I’m located in Ahmedabad, India.

Sitting here, I can create a wallet with a QR code worth $100 (XYZ amount) worth of bitcoin, ready to be scanned by anyone, anywhere in the world. Whoever scans it will be able to claim the $100 added to the wallet or QR code.

There’s nothing anyone can do to stop it, freeze it, block your account or control it in any way.

Everything is happening in real-time.I’m paying instantly, and the person scanning or any part of the world will receive it instantly, making it basically almost free. If I were to repeat the same process with a traditional bank, it would have taken several days and probably cost upwards of $20.

To transfer bitcoin

I don’t need a bank!

I don’t need a government!

I don’t need anybody; just you, me, and our smartphones to do it.

Bitcoin or Blockchain is fundamentally different because you owe no one anything and no one owes you anything in Bitcoin.It’s not a system based on trust, it’s a system based on ownership.

Perfect money should have a limited supply. It needs to be easily recognisable, durable, transportable, and hard to counterfeit.

Bitcoin has all of those things better than any currency the world has ever seen.

Now, imagine a world with no out-of-sync ledgers. No need for reconciliation. There is no fragmented or hidden data that creates multiple versions of the truth. In this world, you would have just one version of a ledger, with simultaneous settlements that are seen by all parties. You could get instant visibility into the status of accounts receivable, supply chain movements, and other transactions. You would have a transparent, chronological history of events for a single source of truth.

This revolutionary world is coming, and its name is Blockchain.

How does a transaction go through in a blockchain?

As each transaction occurs, it is stored chronologically in a block, and each block is connected to the one before and after it. To ensure data integrity and security, all parties in the network must validate each transaction using agreed mathematical formulas called consensus mechanisms, and each block is secured by cryptography, making it tamperproof.

Thanks!

https://twitter.com/divyvaid

I’m located in Ahmedabad, India.

Sitting here, I can create a wallet with a QR code worth $100 (XYZ amount) worth of bitcoin, ready to be scanned by anyone, anywhere in the world. Whoever scans it will be able to claim the $100 added to the wallet or QR code.

There’s nothing anyone can do to stop it, freeze it, block your account or control it in any way.

Everything is happening in real-time.I’m paying instantly, and the person scanning or any part of the world will receive it instantly, making it basically almost free. If I were to repeat the same process with a traditional bank, it would have taken several days and probably cost upwards of $20.

To transfer bitcoin

I don’t need a bank!

I don’t need a government!

I don’t need anybody; just you, me, and our smartphones to do it.

Bitcoin or Blockchain is fundamentally different because you owe no one anything and no one owes you anything in Bitcoin.It’s not a system based on trust, it’s a system based on ownership.

Perfect money should have a limited supply. It needs to be easily recognisable, durable, transportable, and hard to counterfeit.

Bitcoin has all of those things better than any currency the world has ever seen.

Now, imagine a world with no out-of-sync ledgers. No need for reconciliation. There is no fragmented or hidden data that creates multiple versions of the truth. In this world, you would have just one version of a ledger, with simultaneous settlements that are seen by all parties. You could get instant visibility into the status of accounts receivable, supply chain movements, and other transactions. You would have a transparent, chronological history of events for a single source of truth.

This revolutionary world is coming, and its name is Blockchain.

How does a transaction go through in a blockchain?

As each transaction occurs, it is stored chronologically in a block, and each block is connected to the one before and after it. To ensure data integrity and security, all parties in the network must validate each transaction using agreed mathematical formulas called consensus mechanisms, and each block is secured by cryptography, making it tamperproof.

Thanks!

https://twitter.com/divyvaid