency and what it is?

Cryptocurrencies refer to an encryption technique which is also digital assets that make use of cryptography. Bitcoin can be used as a peer to peer transaction method with merchants. These days some new cryptocurrencies work under new obligations and rules for its holders. It is not like the traditional currency that is issued by the government and it is not presently considered as legal tender. On the flip side, the decentralized aspect of Bitcoin is what makes it attractive to many investors.

Cryptocurrencies can have security issues. From research, looking at one of the largest hits digitally in history, the DAO (Decentralized Autonomous Organization) which served as a decentralized fund which was intended to make the funding of Ethereum projects democratic got hacked. The decentralized app was created using the Ethereum currency and after it was hacked, they gained control of fifty-five million dollars, which was about one-third of the entire fund. But since then, the community was shocked and this made the securities exchange act to make these exchanges and offerings to the securities laws of the US.

The technology used for Bitcoin

A lot of reasons why Bitcoin is popular and why it has all its advantages is because of the great innovation done to its technology.

Making use of blockchain, you get to see the same ledger transaction with a colleague. This ledger can’t be controlled by either one of you but it works by a mutual agreement. This makes it necessary for you two to approve for the transaction to be summed up in the chain. Making sure Bitcoin secures this chain with cryptography, this way, no one can change the chain without your aid.

How does a Blockchain Works

Using a Blockchain, bitcoin records multiple transactions instead of single ones on a server, also utilizing consensus algorithms. A node refers to a computer that has a connection to a blockchain network. This without wasting time gets a copy of the blockchain as it joins the network. For you to get a valid transaction, all nodes have to agree.

Without this blockchain, you wouldn’t get to enjoy your Bitcoin properly, the rate of security threats would be overwhelming.

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