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What Is Blockchain Anyway?

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Know your Bitcoin from your Ethereum? Me neither.
Luana Cavalcanti, Founder of the Ladies that UX Dublin Chapter, gives us a quick masterclass.

What is cryptocurrency?

Cryptocurrency if you break it down into two words, is a combination of cryptography and currency. It is a digital currency designed to work as a medium of exchange that uses cryptography technology to secure and verify transactions.

Why do I hear so much about Bitcoin?

Bitcoin is a digital currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto.

It is a digital currency which is hosted on a digital ledger on which people can mine, store and trade bitcoins. Bitcoin is generated  through a computer algorithm, and because it is not tied to a central authority, there is no-fee payment system.

It can be exchanged for traditional currencies, and it’s anonymous and safe. In countries like Venezuela, where traditional currencies are hyper-inflated, Bitcoin is commonly used as its value is more stable than the value of their national currency.

 

It’s one of the most innovative and world-changing technologies because it has the power to drastically change the way we transact value in the future.

What can I buy with Bitcoin?

‘You can book flights with Expedia, you can buy apps in the Microsoft app store’, says Luana, ‘basically anything’.

Once you’ve established how much traditional money you’re willing to invest, you can register with a third party for a bitcoin wallet service. The value fluctuates so it is wise to take advice from those in the know before investing. Here’s a good article explaining the pro’s and cons and the things you should look out for.

What is Blockchain technology?

Blockchain is distributed through a ledger, which is a database that records transactions. Blockchain is the technology behind Bitcoin, Ethereum etc.

It’s one of the most innovative and world-changing technologies in recent years because it has the power to drastically change the way we transact value in the future. It is not limited to finance but can also be applied to music, intellectual property, and many other industries.

 

 

Currently, only around 5% of crypto enthusiasts are women

What kind of roles are available in this area and what level of training would I need?

By 2025, Deloitte has estimated that as much as 10% of global GDP will be built on blockchain applications.

Currently, only around 5% of crypto enthusiasts are women —including developers, investors, founders and casually interested individuals.

The problem is not exclusive to blockchain though, it exists across the entire tech industry. According to Square’s diversity report, just 18.8% of employees in tech are women. 

There are lots of diverse roles available in blockchain, from project management, dev-ops, product designers to business analysts etc. The technical skills required are all linked to technology, which involves programming and product knowledge of cryptocurrencies and cryptography.

 

About Luana Cavalcanti

Luana Cavalcanti

Luana is a UI/UX designer for TradeIX, the world’s first trade finance specific open-source blockchain platform and the founder of Ladies that UX Dublin, an inclusive community that aims to promote diversity, female talent and equal gender ratio.

Ladies That UX Dublin

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