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      "body": "It's quite easy to<strong> buy, sell, and trade Bitcoin and other Cryptocurrencies</strong>- but it does depend on where you are based. To buy <a href=\"https://blockogy.com/cryptocurrency/bitcoin-complete-beginners-guide/\">bitcoin</a> and other <a href=\"https://blockogy.com/cryptocurrency/what-is-cryptocurrency-101/\">cryptocurrencies</a>:\n<ol>\n \t<li><strong>Create an account with local online exchange</strong></li>\n \t<li><strong>Transfer fiat money into the account</strong></li>\n \t<li><strong>Exchange fiat for available cryptocurrencies on the crypto exchange</strong></li>\n \t<li><strong>Once you have your first crypto you can use it to buy other cryptocurrencies on other exchanges</strong></li>\n</ol>\nIf the local exchange doesn't offer the particular cryptocurrency you are after, then you can open up a secondary account with any exchange around the world that does offer it. Once you convert fiat to any cryptocurrency, then it is easy to exchange with any other crypto asset (altcoin).\n\n<em>The most challenging part is indeed the first purchase using fiat currency.</em> <strong>Not all exchanges will offer purchase of crypto in your country's domination</strong>. Also some exchanges will only accept users from the country they are based in.\n\n<strong>Exchanges offer convenience and transparency of price</strong>- they <strong>are also fairly low fee</strong>- especially compared to buying typical shares for example. But if you do not have a local online exchange then there are other methods of purchasing bitcoin and other cryptocurrencies. Other methods could include (depending on where you live):\n<ul>\n \t<li>Bitcoin ATMs</li>\n \t<li>Retail outlet that <em>may</em> offer bitcoin purchase (e.g. news agency)</li>\n \t<li>Facebook or other online forums</li>\n \t<li>Wire transfer foreign currency to an exchange that deals with that foreign currency (if the exchange allows this)</li>\n</ul>\n<a href=\"https://blockogy.com/wp-content/uploads/2017/12/bitcoin-facebook-screenshot.png\"><img class=\"aligncenter wp-image-366 size-medium\" src=\"https://blockogy.com/wp-content/uploads/2017/12/bitcoin-facebook-screenshot-300x201.png\" alt=\"bitcoin facebook screenshot\" width=\"300\" height=\"201\" /></a>\n\n<strong>Facebook and online forums can be a very risky</strong> as you are placing blind trust in the seller to fulfill the sale after you transfer them the money.  You also need to have some knowledge on wallets and have one setup in order to receive your cryptocurrency. <em>They are also not as common</em>.\n\n<em>You reduce such risks through an online exchange.</em> Most exchanges now:\n<ul>\n \t<li>provide real-time pricing</li>\n \t<li>ability to purchase more than just bitcoin</li>\n \t<li>provide liquidity (enough volume so that you can buy sufficiently and quickly)</li>\n \t<li>graphing and analytical tools</li>\n \t<li>online multi wallets to store multiple cryptocurrencies</li>\n</ul>\n<em>Remember, you don't need any of this if you just want to simply buy some cryptocurrency.</em> In which case <strong>you essentially need one that converts fiat to crypto</strong>.\n\n<a href=\"https://blockogy.com/wp-content/uploads/2017/12/bittrex-ethereum-screenshot.png\"><img class=\"wp-image-367 size-large\" src=\"https://blockogy.com/wp-content/uploads/2017/12/bittrex-ethereum-screenshot-1024x478.png\" alt=\"bittrex ethereum screenshot\" width=\"960\" height=\"448\" /></a>\n<h2></h2>\n<h2>Buying and trading cryptocurrency 101</h2>\nOnce you have your first Bitcoin - or any other coin for that matter- <em>it gets easier <strong>to purchase or trade with other cryptocurrencies</strong>.</em> For example nearly all exchanges offer BTC pairs- allowing you to buy other crypto with bitcoin. Some exchanges offer more pairs, e.g. ETH, LTC, etc. So that you can buy other coins with Ethereum, LiteCoin etc.\n\nThe following example is from BTCMarkets.net which allows you to trade between the Australian Dollar, BTC or a limited range of other popular coins.\n\n<a href=\"https://blockogy.com/wp-content/uploads/2017/12/btcmarkets-screenshot-trade-cryptocurrency-pairs.png\"><img class=\"aligncenter wp-image-419 size-medium\" src=\"https://blockogy.com/wp-content/uploads/2017/12/btcmarkets-screenshot-trade-cryptocurrency-pairs-300x187.png\" alt=\"BTCMarkets allows you to trade different crypto currencies\" width=\"300\" height=\"187\" /></a>\n\n&nbsp;\n\nSay you find a reliable online exchange but it only allows you to purchase bitcoin. In that case, you can open up a second account with any other preferred exchange around the world, send your bitcoin to that exchange, and buy other crypto with bitcoin. You no longer need fiat currency to buy or trade.\n\nIn the same example, if you wanted to sell your crypto, you'd have to sell for bitcoin on the second exchange, transfer the bitcoin back to the local exchange, and sell that bitcoin for fiat.\n\n<a href=\"https://blockogy.com/wp-content/uploads/2017/12/BTC-and-ALTCOIN-exchange-between-two.png\"><img class=\"size-full wp-image-368\" src=\"https://blockogy.com/wp-content/uploads/2017/12/BTC-and-ALTCOIN-exchange-between-two.png\" alt=\"Buying selling other crypto when local exchange only offers bitcoin\" width=\"595\" height=\"320\" /></a> \n\n<em>The good news is that most exchanges now offer more than just Bitcoin.</em> So you can buy or sell fiat for a range of cryptocurrencies without being limited to buying or selling bitcoin first. But every exchange is different, and every exchange is limited on which crypto pairs it offers, as well as the altcoins it offers for buying or selling.\n\nThe following example is from Bittrex.com which allow you trading in three different markets  (or pair options): BTC, Ethereum, or USDT. Meaning you can exchange other cryptocurrencies directly for Bitcoin, Ethereum or the USDT.