Blockchain banking revolution

There is a silent revolution happening in FinTech today. It is the blockchain banking revolution. Maybe the time has come to learn a few key terms in the language of the new blockchain banking. Let’s dive into the public addresses and private keys terms, to better understand the new money.

By this time it is very likely that you have heard about Bitcoin. I believe it is fair to say that Bitcoin is here to stay and it is possible to still get in early. The deflationary properties of Bitcoin mathematically prove that the use case as well as the price will continue to soar. Along with this new technology comes a new way to understand money.

The blockchain banking and the new money

There is a new banking model emerging and your savings and current account numbers may be replaced. The new terminlogy for them could be the so-called public addresses and private keys. The public address is derived from the private key and both secure your digital money.

Your public address is registered on the Bitcoin blockchain and using it is how you manage your balance. People can send you digital money if they know your public address. Your public address is a string of numbers and letters that are between 31 and 33 characters long.

Your private key is how you can access and spend your balance. Interestingly enough, no one will know your private key and nobody can stop you from having one or ten thousands private keys. They are completely free and they only belong to you and not a major bank!

Blockchain Banking Revolution - Options Trade Mentoring

Blockchain banking is based on a descentralized system. No one manages the database of public addresses and private keys. The chain runs on the largest connected network ever known to mankind. It is a network powered by computers all over the world. All of your records are protected by blockchain with complicated (proven unbreakable) cryptography.

How safe is my private key?

Your private key is a string of numbers and letters 51 characters long. Understandbly most people would think this method of storing accounts is not safe. The number of combinations that can be made using this string of characters though is larger than the numbers of atoms in the universe. If a hacker wanted to crack your private key, it would take him longer than 100 trillion years and he would not even get close.