The first time you heard the term blockchain market, it may have already stimulated the entrepreneur in you. You heard it involves buying and selling cryptocurrencies. They said it revolutionizes digital marketing. However, you still have lots of questions and you cannot ask it because you think doing so may make you look clueless and dumb. So you decided to just let it go and move on with your life, waiting for the next opportunity for business growth.
The truth is you don’t have to. Here are the answers to some of the most asked questions about blockchain technology.
Common FAQs about the Blockchain Market
- Is blockchain secure?
To save you from overthinking, let us get straight to this. Blockchain technology is secure. It cannot be tampered. It has a decentralized system that does not belong to any person or group, which keeps it from being censored.
But you may be asking, “If it is really secure, why is this Bitcoin company hacked?” Well, we cannot say that it can never be hacked. Hacking blockchain is possible, to be honest. But it will require a gigantic amount of power and money. Keep in mind that only 51% of it can be hacked, which means the hacker can have control to only over half of the blockchain.
- What are the different types of blockchain?
The three types of blockchain are public, private, and consortium.
- A public blockchain is open to everyone to audit, read, write, and mine.
- The private blockchain, on the other hand, is controlled by blockchain companies that may delete and edit commands as deemed appropriate. It is also called the permissioned blockchain since people need to acquire access before they can take part in the activities.
- Consortium blockchains can be classified somewhere in between public and private. People still need access but the overall control is not in a single entity.
- Can I make my own blockchain?
You can definitely create your own blockchain. In fact, anybody can. Just keep in mind that there are skills you need to have in order to achieve it. You need knowledge and experience in coding, as well as the openness to learn about cryptocurrencies. You also have to build a network of users and potential miners if you want it to be successful.
So if you are a developer and you cannot find the right blockchain for you, you can create your own. You only have to be prepared for the funding and time this may require from you
- Can anyone mine cryptocurrency?
Technically, yes, anyone can mine cryptocurrency. However, not all cryptocurrencies can be mined. Some mining equipment is also available for you to use, although you have to somehow invest in it.
These are just four of the most asked questions from people who are thinking of entering the blockchain market. But these are surely not enough to equip you in this field. As mentioned earlier, you must be willing to learn so you can make the best out of this.