\n\n&nbsp;\n\n<a href=\"https://blockogy.com/wp-content/uploads/2017/12/bittrex-scrreen-BTC-pairs-trading.png\"><img class=\"aligncenter size-full wp-image-420\" src=\"https://blockogy.com/wp-content/uploads/2017/12/bittrex-scrreen-BTC-pairs-trading.png\" alt=\"\" width=\"1287\" height=\"563\" /></a>\n<h2>How to Buy and Trade Cryptocurrency (step by step)</h2>\nLet's show you exactly<strong> how you can buy, sell, or trade cryptocurrency</strong> as part of<strong> your own trading strateg</strong>y.\n\nWe'll go through how to buy cryptocurrency using fiat all the way to placing your first crypto to crypto trade:\n\n<em>Step 1: <a href=\"#section1\">Purchase crypto using fiat</a></em>\n\n<em>Step 2: <a href=\"#section2\">Set up a crypto to crypto exchange account</a></em>\n\n<em>Step 3: <a href=\"#section3\">Transfer crypto from one exchange to another</a></em>\n\n<em>Step 4: <a href=\"#section4\">Place your first crypto to crypto trade</a></em>\n\nWe've discussed how <a href=\"https://blockogy.com/cryptocurrency/bitcoin-complete-beginners-guide/\">Bitcoin </a>and <a href=\"https://blockogy.com/cryptocurrency-simplified-guide-cryptocurrencies/\">cryptocurrencies </a>can be used in a different article.\n\n<strong>Read:</strong> <a href=\"https://blockogy.com/cryptocurrency/beginners-guide-101-buy-sell-trade-bitcoin-cryptocurrency/\">How to Buy Sell and Trade Bitcoin</a>\n\n<strong>Read:</strong> <a href=\"https://blockogy.com/cryptocurrency/using-bitcoin-cryptocurrency/\">Using Bitcoin and Other Cryptocurrencies</a>\n\n<a name=\"section1\"></a>\n<h3>Purchase cryptocurrency using fiat</h3>\nThe first step is to purchase your cryptocurrency with fiat money. Depending on which exchange you choose for this you may be able to buy Bitcoin, Ethereum, Litecoin, Ripple, or a whole list of other coins. Usually fiat to crypto exchanges are limited in the number of coins.\n\nIn this example, let's go with <strong>Coinbase</strong>- as it's one of the biggest and offered around the globe in over 20 countries.\n<h4><strong>Step 1: Create account on exchange\n</strong></h4>\nGo to <strong>Coinbase.com</strong> and create your account.\n\n&nbsp;\n\n<a href=\"https://blockogy.com/wp-content/uploads/2018/01/coinbase-create-account.png\"><img class=\"aligncenter size-full wp-image-429\" src=\"https://blockogy.com/wp-content/uploads/2018/01/coinbase-create-account.png\" alt=\"\" width=\"429\" height=\"527\" /></a>\n\nYou will receive an email to confirm you email ID. Once you follow the instructions you will be guided back into Coinbase.\n\n&nbsp;\n<h4><strong>Step 2: Verify your account and add payment method</strong></h4>\nIf you have provided you mobile number during the setup then fantastic! That's a good way to increase security for your account. You will receive a text message on your phone providing a one-time password.\n\nOther exchanges will allow you to setup 2FA- you can use a 2FA app such as Google Authenticator. In that case, instead of receiving a text message, the app will provide a one-time use password.\n<h4><a href=\"https://blockogy.com/wp-content/uploads/2018/01/2-step-verification-Coinbase.png\"><img class=\"aligncenter size-full wp-image-447\" src=\"https://blockogy.com/wp-content/uploads/2018/01/2-step-verification-Coinbase.png\" alt=\"\" width=\"383\" height=\"375\" /></a><strong>Step 3: Add a payment method</strong></h4>\nThe good thing with Coinbase is you can buy using a debit or credit card. Most exchange will not allow you to do this.\n\nSo go ahead and ad a payment method by clicking on 'Buy/Sell' in the menu first.\n\n<a href=\"https://blockogy.com/wp-content/uploads/2018/01/Coinbase-add-payment-method-to-exchange-1.png\"><img class=\"aligncenter size-full wp-image-448\" src=\"https://blockogy.com/wp-content/uploads/2018/01/Coinbase-add-payment-method-to-exchange-1.png\" alt=\"Add payment method in coinbase\" width=\"495\" height=\"437\" /></a>\n\n&nbsp;\n<h4><strong>Step 4: Buy your first Crypto</strong></h4>\nOnce you add funds into the account, you are ready to buy your cryptocurrency. You have a choice between Bitcoin, Bitcoin Cash, Ethereum, and <a href=\"https://blockogy.com/tech/litecoin/\">Litecoin</a>.\n\nSimply click on <em>Buy/Sell</em>, and select the cryptocurrency you want to buy, and place your buy order. You should see that you will have BTC in your account in a short while.\n\nIf you only want to buy and hold the coins offered in Coinbase, then that's it. In this case you may wish to <a href=\"https://blockogy.com/cryptocurrency/whats-best-way-store-cryptocurrency/\">consider better and more safer storage methods</a>.\n\nOtherwise, if you want to buy other cryptocurrencies, follow next steps.\n\nWe recommend <a href=\"https://www.binance.com/\"><strong>Binance</strong> </a>as it is also one of the largest cryptocurrency exchanges while offering a large number of altcoins to choose from. You can also trade in the Bitcoin, Ethereum, Binance, and USDT markets.\n\nSo let's proceed to step 2.\n\n<a name=\"section2\"></a>\n<h3>Setup a secondary exchange</h3>\n<h4><strong>Step 5: <a href=\"https://www.binance.com/\">Create a Binance account</a></strong></h4>\nUse the following referral link from Blockogy: <a href=\"https://www.binance.com/\">https://www.binance.com/ </a>\n\nor scan the following bar code to signup:\n\n<a href=\"https://blockogy.com/wp-content/uploads/2018/01/referral-to-Binance.png\"><img class=\"aligncenter size-full wp-image-449\" src=\"https://blockogy.com/wp-content/uploads/2018/01/referral-to-Binance.png\" alt=\"Binance referral ID\" width=\"137\" height=\"139\" /></a>\n<h4><strong>Step 6: Enhance your account with Google 2FA</strong></h4>\nOnce again, make sure you add more security to your account by setting up 2FA.\n\nOnce your Binance account is setup, it's recommended to transfer some <em>Bitcoin</em> or <em>Ethereum</em> into here. So let's do that next!\n\n<a name=\"section3\"></a>\n<h3>Transferring exchange to exchange (Crypto to crypto)</h3>\n\nWe want to transfer Bitcoin or Ethereum to Binance. Because Binance let's you trade in four markets: Bitcoin, Ethereum, USDT, and BNB (Binance's very own coin).