The Constitution of the Blockchain

Of the people, By the people, For the people

Money is a ledger of value; it records and tracks real life value.

We explained that today’s ledgers are centralized.

First of all, the currencies themselves are centralized, meaning that even if a 10-dollar bill confirms an hour of employment from 5 years ago, not necessarily you can pay your employee now $10… because the federal decided to print more, or to let banks double-spend.

In addition, the tracking [=ownership & transfer] ledgers are also centralized, that means you are helpless against the existing financial giants’ regulations, limitations, errors and their vulnerability to hacking or even inner corruption.

Satoshi Nakamoto sat down after the 2008 crash and mused; the internet revolutionizes every function of our lives, why should it not change the financial industry - the only area remaining untouched for 150 years?

What Satoshi invented is a decentralized ledger. [Not going to get technical, for deep divers, here is the Whitepaper]

How it works – in short - is:

Every computer in the world can connect to the network and vote to confirm on any bitcoin transaction by solving technical mathematical calculations. Verifying the data uses a lot of electrical energy, so as reward you get a new fraction of a bitcoin. That’s called mining; just like gold miners spend energy competing to [hopefully] unearth some gold, bitcoin miners contribute computational power hoping to crack the puzzle and acquire bitcoin, therefore, the miners’ obtained bitcoin is their “Proof of Work”, in abbreviation: PoW.

p. s. mining is not really for your home or office pc. It is only worthwhile if you invest in extra strong & higher quantity of hardware.

The approved transactions are layered one on the previous, creating a history of unchangeable tracing from the first transfer. This he called a blockchain. Each piece of data is a block and they are all chained together. The more computers participating and the more records layered, the blockchain becomes greater authentic evidence.

From where and to where do the funds go? We don’t store the crypto in our Google account, we need to have a cryptographic “wallet” from where to withdraw & deposit our assets. When you generate a new wallet, you get a public “address” to where we can sent funds, and a private kind of code {private key, secret recovery phrase, etc.} to recover your wallet; that is like the password to your account. If you lose your code, you lose access to your money, no jokes!

Yes, it is not the typical standard you are used to, but to gain you must tolerate pain.

In exchange, you own money that was not issued by state, neither is it subject to the recognition of authorities, only in public decision. Nobody can add more bitcoin to the 21,000,000 limit, & you can’t show 1 bitcoin in 2 wallets, ‘cause that’s blockchain - confirming transactions; it’s either there, or there. Except if a crook hacks 51% of the computers connected to the blockchain, which is impossible because you’ll need more power than there is in the world, and you only got a minute or two to hack them all. No government can control or prohibit commerce of your assets, as long as we have internet infrastructure.

Henry Ford said “It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.” well, the 2008 financial crash stirred someone, and the revolution already happened…

In crypto realm YOU OWN YOUR MONEY as displayed on all computers of the entire blockchain which can’t be ruined, & nothing can happen to your wallet except if somebody finds your code. Of course, there is no minimum, maximum, ID, citizenship, or age requirements to create a wallet, and you can use your funds whenever & wherever you wish, no closed hours, no questions asked, no min. or max, because you didn’t succumb to a centralized institution to hold your capital CUSTODY. No one can get your financial statistics because you didn’t TRUST a company with your private info, it’s on the blockchain, only if someone links you to your wallet address. There’s a “privacy network” sector developing in crypto to solve that – do be reviewed.

There is no such thing as forging bitcoin, you can create a different coin if you desire. There are no countries for crypto, and you don’t carry it in a purse. it can be accepted worldwide, [a few links: https://icoholder.com/blog/places-accept-bitcoin/ https://dealhack.com/blog/stores-that-accept-bitcoin https://smallbiztrends.com/2021/12/who-accepts-bitcoin.html] you can recover your wallet on any pc/phone with the code and voila - your money awaits you there!

Transactions consumes minimal time at minimal cost [exact time & fee varies according to the blockchain], no min. or max transfers, no boundaries, 24/7/365, because there are no unnecessary middlemen handling your money, everything’s executed on the blockchain approved by math & cryptography. No individual or politician can block or interfere with your transfers. Your wealth is where it is supposed to be – in your control! Bitcoin is introducing genuine democracy to the economy.

As we it comes to our conscious, bitcoin is not a currency; it is a disruptive technological novelty – it is Internet of Money. Bitcoin will do to banks what email did to post-offices.

Did you know that Steve Ballmer, Microsoft CEO said that there’s no chance that the iPhone is going to get any significant market share…?

Every innovation gets adopted gradually, especially such world-shattering ideas; just on bitcoin, it is visible on the price chart.

The best way to get comfortable with such high-tech transformations and acknowledge its advantages is experiencing it, “on hand”; that takes time.

[Quick links for starters: best crypto exchanges for beginners: Coinbase - $10 bonus using this link, Kucoin, https://www.gemini.com/ https://crypto.com/ https://www.kraken.com/ https://www.binance.com/ https://www.binance.us/en/home best storing wallets for beginners: https://www.exodus.com/download https://www.ledger.com/]

You may think, “Okay, I hear, very nice, but for simple me the whole modernization isn’t so beneficial”. However, while bitcoin is an original storing & payment network, the blockchain can be, and is already used to remodel tens of everyday dealings, and also to add new drastic concepts to the world’s economy and enjoyment. And the list keeps on growing; as liberty is the core of blockchain’s very existence, every developer is inspired to let their imagination explore the endless possibilities, and they stampede to design and build new creations. So while bitcoin alongside cash is like email vs. mail, Bitcoin compared to the potential of blockchain is like email vs. the whole internet. And there’s so much opportunities from which we can already benefit.

What else should we do with blockchain?