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Blockchain 101: Functionality

A central characteristic to be aware of when transacting on the blockchain is its immutability and the irreversibility of transactions. Here’s what it entails and why it’s important:

Immutability and Irreversibility

Once a transaction is recorded on the blockchain, it cannot be altered, deleted, or reversed. This is a fundamental property of blockchain technology, ensuring trust and transparency.

Key Aspects to Be Aware Of:

  1. Finality:

    • Blockchain transactions are permanent. Double-check all details (amount, wallet address, etc.) before confirming.

  2. Responsibility:

    • As there is no central authority to reverse mistakes, users are solely responsible for the accuracy of their transactions.

  3. Decentralized Control:

    • Transactions are validated by a network of nodes rather than a central entity, making them resistant to censorship but requiring precision on the user’s part.

  4. Transparency:

    • All transactions are visible on the blockchain ledger, enhancing accountability but potentially reducing privacy.

  5. Security:

    • Transactions are secured through cryptographic methods, but this also means lost private keys or incorrect wallet addresses can result in irreversible loss of funds.

  6. Cost and Time Sensitivity:

    • Be aware of transaction fees (gas fees) and network congestion, as these can affect the speed and cost of your transaction.

    • How to Mitigate Risks

      • Verify Addresses: Double-check wallet addresses before sending funds, as even a minor mistake can result in loss.
      • Understand Gas Fees: Ensure you have sufficient funds to cover transaction fees, particularly on networks like Ethereum during high congestion.
      • Use Reputable Platforms: For added security, transact through trusted wallets or platforms.
      • Backup Private Keys: Safeguard your private keys and recovery phrases to avoid losing access to your funds.

Crypto Markets
Secondary vs Primary

Defi AKA Decentralized Finance such as Uniswap, Zolaswap, and others are primary market marketers. Coinbase, Binance, Krake, Crypto.com and others AKA CEX or Centralized exchange serve retail clients.

The tools needed for transacting cryptocurrency is a wallet. For starters everyone should become familiar with utilizing the METAMASK wallet. And for cold wallet we suggest the Ledger and the Trezor cold wallet. We cannot not over emphasis the critical need to becoming familiar with cold wallets. When you began your journey into cryptocurrency, please know and realize you are taking your finances into your own hands. Unlike banks which charge you fees upon fees to handle your own money, in crypto if you make a mistake, that mistake may be unwavering and irreversible in most cases because of the nature of blockchain protocols.

Primary Market

The primary market is where cryptocurrencies or tokens are created, issued, and sold for the first time by the project or organization.

Key Features:

  1. Initial Offering:
    • Tokens are sold directly by the issuer to investors or the public.
    • Common methods include:
      • Initial Coin Offerings (ICOs)
      • Initial Exchange Offerings (IEOs)
      • Security Token Offerings (STOs)
      • Token Generation Events (TGEs)
  2. Pricing:
    • Prices are often fixed or determined by the issuing entity.
    • Sometimes based on demand during the sale (e.g., Dutch auctions).
  3. Purpose:
    • The funds raised are used to develop the project or platform.
    • Buyers are usually early adopters or investors.
  4. Participants:
    • Typically includes the project team, venture capitalists, institutional investors, and retail buyers.
  5. Examples:
    • Purchasing Ethereum during its ICO in 2015.
    • Buying a new token on a launchpad (e.g., Binance Launchpad).

Secondary Market

The secondary market is where cryptocurrencies or tokens are traded after their initial issuance on exchanges or other trading platforms.

Key Features:

  1. Trading Between Investors:
    • Tokens are traded among individuals or institutions.
    • The issuing company is no longer involved in these transactions.
  2. Pricing:
    • Prices are determined by supply and demand in the market.
    • Volatility is often higher compared to the primary market.
  3. Purpose:
    • Provides liquidity to token holders.
    • Allows new investors to participate even after the primary market sale.
  4. Participants:
    • Includes retail traders, institutional investors, market makers, and exchanges.
  5. Examples:
    • Buying Bitcoin on Binance, Coinbase, or Kraken.
    • Trading Ethereum for USD or another cryptocurrency on a decentralized exchange like Uniswap.