\n<h4><strong>Step 7: Get the public address of you Ethereum wallet inBinance. </strong></h4>\nClick on <em>Funds</em> then <em>Deposits</em> and search for <em>Ethereum</em> in the window that shows up.\n\n<a href=\"https://blockogy.com/wp-content/uploads/2018/01/Binance-LTC-wallet-how-to-get-to.png\"><img class=\"aligncenter size-full wp-image-451\" src=\"https://blockogy.com/wp-content/uploads/2018/01/Binance-LTC-wallet-how-to-get-to.png\" alt=\"Deposit Ethereum into Binance\" width=\"1281\" height=\"429\" /></a>\n\nOnce the results come up, you'll see an option to <em>Deposit</em> on the right hand side. Click on this to go to the wallet.\n\n&nbsp;\n\n<a href=\"https://blockogy.com/wp-content/uploads/2018/01/Binance-ETH-wallet-how-to-get-to-2.png\"><img class=\"aligncenter size-full wp-image-450\" src=\"https://blockogy.com/wp-content/uploads/2018/01/Binance-ETH-wallet-how-to-get-to-2.png\" alt=\"Deposit Ethereum into Binance\" width=\"1277\" height=\"425\" /></a>\n\nMake sure that you click on the deposit button <strong>for Ethereum and no other</strong>. <strong>This is extremely important!</strong>\n\nIn the next window, once again, <strong>make sure</strong> that you are in the Ethereum (ETH) wallet.\n\nYou'll see your public address here. This is the address you need to deposit <strong>INTO</strong> this wallet.\n\n<a href=\"https://blockogy.com/wp-content/uploads/2018/01/Binance-LTC-wallet-how-to-get-to-get-address.png\"><img class=\"aligncenter size-full wp-image-452\" src=\"https://blockogy.com/wp-content/uploads/2018/01/Binance-LTC-wallet-how-to-get-to-get-address.png\" alt=\"Binance Ethereum wallet\" width=\"687\" height=\"477\" /></a>\n<h4><strong>Step 8: Send Ethereum from Coinbase or other exchange</strong></h4>\nIn Coinbase, go to your account, select Send under Ethereum and paste your address that you copied from Binance.\n\nIt's<strong> extremely important</strong> once again to select the right wallet in Coinbase. Make sure you select 'send' under Ethereum.\n\n<strong>Double check</strong> the Binance address- make sure no digits are missing. <strong>Triple check</strong> this if necessary- once you send funds you cannot get them back if you make a mistake.\n\nComplete your transfer.\n\nWait a few minutes and check that you have received the funds in Binance (may take up to half hour or longer).\n\n&nbsp;\n\n<strong>Pro tip: Always send a tiny test amount first, then repeat the process if everything is successful</strong>\n<a name=\"section4\"></a>\n<h2></h2>\n<h3>Making your first cryptocurrency to cryptocurrency trade</h3>\nExcellent! so you made it this far. Hopefully you've completed the steps as required, and made sure you've sent to and from the right addresses.<strong> It's time to make your first trade.</strong>\n<h4><strong>Step 9: Access the exchange</strong></h4>\nGoing back into Binance, you need to access the exchange interface. Select either Basic or Advanced. In our example, we'll go into advanced. Don't worry, it's not any harder than basic. In fact I think it's a better user interface.\n\n<a href=\"https://blockogy.com/wp-content/uploads/2018/01/Binance-how-to-trade-access-exchange.png\"><img class=\"aligncenter size-full wp-image-455\" src=\"https://blockogy.com/wp-content/uploads/2018/01/Binance-how-to-trade-access-exchange.png\" alt=\"Access the Binance exchange\" width=\"535\" height=\"143\" /></a>\n\n&nbsp;\n<h4><strong>Step 10: Marvel at what lies before your eyes</strong></h4>\nYou will see that Binance offers charts, charting options, as well as chart analytical tools. On the top you will see the coin that is selected. In the screenshot you can see the Litecoin (LTC) is selected. The chart, the price history, and all price stats are for LTC. You can select any other available coin from the drop down as shown.\n\n<a href=\"https://blockogy.com/wp-content/uploads/2018/01/Binance-main-screen-exchange.png\"><img class=\"aligncenter size-full wp-image-456\" src=\"https://blockogy.com/wp-content/uploads/2018/01/Binance-main-screen-exchange.png\" alt=\"Binance exchange advanced exchange\" width=\"1361\" height=\"595\" /></a>\n\nTo place your order we are interested in the bottom right hand of the screen as pointed out in the image above.\n<h4><strong>Step 11: Place your first crypto to crypto order</strong></h4>\nWe're going to buy some Litecoin. You can see that Binance offers three options: <strong>Limit, Market,</strong> and <strong>Stop-Limit</strong>.\n\n<strong>Limit:</strong> This is the standard option to <em>buy</em> or <em>sell</em> LTC at the rate that you specify\n\n<strong>Market:</strong> This is the option to <em>buy</em> or <em>sell</em> LTC at the market (current) rate\n\n<strong>Stop-Limit:</strong> This is the option to place conditional buy/sell orders to <em>buy</em> or <em>sell</em> at a certain price once it hits a price you can specify\n\n&nbsp;\n\nIn this example, <strong>we'll just place a <em>Limit Order</em>.</strong> The only difference between <em>Limit</em> and <em>Market</em> is that within a<strong> <em>Limit Order</em> you can specify the exact price</strong> you want to buy or sell at. So if this is above/below market price then your order may be delayed. Your order will be placed in a queue (price book) until the market price reaches your specified price. If you place a <em>Market Order</em>, you can expect your trade to finalise instantly.\n\n&nbsp;\n\n<a href=\"https://blockogy.com/wp-content/uploads/2018/01/Binance-bjy-options.png\"><img class=\"aligncenter size-full wp-image-458\" src=\"https://blockogy.com/wp-content/uploads/2018/01/Binance-bjy-options.png\" alt=\"Placing a limit order in Binance\" width=\"531\" height=\"238\" /></a>\n\nThe above screen shot shows a Limit order being placed for LTC at a price of 0.016260 BTC. All you need to do is either change this price to one you feel is more suitable or leave it at that price. Then type in the amount of LTC you wish to buy (this is number of units of LTC you wish to purchase).\n\nKeep in mind that if you transferred ETH into Binance, then make sure you select the ETH market when you select the coin you want to buy. In that case, the pricing will be in ETH instead of BTC.