Work With the Blockchain (for Beginners)
The word “blockchain” is on everyone’s lips today. Yes, everyone is talking about it.
Often seen as the biggest disruptive technology since the internet, blockchain technology is already transforming the way we make finances. So far, blockchain is generally seen as the most promising technology as it is poised to transform how we do business, exchange products, money, and information.
Also referred to as Distributed Ledger Technology, blockchain technology makes the history of any digital asset unalterable and transparent through the use of decentralized and cryptographic hashing. The promise of blockchain technology is in its revolutionary features that reduce risks, stamp out fraud, and bring transparency in a scalable way for various uses.
Blockchain technology has provided myriads of opportunities for people and businesses around the world, and you’re probably looking to dive in to see what is in there for you. If you’re looking to get into blockchain even without background knowledge about the technology, then here are three ways to get started.
1. Buy and trade cryptocurrency
This is probably the most common and popular means of interacting with blockchain technology. Cryptocurrency is what made blockchain technology famous when Bitcoin came into the scene over a decade ago.
You can buy digital assets from the many cryptocurrency exchanges available in the market today, led by Binance, Coinbase, Crypto.com, Kraken, and KuCoin among others.
Some of the leading and the most established cryptocurrencies include Bitcoin (BTC), Ether (ETH), Binance Coin (BNB), Tether (USDT), Solana (SOL), Cardano (ADA), and more.
Once you buy your crypto asset, it is advisable to never store them in your exchange account. Instead, transfer them to a crypto wallet for safekeeping. It is important that you research the wallets to select the right ones for you.
You can use your crypto asset to buy goods and services, or exchange for other cryptocurrencies. If you are a business, you can attract more blockchain users to your business by allowing cryptocurrency payments for your own goods and services.
2. Learn about blockchain, including how smart contracts work
Blockchain is a revolutionary technology, and it can help your business create a competitive advantage.
For example, the self-executing contracts known as smart contracts are becoming a critical component of many businesses. Smart contracts are programs written to conduct transactions automatically if certain conditions are met.
It means you can easily automate regular processes and transactions that usually require a human intermediary to complete, which can save you money and time.
3. Join a community of blockchain enthusiasts
Becoming a blockchain expert all by yourself can be extremely hard.
Joining a community of blockchain believers can help you build knowledge by learning from others. All over the world, people gather, either online or offline, to talk about what they are passionate about- blockchain technology.
One such community can be found in ForkChain — a turnkey platform to tokenize communities and creations. The platform will help you interact with multiple blockchains through their membership space.