Ways to Completely Sabotage Your Blockchain Promotion
Blockchain is not what you think it is. It’s a decentralized database that stores information about digital transactions using cryptography and hashes. These technologies are so sophisticated that today, bitcoins can only be purchased with blockchain-based currencies like Ethereum and Litecoin. Blockchain has the potential to create a revolution in the online world, but there is much more to it than cryptocurrencies and crypto exchange.
1. “Blockchain is the technology that will revolutionize the Internet”
This idea might sound good, but it actually makes no sense. Blockchain is an online transaction database. In other words, it’s an online ledger that records how much money each person has and where they got it from. It makes sense to use blockchain for digital transactions, but when you try to use it with land registries and bank accounts then you are simply wasting your time because none of those deals happen online.
2. “Blockchain guarantees clear ownership of property”
Think about everything you own: your car and house keys, office documents, furniture — even your clothes have tags that contain information about where they came from and who owns them now. That’s the kind of information that is stored in a blockchain.
3. “Blockchain will take over the world”
This idea sounds promising at first, but when you think about how it would work then you realize that it’s completely ineffective and impractical because it allows one to buy something without the person they are purchasing from even knowing. News approved site is here.
4. “Data is created and stored on millions of computers worldwide”
You might assume that this means that people all over the world can access your database at any time, but this is also false because users aren’t actually making copies of your database as they are placing their data on the blockchain. When you put your data on a blockchain, it is stored as a public file. Therefore, this means that everyone has access to your files and can read them whenever they want.
5. “Blockchain prevents fraud”
The most common form of fraud that happens online is identity theft. In order for someone to commit identity theft, they would have to personally alter the data on the blockchain by creating fake digital copies of all your information. Therefore, there’s no way that someone could steal anything without having access to all of the details that are available on the blockchain.
6. “Blockchain is safe due to its decentralization”
While it’s true that the blockchain can’t be altered by any one person, a group of people can alter the blockchain if they have enough computing power. For example, hackers attacked The DAO project and stole over $50 million worth of ether currency. Once you have access to an online ledger that controls money transactions, it is pretty easy to steal your money.
7. “Blockchain is free”
You might think that blockchain doesn’t cost any money because most people associate it with cryptocurrencies, but this is not actually true. Blockchain requires enough computing power for its users in order for it to function properly. For example, if you want to send an email to someone using Ethereum then there is a fee for the transaction for blogger outreach.
8. “Blockchain is private”
The blockchain doesn’t actually keep data completely private because anyone that has access to the blockchain can read all of your information. This means that the information on your database is technically not “private” at all.
9. “The FBI and NSA know they can’t hack blockchain, so it’s safe”
If you’ve read a lot about how the FBI and NSA are unable to hack into blockchain then think again. This is not actually the case, because blockchain typically uses more secure cryptographic algorithms in order to keep people from stealing your data.
10. “Transactions occur between peers”
You might assume that all online transactions take place between two people, but this is also false because many online buyers don’t have any idea who they are buying from. Blockchain makes your business transparent in a very specific way — you are offering up your data to everyone. They have unlimited access to your database and can read it at any time without you having any idea where their information came from or who they are.
11. “Blockchain is a guaranteed way of getting your money back”
If someone steals your bitcoin then there is no way that you can get it back, and neither can your bank or the government. This means that if my account was hacked, I would never be able to recover my money.
12. “Blockchain changes our concept of ownership”
People tend to associate blockchain with online currency transactions and assume that by using them they will never have to carry cash with them again. While this might be true for some people, there are many others who still use the traditional banking system.
13. “Blockchain is anonymous”
There are many different ways that people can anonymously update the blockchain. For example, you can set up your account with a string of text as your pseudonymous identity. No one would be able to identify you and no one would be able to see your transactions even if they wanted to.
14. “Blockchain will make us all completely free”
The internet is already free and there are no limitations on what we can do while using it. The only reason why the cryptocurrency industry and token marketing is so popular right now is because of all of the money that people have been losing in other industries like banking and insurance. When you invest in blockchain-based companies then you are essentially investing in the same thing — money.