\n\n<strong>Click on Buy when you are ready.</strong>\n\nIf the market price hits your specified price then the order will go through. Otherwise it will remain in the book until the price hits the specified amount.\n\nOnce the order goes through, you will also see it in the Funds screen for Litecoin.\n\nThat's it. Simple. Well done! You've successfully made your first trade. Now remember to follow <a href=\"https://blockogy.com/cryptocurrency/build-ideal-portfolio-cryptos/\">our top tips to building your ideal portfolio</a> of cryptocurrencies.\n\n&nbsp;\n<h2>When to buy and sell Cryptocurrency</h2>\nIn a standard trade you want to buy low and sell high. Right? Sounds simple? Well it's not that simple when you're caught up in emotions, hype, and FOMO (fear of missing out).\n\n<strong>Your standard investment principles and logic apply to crypto</strong>. Buy low sell high. You can actually make money anytime in crypto. Infact you can do it in a bear market too. Check this guide out which explains how people<a href=\"https://blockogy.com/cryptocurrency/make-money-from-crypto-bear-market/\"> make money from cryptocurrency in a bear market.</a>\n\n&nbsp;\n<h2>Storing your bitcoin and cryptocurrency</h2>\nOnce you buy bitcoin or any other cryptocurrency, <em>you need a mechanism to store it</em>. The exchange on which you purchase your bitcoin or crypto should allow you to store it there as well. As each cryptocurrency requires it's own private key (address) you will need a wallet to store each cryptocurrency.\n\nThe benefit of an online exchange is this also- they provide multiple wallets within the one account. This means you can access all your currencies through the exchange. However, <strong>there are numerous pitfalls and risks associated with storing all your crypto in an exchange.</strong> Although they do provide a convenient storage method, they are not the safest. Here are five recent examples of why it <a href=\"https://blockogy.com/security/5-reasons-shouldnt-store-cryptocurrency-exchanges/\">can be a bad idea to store your cryptocurrency</a> on an exchange.\n\n<em><a href=\"https://blockogy.com/cryptocurrency/whats-best-way-store-cryptocurrency/\">Methods for storing crypto</a> is discussed in detail in a separate article.\n</em>\n\nOnline exchanges will let you enhance <em>some</em> security measures though. It is strongly suggested that you:\n<ul>\n \t<li>Create a strong, unique password greater than 8 alpha-numeric and special characters</li>\n \t<li>Set up two factor authentication (and also backup your two factor authentication code)</li>\n \t<li>Follow any enhanced verification protocols on the exchange (ID verification)</li>\n \t<li>Turn on any email notifications if available</li>\n \t<li>Optionally, also allow specific IP transfers only (requests will only be processed from specific IP addresses)</li>\n</ul>\n<a href=\"https://blockogy.com/wp-content/uploads/2017/07/Methods-for-storing-crypto.png\"><img class=\"aligncenter wp-image-267 size-large\" src=\"https://blockogy.com/wp-content/uploads/2017/07/Methods-for-storing-crypto-427x1024.png\" alt=\"Methods for storing bitcoin and cryptocurrency\" width=\"427\" height=\"1024\" /></a>\n\nIn summary, <em>it is getting easier and easier to purchase cryptocurrencies</em>. As the industry expands we can expect different online and offline service providers to increase- giving us more options.\n<h2></h2>\n<h2>Selling cryptocurrency for Cash</h2>\nYou can <strong>sell your crypto for cash (fiat)</strong> easily once you have followed the above steps. Any exchange that allows fiat pairs <strong>(NOT USDT- which is USD Tether coin</strong>) will let you trade your crypto to cash. Most exchanges convert Bitcoin, Litecoin, Ethereum and some other popular ones to fiat.\n\nNot all exchange let you trade crypto for cash as they only do crypto-to-crypto.\n\nExchanges like Coinbase are a good example of an exchange you can use to trade cryptocurrency to cash. For altcoins not listed on this exchange you need to trade your altcoin into one of the ones that are allowed on the exchange.\n\nFor example, say you hold some XRP. Most fiat-crypto exchanges don't let you sell XRP directly for cash. So in that case, you will have to trade it for one of the ones listed on the fiat-crypto exchange.<strong> You may have to use two different exchanges to be able to do this</strong> depending on your fiat-crypto exchange.\n\nIn that case you'd have to follow the steps as shown in the image:\n\n<a href=\"https://blockogy.com/wp-content/uploads/2017/12/BTC-and-ALTCOIN-exchange-between-two.png\"><img class=\"size-full wp-image-368\" src=\"https://blockogy.com/wp-content/uploads/2017/12/BTC-and-ALTCOIN-exchange-between-two.png\" alt=\"Buying selling other crypto when local exchange only offers bitcoin\" width=\"595\" height=\"320\" /></a> \n\n\nMost exchange require you to have AML/KYC requirements complete before you can sell crypto for cash. In that case you will need to meet the relevant criteria and provide proof of identification.\n\n&nbsp;\n\nThe original was pubished on Blockogy.com <a href=\"https://blockogy.com/cryptocurrency/beginners-guide-101-buy-sell-trade-bitcoin-cryptocurrency/\">you may find it here</a>.\n\n&nbsp;",
