The Bitcoin blockchain added the Bitcoin Lightning Network as a second layer to the Bitcoin blockchain. The Lightning Network allows you to do off-chain transactions, and off-chain transactions are between parties not on a blockchain network.
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In a previous post, I explained the basics of NFTs. In this post, I will continue to give more insight into NFTs and the possibilities/opportunities it has. NFTs are still in early adoption and embracing NFTs as an investor right now, making it part of your portfolio might have a very positive impact on your portfolio value in the (near) future.
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The latest Bitcoin update was the Segregated Witness (SegWit) soft fork update in 2017. This eventually ended in a split in the Bitcoin community and to an undesirable hard fork that created Bitcoin Cash.
In November 2021 Bitcoin will undergo a significant soft fork upgrade. In contrast to the SegWit update, this update has the full support of the Bitcoin community and the risk of an unexpected hard fork like the one in 2017 is negligible.
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After my previous post about the history of bitcoin and the Bitcoin blockchain, I wanted to get a better understanding of how bitcoin and the Bitcoin blockchain work and to share this with you. Please note that I purposely distinguish between bitcoin and Bitcoin. The reason I do this is that bitcoin refers to the cryptocurrency “bitcoin” and Bitcoin refers to the software that facilitates the transfer and safekeeping of bitcoin, the currency. In this post, I take bitcoin and the Bitcoin blockchain as an example but the main concept works the same for every blockchain of any cryptocurrency.
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Blockchain has always fascinated me but I never took the time to get a grasp of the concept of blockchain. This changed in March of this year. I decided to do a deep dive into blockchain and did some research about both blockchain and cryptocurrency. I started with the history of blockchain and cryptocurrency (especially Bitcoin where it all started) and the basic mechanics behind this. After this research, I still can’t say that I’m an expert on blockchain and cryptocurrency but I think it gave me a better understanding of the basics.
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