😂How To Explain Bitcoin Is Not A Scam To Your Parents

😂How To Explain Bitcoin Is Not A Scam To Your Parents

By Dapp.com | Dapp.com | 14 Jul 2020


bcd549bd52c4450d8535c7e5c17c8e5c.jpg

There are a lot of moments when you need to explain what Bitcoin is, or what blockchain is

 

John: “What’s Bitcoin?”

Me: “It’s a digital gold that worth $1,000,000”

John: “Scam.”

Me: “No! It’s a trustless, fair digital currency issued without a central authority.”

John: “Scam.”

Me: “It’s a digital currency you could mine with your GPU.”

John: “Scam.”

Me: “......”

Me: “Like Satoshi Nakamoto, the creator of Bitcoin, once said ‘If you don't believe it or don't get it, I don't have the time to try to convince you, sorry.”

 

But this time you could do better. Learning and explaining Blockchain, the technology behind Bitcoin, could be easy, fun, and interactive. 

With Blockchain Demo, built by Sean Han.

 

The cool thing is, you could actually interact with the blockchain in this App to understand how the system works

 

For Example, How Is Blockchain Immutable?

 

When you add more “Peers” (Nodes) and connect them to the mainnet, you will found that every peer has the same ledger - the data, hash, timestamps, etc. are exactly the same for every peer. 

6b9482b6f8764df484d75146e8bba973.png

What if Katrina, one of the peers (nodes) changed the data on one of the blocks? 

You could key in the data store in each block and add a subsequent block to it. Here in Block #2, the data “John gave 10 BTC to Annie” is stored and in block #3, it stored “John has 80 BTC left.” Block #3 has also recorded the previous hash in block #2. 

4d8940c1eb114d28ad50025d4983aa68.png

When the information on block #2 has changed by Katrina to “John gave 20 BTC to Annie”, the hash on block #2 was immediately changed as well as the hash on block #3 - block #3 is now invalid.  

8b7b73d814414366905948b0a665fc96.png

This is cool and fun!

You could also explore some of the key events such as block mining, 51% attacks, etc. in the Blockchain Demo App. 

 

Want To Know More about How Cryptocurrency Transactions Work? Try Coindemo

8836de6346164888937f08aaae7d4024.png


 

You may also like:

Dapp.com
Dapp.com

Dapp.com is your trusted platform to discover and analyze thousands of ranked dapps built on Ethereum, EOS, Steem, TRON, TomoChain, IOST, and Blockstack.


Dapp.com
Dapp.com

Dapp.com - Your Homepage of Blockchain. 🌟Find the best and reliable blockchain products in weekly #dapp.com choice 🌟Discover newest and interesting blockchain products (games, social media, arts, DeFi, etc) 🌟Evaluate a dapp through its on-chain data tracked on dapp.com 🌟Get the latest blockchain market performance any time, anywhere 🌟Log in with dapp.com wallet and enjoy the dapps in one-stop

Send a $0.01 microtip in crypto to the author, and earn yourself as you read!

20% to author / 80% to me.
We pay the tips from our rewards pool.