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      "body": "Security, Convenience and Knowledge will drive the adoption of cryptocurrency and blockchain related startups. I truly believe that.\nHowever, most of us have been caught up in the hype of the crypto-mania recently, neglecting to understand the underlying tech.\n\nThis is just a gentle guide for the beginners, the original <a href=\"https://blockogy.com/blockchain/beginners-what-is-blockchain-technology-101/\">was published on Blockogy.com</a>.  Start understanding what Blockchain is, so you can start understanding the difference between genuine technology advancement vs hype.\n\n\n&nbsp;\n<blockquote>What if there were not only an internet of information, what if there were an internet of value some kind of vast, global, distributed ledger running on millions of computers and available to everybody. And where every kind of asset, from money to music, could be stored, moved, transacted, exchanged and managed, all without powerful intermediaries?\n<p style=\"text-align: right;\"><em>Don Tapscott</em></p>\n</blockquote>\n&nbsp;\n\n<strong>Blockchain technology</strong> uses peer-to-peer technology to send payments or data from one entity to another without the involvement of a financial institution or other central intermediary. It does it so that the data is completely secured, cannot be altered through fraud, and it does this efficiently -without excessive cost and time.\n\nThe concept of <strong>blockchain technology</strong> was originally created by Satoshi Nakamoto through the introduction of Bitcoin. The vision for Satoshi was to create a digital form of cash. Unlike cash however it could be used as a highly transparent and trusted form of currency that could be used without any third parties in between.\n\nHowever, It's imporatant to know the difference between <a href=\"https://blockogy.com/cryptocurrency/bitcoin-complete-beginners-guide/\">what is bitcoin</a> and what is blockchain. <strong>Bitcoin</strong> is the <em>digital currency</em> that <strong>uses</strong> blockchain technology to make itself work. <em>(You may find the <a href=\"https://blockogy.com/blockchain/what-is-blockchain-simplified-eli5/\">Blockchain ELI5 explanation</a> worth a read also).</em>\n\nIn one paragraph, blockchain can be described as follows:\n<blockquote>\n<p style=\"text-align: left;\"><em>“A blockchain is a distributed computing architecture where every network node executes and records the same transactions, which are grouped into blocks. </em></p>\n<p style=\"text-align: left;\"><em>Only one block can be added at a time, and every block contains a mathematical proof that verifies that it follows in sequence from the previous block. In this way, the blockchain’s “distributed database” is kept in consensus across the whole network. Individual user interactions with the ledger (transactions) are secured by strong cryptography. Nodes that maintain and verify the network are incentivized by mathematically enforced economic incentives coded into the protocol.” </em></p>\n<p style=\"text-align: right;\"><em>Source: Ethdocs.org</em></p>\n</blockquote>\n&nbsp;\n\nBlockchain technology can be thought of as a network, <em>similar to the internet</em>. Instead of servers and internet service providers, there are multiple parties set up as ‘nodes’ and ‘miners’ that play a big part in the network. Blockchain can be categories into the following two types:\n<p id=\"17b6\" class=\"graf graf--p graf-after--p\"><strong>Permissionless Blockchain</strong> — the open, <strong>decentralised</strong> blockchain. Anyone can join the network and participate in the network. Bitcoin and Ethereum are exaples of permissionless blockchains. On these blockchains anyone can operate as full nodes and start mining.</p>\n<p id=\"3fe4\" class=\"graf graf--p graf-after--p\"><strong>Permissioned Blockchain</strong> — a <strong>centralised</strong> authority allocates responsibility to individuals pertaining to operations of the blockchain. Therefore only a limited number of users are authorised to join the network.</p>\n\n\n<h2 class=\"graf graf--p\">How does Blockchain work?</h2>\nWhen a transaction occurs it is broadcast to the network. Nodes then execute and record the same transaction across this decentralised network. The transactions are grouped into blocks (i.e. stored on the distributed open ledger). Generally only one block can be generated at a time, however, if you can imagine, multiple nodes may by chance generate a new block at the same time. In this case a temporary<a href=\"https://blockogy.com/blockchain/forks-101-beginners-guide-cryptocurrency-forks/\"> fork in the chain occurs</a>.\n\nEach block also contains a reference to the block that came immediately before it. It also contains a unique answer to a difficult mathematical puzzle. New blocks cannot be submitted to the network without the correct answer. The miners as well as bulking the transactions into the blocks also compete to find the answer to solve the current block. When someone mines a block they also earn a transaction fee- which serves as an incentive to continue to add transactions into the block.\n\nEach block contains what is referred to as ‘<em>proof of work’</em>- a mathematical calculation that verifies the sequence and the validity of the previous blocks before it. As every node in the network is verifying the transaction the system becomes a shared ledger. Meaning that any transaction at any time can be validated by not just one central authority but by many.\n\n&nbsp;\n<h2>Blockchain technology solves double spending</h2>\n<blockquote>\n<p style=\"text-align: left;\"><em>Double-spending is an error in a digital cash scheme in which the same single digital token is spent twice or more. <strong>This is possible because a digital token consists of a digital file that can be duplicated or falsified</strong>. </em></p>\n<p style=\"text-align: left;\"><em>As with counterfeit money, such double-spending is Inflation by creating, during the duplication or falsification of the digital file, a new amount of currency which does not disappear when the original digital file's currency amount is paid to a rightful receiver. </em></p>\n<p style=\"text-align: left;\"><em>The duplication or falsification of the digital file may itself be perpetrated by a rightful receiver, in order to get paid one or more illegitimate amounts alongside a single legitimate amount. This devalues the currency relative to other monetary units, and diminishes user trust as well as the circulation and retention of the currency. </em></p>\n<p style=\"text-align: right;\"><em>Source- Wikipedia.org</em></p>\n</blockquote>\nSay I want to send $100 dollars to you. To ensure that I have indeed sent the $100, you and I can involve an intermediary (a bank) to transact through. The bank will verify that I, and indeedI, have sent the $100, and forward you, and indeed you, the $100. BUT what happens when we want to remove this intermediary. Who verifies the parties, and who verifies the amounts, and who verifies that the funds have indeed been sent.