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A Little Education Here
Do You Know What A Smart Contract all about?
A smart contract is a self-executing contract with the terms of the agreement between buyer and seller being directly written into lines of code. The code and the agreements contained therein exist across a distributed, decentralized blockchain network. The code controls the execution, and transactions are trackable and irreversible.
Smart contracts permit trusted transactions and agreements to be carried out among disparate, anonymous parties without the need for a central authority, legal system, or external enforcement mechanism.
While blockchain technology has come to be thought of primarily as the foundation for bitcoin, it has evolved far beyond underpinning the virtual currency.
WHAT YOU NEED TO KNOW
Smart contracts are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code.
Nick Szabo, an American computer scientist who invented a virtual currency called "Bit Gold" in 1998, defined smart contracts as computerized transaction protocols that execute terms of a contract.
Smart contracts render transactions traceable, transparent, and irreversible.
How Smart Contracts Work
Smart contracts were first proposed in 1994 by Nick Szabo, an American computer scientist who invented a virtual currency called "Bit Gold" in 1998, fully 10 years before the invention of bitcoin. In fact, Szabo is often rumored to be the real Satoshi Nakamoto, the anonymous inventor of bitcoin, which he has denied.
Szabo defined smart contracts as computerized transaction protocols that execute terms of a contract. He wanted to extend the functionality of electronic transaction methods, such as POS (point of sale), to the digital realm.
In his paper, Szabo also proposed the execution of a contract for synthetic assets, such as derivatives and bonds. Szabo wrote: "These new securities are formed by combining securities (such as bonds) and derivatives (options and futures) in a wide variety of ways. Very complex term structures for payments can now be built into standardized contracts and traded with low transaction costs, due to computerized analysis of these complex term structures."
Many of Szabo's predictions in the paper came true in ways preceding blockchain technology. For example, derivatives trading is now mostly conducted through computer networks using complex term structures.
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This was painful to watch. It felt like 3 drunk guys arguing at the bar.
Bitcoin Halving soon, what are you doing to prepare for the next bullrun?
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Binance is one of the biggest cryptocurrency exchanges in the world! This is a binance turorial that will not only teach you how to register/create an account with Binance, but also teach you how to keep your binance account secure to ensure that your cryptocurrency tokens/coins are as safe as they can be whilst you use the Binance trading platform.
Bitcoin is the first decentralized digital currency. All Bitcoin transactions are documented on a virtual ledger called the blockchain, which is accessible for everyone to see.
Bitcoin gives you complete control over your money, unlike other assets you own which are regulated by banks and governments. As bitcoin gains more popularity, more and more places accept it as a payment method
Everyone is new to Bitcoin at some point – there’s no shame in it. Still, sometimes the cryptocurrency universe can feel super overwhelming.
There’s so much information out there that it becomes difficult to streamline things into the “need to know” category. New to Bitcoin and feel like you’re floundering a bit? Here are the 3 things you need to know.
This guy is onto something...
I share his enthusiasm and opinion.
Eventually, everyone will understand Bitcoin but the question is whether the price will go that high.
PS. $1M-$10M is quite the range and huge difference.
Best crypto youtubers to follow for insight, knowledge and education.
Here are six reputable crypto-related YouTube channels that thousands flock to regularly for reliable as well as edgy insights:
Who remembers trading with bots?
How much profit did they really make and are they reliable?
Automated trading has no guarantee and all details should be researched properly before investing.
As is with everything else. Do your own research before comiting.
Helpful article tho: https://medium.com/@joezabbs/persuit-of-the-perfect-passive-income-earner-86a00ea0c02c