Author: Wayne Burritt

Important Bitcoin Update!

Posted on by Wayne Burritt

Back in May, I talked about my reasons why everyone should own a little Bitcoin (BTC).

Since then, BTC has been on a wild ride, to say the least!

But the factors I talked about in May are still at play. That’s why today we’ll do a much-needed update on why Bitcoin and why it should still be a part of just about everyone’s portfolio.

A Bitcoin Refresher

Before we get into what’s happened with Bitcoin recently, let’s take a step back.

Like other digital currencies, Bitcoin doesn’t exist in physical form. Rather, it exists in digital form on computers. And because most bank accounts exist in digital form, Bitcoin is like something you’re already used to Your bank account. And like your bank account, Bitcoin has utility: You can use it as a method of exchange or hold it as a store of value.

But beyond these similarities, Bitcoin and your bank account are pretty different. In order for your bank to function on your behalf as either a method of exchange or a store of value, it needs to sign off on your account’s value and existence. You also have to rely on the bank’s computers to make sure your money is safely guarded. Continue reading "Important Bitcoin Update!" →

Inside The 2021 Blockchain Survey!

Posted on by Wayne Burritt

I almost fell out of my chair when I read the latest take on the outlook for blockchain technology by consultancy behemoth Deloitte.

While I expected the report to show some positive signs, the fact is global executives see blockchain as making a “seismic” shift in just about everything they do, from business models to scalability to competition.

And we’re not talking about a time horizon many years down the road. The survey showed that these corporate movers and shakers think the blockchain seismic shift is already underway and will fundamentally change their industry within just 24 months.

That’s right, in just two years, it’s likely the business landscape – especially the financial business landscape -- will change so significantly, it will barely resemble what it is today.

But that’s not all: Inside the report are bombshells that even blew me away.

So, let’s get to it! Continue reading "Inside The 2021 Blockchain Survey!" →

What Is Proof Of Work And Proof Of Stake?

Posted on by Wayne Burritt

One of the best features of cryptocurrency is that there is no need for a central authority like a bank to sign off on business transactions. So I can do business with someone without a massive bank or other financial behemoth looking over my shoulder. And so long as the terms of the transactions are fulfilled – whether it’s buying something with Bitcoin and executing a contract with Ethereum – the deal is done.

Driving this whole process is a network of computers with multiple copies of all the transactions – including the one I just mentioned. When everyone on the blockchain verifies these transactions, the transaction is added as a new block. The process is complete until the next transaction comes around the corner.

But here’s the rub: When I first go into crypto, I knew that people would do all this work on the blockchain because they would get paid in coins that made up the blockchain. But if you have a ton of people all doing the same work, who decides which person gets paid?

Well, there’s just two ways of getting paid if you work on a blockchain: Proof of Work and Proof of Stake. And here’s the nitty-gritty on both.

Why Do We Need Proof of Work or Proof of Stake?

The answer is pretty straightforward: To manage the issuance of new coins and to make sure people don’t cheat. Continue reading "What Is Proof Of Work And Proof Of Stake?" →

The 2021 Guide to Cryptocurrencies (Part 2)

Posted on by Wayne Burritt

If you’re like me, when I first got the cryptocurrency bug, I was overwhelmed by the concepts, technicalities, and mounds of jargon. All I really wanted was for someone to just give me some short snippets about the most important topics I needed to know. And to leave the minutiae for a later time.

Well, if that sounds like you, you’ve come to the right place. In this second part of The 2021 Guide to Cryptocurrencies, I’ll take you through two topics that are key to getting involved with the cryptocurrency and blockchain space: Why you should think hard about owning a little bitcoin and where to get started with a cryptocurrency exchange.

And in case you missed it, don’t forget to check the first part of this series. It has valuable information about what the blockchain really is, what cryptocurrency really means, and whether or not they’re right for you. It would be a good primer for this issue but isn’t necessary.

So, let’s get to it! Continue reading "The 2021 Guide to Cryptocurrencies (Part 2)" →

The 2021 Guide To Cryptocurrencies (Part 1)

Posted on by Wayne Burritt

Welcome to the 2021 Guide to Cryptocurrencies! If you’ve ever wondered what cryptocurrencies are all about, you’ve come to the right place!

This guide is perfect for just about anyone. In fact, you could be a seasoned crypto investor, a new investor to the space, or just someone who wants to learn more. No matter how you got here, this guide is built for you.

I’ve taken topics that are key to learning more about cryptocurrencies and blockchain. Then I’ve combed through every article I’ve written for INO.com over the past few months. Out of that pool of articles, I’ve selected just the right mix that are ideal for the topics you need to know about.

But before we get started, a quick word of caution. If you’re going to invest in cryptocurrencies – and there are good reasons why everyone should own a little – remember that the entire space is risky, highly volatile, and unpredictable. So, if you’re going to take the plunge, don’t devote more than 1% to 2% of your portfolio. And ask yourself if you’d be comfortable losing that 1% to 2% because you just might.

Now, with that out of the way, let’s get to the 2021 Guide to Cryptocurrencies! Continue reading "The 2021 Guide To Cryptocurrencies (Part 1)" →