\n\nMoreover though, what if I tell you that I have sent $100, but this is a fake $100 bill or is a $100 bill that I my self do not own. This can be thought of as double spending.\n\nNow, this may be harder to do with physical cash. But with digital files this is easily done. In fact we always send 'copies' of files, we do this when we send emails, PDFs, images, and other documents. But a digital currency, a contract, or any other asset that we do not wish to send copies of?\n\nBlockchain technology does a great job of removing the double spending issue. It does this because all the nodes always accept the longest chain.\n\nAs I mentioned earlier, miners compete to generate blocks. As soon as a transaction is validated, it will add the block to the chain, thus making it the longest. So, if someone wants to put in a fraudulent transaction on the chain, they must generate a block faster than anyone else. This will make sure that their block gets added to the chain first- making it the longest chain.\n\n<em>In short, all the nodes on the network trust the longest blockchain</em> and build their blocks on it. So if someone wants to override the longest blockchain, they must generate the fraudulent transaction faster than any a majority of other nodes combined, and validate the block, such that it creates the longest chain.\n\nThis, requires an enormous amount of computational power. In fact, you must have a majority of the computational power in the network to pull this fraud off.\n\n&nbsp;\n<h2>Next generation technology</h2>\nAs described by Bitcoin founder Satoshi, <em>Bitcoin is purely   peer-to-peer   version   of   electronic   cash that allows online payments to be sent directly from one party to another without going   through   a financial institution. </em>\n\n\n<em>The network timestamps transactions by hashing them into an   ongoing chain of hash-based proof-of-work, forming a record that cannot be changed without redoing the proof-of-work. The longest chain not only serves as proof of the sequence of events witnessed, but proof that it came from the largest pool of CPU power.</em>\n\nThis is the basis for Bitcoin. However <a href=\"https://blockogy.com/blockchain/blockchain-paves-way-creative-tech-startups/\">use cases for blockchain technology</a> are much more than just as an <a href=\"https://blockogy.com/cryptocurrency/what-is-cryptocurrency-101/\">online form of currency</a>. Blockchain technology has given birth to several other <a href=\"https://blockogy.com/cryptocurrency/what-is-cryptocurrency-101/\"><em>cryptocurrencies</em> </a>or “alt coins”, each trying to present it's own use-case.\n\n&nbsp;\n\nWith the <a href=\"https://blockogy.com/lab/what-is-ethereum/\">introduction of Ethereum</a>, which is another blockchain technology, users can actually do more than transfer currency.\n\nEthereum serves as a platform for creating<em> decentralised blockchain applications.</em>  Similar to Bitcoin, it is an open source project.\n\nIt runs on a decentralised network such that no one controls or owns it. However it allows you to create your very own smart contracts and digital tokens (other cryptocurrencies).\n<blockquote>\n<p style=\"text-align: left;\"><em>Ethereum is a  decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of downtime, censorship, fraud or third party interference. </em></p>\n<p style=\"text-align: left;\"><em>These apps run on a custom built blockchain, an enormously powerful shared global infrastructure that can move value around and represent the ownership of property. This enables developers to create markets, store registries of debts or promises, move funds in accordance with instructions given long in the past (like a will or a futures contract) and many other things that have not been invented yet, all without a middle man or counterparty risk.</em></p>\n<p style=\"text-align: right;\"><em>Source: Ethereum.org.</em></p>\n</blockquote>\n&nbsp;\n<h2>Why Blockchain?</h2>\nIn it's simplest form, the blockchain is just a database. It's a system that uses to timestamp and store data. So why the buzz and what separates it from a typical database?\n<h3>Immutability</h3>\nOnce the data is stored on the blockchain, it cannot be changed. The blockchain is a distributed open ledger system which has been verified by thousands or millions of nodes.\n\nThe network only accepts the latest and most longest chain that exists. Any change to any single data point along the chain will alert the entire network. <em>Thus the blockchain cannot be altered.</em>\n\nOn the other hand a traditional database stores data in a table. Anyone can change a cell value, and no one would potentially blink an eye. You can also copy databases like these very easily. In fact it's done regularly in any software development environment or business. So it's not too hard to change or alter any copy of the database to make it look legit.\n<h3>Decentralisation</h3>\nBlockchain is possible through network of nodes. Although not necessary, it works by removing central control over it. This means that you don't have one entity running it and managing it. Having said that, you don't need all blockchains to be decentralised. Banks, institutions, and governments will find it useful to put applications on blockchain, without needing it to be run as a public blockchain.\n<h3>Transparency</h3>\nThe blockchain allows for complete audit-ability and traceability of transactions. Whether that is bad or good is beyond the scope of this article.\n<h3>Trust</h3>\nBlockchain creates trust in an untrustworthy environment. This is very significant in an environment where the transactors do not know each other or where trust is absolutely vital. Put simply, the blockchain (due to the network) acts as the complete source of truth. Therefore you don't need an intermediary to verify all the parties involved.\n\n&nbsp;\n\n<em>Blockchain technology really is just in it’s infancy and users are finding smart uses of this technology. Potential for blockchain expands to where ever security, trust and immutability are important, such as with financial interactions, exchanges of assets, or exchanges of other services. All this could be carried out automatically and reliably using the blockchain. The ideas and opportunities being expored currently offer great possibilities. Some are being implemented as you read this, some are just ideas. But hopefully this article was enough to get you on the bandwagon.</em>\n<blockquote>\n<p style=\"text-align: center;\"><em> </em></p>\n</blockquote>\n&nbsp;",
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      "body": "We all agree the energy sector has been a highly centralized and monopolised industry for a long time. Affordability, reliability and emissions-intensity have become core concerns for households and businesses.\n\n*Note: the article was first published on [Blockogy](https://blockogy.com/blockchain/will-blockchain-kill-energy-monopoly/).*\n\nIn most countries the supply and retail of electricity has shifted from fully government owned operations to a regulated, centralised, and privatised ownerships. The monopoly still remains however as do the concerns for people: _prices continue to climb while the transition to clean renewable energy has been slow._\n\nIf you don’t agree then the following might sway your opinion:\n\n-   In Australia the thermal generation market is becoming increasingly concentrated with **two players** accounting for over **50% market share in every State**–[source](http://reneweconomy.com.au/too-much-power-the-real-crisis-in-australias-energy-markets-28663/)\n-   **Oil is also a major contributor to climate change**, which the U.S. Department of Defense has identified as a “**major threat multiplier”** – [source](http://priceofoil.org/thepriceofoil/energy-insecurity/).\n-   From 1980 to 2010, while the India’s per capita GDP grew by $193, to $4,514, its **emissions per capita grew from 1.49 tons per year to more than six tons per year**– [source](https://www.technologyreview.com/s/542091/indias-energy-crisis/).\n-   In just the first half of 2012, the **five biggest oil companies in the US earned $62.2 billion in profits**. That’s $341 million each day- [source](http://earned $62.2 billion in profits).\n-   At least 300 million of India’s **1.25 billion people live without electricity** – [source](https://www.technologyreview.com/s/542091/indias-energy-crisis/).\n-   Holding monopoly over power plants and transmission, Eskom is the sole generator and purchaser of electricity in South Africa. **It rely’s on coal to generate bulk of the energy supply** – [source](http://www.clickncompare.co.za/latest-news-269/should-eskom-still-hold-monopoly-over-south-africa%E2%80%99s-electricity-supply).  \n    \n-   The electricity sector is the largest source of greenhouse emissions in Australia. **87 per cent of our _electricity_ still comes from coal and gas** fired power stations- [source](http://reneweconomy.com.au/too-much-power-the-real-crisis-in-australias-energy-markets-28663/)  \n    \n\nThere are signs of hope though. Lobby groups and certain governments around the globe are doing all that can be done to overcome these issues.\n\n_Centralised institutes or bodies will not be the complete solution._\n\nThere are now positive signs that in the year 2018, we will start to experience transformation within the energy sector, with the underlying model moving away from a centralized structure towards a decentralized system.\n\nThis _could_ lead to the elimination of trading platforms, public grids and other suppliers. Although it won’t happen instantly the energy sector is being seen as one of the industries where the blockchain technology could have the most disruptive impact.\n\nSome [cold hard facts](http://priceofoil.org/thepriceofoil/war-terror/): energy produced from oil doesn’t just fuel our cars. **It also fuels wars and terror.**\n\nIt has been estimated that between one-quarter and one-half of all interstate wars since 1973 have been linked to oil, and that oil-producing countries are 50% more likely to have civil wars. For example:\n\n-   Oil was the reason the Nigerian military conducted “wasting operations” against the Ogoni community who opposed Shell in the 1990s.\n-   Exxon was accused of providing machinery for digging mass-graves in Indonesia’s war against secessionists in the province of Aceh (the company denies this).\n-   Oil development was at the center of Colombia’s bloody civil war.\n-   BP ignored warnings that its Baku-Tbilisi-Ceyhan oil pipeline would exacerbate conflict, passing through or near seven war zones. The pipeline became a major cause and target of Russia’s war with Georgia in 2008\n\n[![Oil and energy - not an eco friendly mix](https://blockogy.com/wp-content/uploads/2018/04/dirty-industry-stack-factory.jpg)](https://blockogy.com/wp-content/uploads/2018/04/dirty-industry-stack-factory.jpg)\n\n## What Can [Blockchain Technology](https://blockogy.com/blockchain/introduction-blockchain-technology/) Do?\n\nFollowing are the significant ways through which blockchain technology can disrupt the energy sector:\n\n-   **Peer-to-peer Energy Trading Models**: As a result of increased awareness among the users regarding the production and usage of renewable energy, many consumers are turning into producers, dubbed as pro-sumers. These pro-sumers aim to eliminate the various intermediaries in selling energy and utility services. For example, **Vector**, a New Zealand based company works with **Power Ledger**, an Australian start-up, for providing the blockchain based peer-to-peer energy trading platform.\n    \n    In this case, the pro-sumers trade their excess electricity or surplus solar power with one another without any middlemen. [Power Ledger recently raised $34 million in Australia’s first ever ICO](https://www.smartcompany.com.au/startupsmart/news-analysis/power-ledger-raises-34-million-one-australias-first-successful-initial-coin-offerings/). Another example is **Vattenfall, a Dutch energy company**, which has also created a peer-to-peer exchange trading model with its subsidiary company, **Powerpeers**, for their residential pro-sumers. Other similar companies trying pilot runs include LO3 Energy in the U.S. and Bouygues in the city of Lyon.\n    \n\n-   **Distributed Energy Grids:** Thanks to the rapid growth of micro-grids or distributed energy grids (DERs) many start-ups are now also aiming to produce their own power and sell the excess back to the grid.Brooklyn Microgrid and Grid Singularity are looking to facilitate the _exchange of granular and private data in the energy marketplace using blockchain technology._\n\n> “A more intelligent grid would include policies and regulations to encourage private renewable energy production, with citizens installing their own generation capacity and selling their surplus back into the grid.” [Source](https://www.weforum.org/agenda/2015/09/how-do-we-solve-south-africas-energy-crisis/).\n\n-   **Financing Renewable Energy Projects:** In addition to promoting peer-to-peer energy trading models, blockchain technology is also being used to finance start-ups that aim to develop renewable energy generation projects.\n    \n    Companies like Assetron Energy, Solar Dao, and Sun Fund are using crowdfunds to build such renewable energy plants using blockchain technology. They, in turn, give the investors a stake in the future plant profits.Giants like _ImpactPPA_ and _The Sun Exchange_ are striving to get more such projects in the marketplace. They enable purchase and sale of solar cells through ‘crowd-sale’ to power several businesses and communities.\n    \n\n-   **[Cryptocurrencies](https://blockogy.com/cryptocurrency/what-is-cryptocurrency-101/) for monetary payments:** Blockchain technology can possibly transform the way we arrange, record, and verify transactions. It enables direct processing and recording of transactions between the users without their having to rely on middlemen, such as a power grid, a bank, or a public authority.Several companies in the oil and gas industry are already working towards adopting blockchain technology in their businesses.\n    \n    Many start-ups and test projects are being initiated to tap into the potential of this revolutionary technology.One such example is Marubeni Corporation (MARUY) that is already accepting cryptocurrency payments for use within the marketplace in some parts of Japan. Another blockchain startup company based in South Africa, [Bankymoon](https://www.coindesk.com/south-african-primary-school-blockchain/), has entered into a partnership with _Usizo_ to enable cryptocurrency payments for bitcoin-compatible smart metering vendors.\n    \n    Using blockchain technology would mean that millions of transactions would now be visible worldwide providing a high level of transparency. While the buyers and sellers would remain anonymous, the transactions would remain public. So every time a barrel of oil is bought or sold, it would get digitally entered in the blockchain ledger database.\n    \n\n[![](https://blockogy.com/wp-content/uploads/2018/03/Renewable-energy-push-by-Vic-Government.png)](https://blockogy.com/wp-content/uploads/2018/03/Renewable-energy-push-by-Vic-Government.png)\n\nhttps://www.energy.vic.gov.au/ _Australia government plans for renewable energy_\n\n> “We’re in a race between centralized and decentralized, energy monopoly and energy democracy. The mobilization of society is most important and once people realize they can’t wait for the government or utilities, but can do it themselves, it will change….people need to act to overcome administrative and bureaucratic barriers that hinder renewable energy. The rules favoring conventional energy and blocking decentralized renewable energy need to be exposed and dismantled.” _[Source](http://www.renewableenergyworld.com/articles/2011/09/monopoly-energy-or-energy-democracy.html)._\n\nThis is a quote from Germany’s solar champion _Hermann Scheer_. Little would Hermann Scheer know at the time that blockchain technology could help win the race for decentralised energy democracy.\n\nThe adoption of blockchain technology in the energy sector is still in the nascent stages. You and I will still have to wait and watch when can it become mainstream, but the progress made so far seems to be hinting, that day isn’t far.\n\nThis could trigger some institutional changes in the electricity sector which would affect both the retail as well as the distribution sector.\n\nWe are shifting towards an era where the entire energy industry could get decentralized and retail would not remain an independent part of the supply chain. It would instead become an automated process handled by pro-sumers worldwide using blockchain technology.\n\n“A decentralised [energy market](https://www.biznews.com/energy/2017/08/10/sa-electricity-eskom-monopoly-fmf/) would encourage competition in every possible part of the system: electricity would be priced according to demand and supply, efficiency would increase as suppliers gained clearer knowledge of high and low demand hours, and consumers would have a choice of suppliers.”\n\nSo, **will blockchain kill the energy monopoly**? wishful thinking, but probably not quite yet. However with better electricity planning, operations and policies, **Blockchain could be a big game changer** that we’ve been looking for.\n\n\n----------\n*Note: the article was first published on [Blockogy](https://blockogy.com/blockchain/will-blockchain-kill-energy-monopoly/).*\n\n[_Blockogy_](https://blockogy.com)_'s mission is to educate the community on blockchain technology and allow the community to get involved._\n\n_With your help, by creating awareness, providing education, connecting professionals, and creating tool sets, we will help promote the adoption of blockchain technology._",
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