Cryptocurrency and NLP

Written by Terry Elston

cryptocurrency and NLP

What has Cryptocurrency and NLP got in common? 

Cryptocurrency and NLP have quite a few similarities. NLP teaches us that the world around us is made primarily of perceptions: That what we perceive as valuable IS valuable. What we believe to be damaging WILL be damaging. A kind of self-prophesying universe. If you watch the movie Tomorrowland, you will have the idea completely. 

With Cryptocurrencies, there are a number of parallels. Virtual currency has no asset behind it. No Gold, no Silver, no bananas. Wow, that’s weird, you may exult. But there again, our modern era of monetary system also now has no Gold, Silver or bananas behind it anymore….

So what are these virtual currencies based upon?

They are based upon the blockchain technology. Aha – what?! Yes, Cryptocurrencies are linked to a software that enables financial transactions (or any kind of transaction) to take place from anywhere in the world, with no boundaries.  The currency (in a way) has no actual value whatsoever, but the way the currency can travel and the speed and lack of interference from the old system makes it a very valuable way of doing business. 

What is the blockchain?

Here’s another very good article about the blockchain.

If you can imagine a spreadsheet that is duplicated thousands of times across a huge network of computers. Then imagine that this network regularly updates this spreadsheet and you have a basic understanding of the blockchain – or may be completely confused still. Information held on a blockchain exists as a shared, and continually reconciled, database. This is a way of using the network that has obvious benefits. The blockchain database isnโ€™t stored in any single location, meaning the records it keeps are truly public and easily verifiable. No centralised version of this information exists for a hacker to corrupt. Hosted by millions of computers simultaneously, its data is accessible to anyone on the internet. https://www.youtube.com/watch?v=r43LhSUUGTQ

Transactions are broadcast, and every node is creating their own updated version of events. This is what makes the difference and blockchain technology so useful. It represents innovation in information registration and distribution that eliminates the need for a trusted party to facilitate digital relationships. In other words, the system checks itself, millions of times a second. There is the inbuilt security. If you are familiar with peer-to-peer (those that ever used pirate downloads will), you will recognise a system that checks all the other users to find information and can use that to verify and validate the ‘truth’ of a transaction.

Blockchain technology, is not a totally new technology. It’s a combination of proven technologies applied in a new way. It was the particular amalgamation of three different technologies (the Internet, private key cryptography and a protocol governing incentivisation) that made bitcoin creator Satoshi Nakamoto’s idea fly. 

Imagine This

You are in the UK and you want to quickly send some currency to someone in Mexico. You are English and you have pounds as your trading currency. It’s 11.27am in the UK and 5.30am in Mexico. With blockchain technology, no problem. Just use Bitcoin (or another chosen cryptocurrency) type in the codes needed and hey-presto – they get their rewards in a matter of minutes. You have become your own bank!

No Central Bank

Where we are going with this technology is a place where there are no more centralised banks. This may not be overnight, but the technology allows it. This decentralisation allows us to take back the control of our own financial transactions and keeps away the huge taxes banks put on us. You will not need PayPal, credit cards and a whole host of other ‘middle men’ to make your payments. You are it! 

How do I get started?

There are a few scams out there so watch out! Firstly check the currency you are buying into actually exists. You can check them here: https://www.livecoinwatch.com You have to have what’s called a “wallet” to keep your currency. That is kind of a bank. Open all hours ๐Ÿ™‚ I use coinbase for mine. https://www.coinbase.com/ Coinbase have a selected amount of currencies to buy into.

These are what the market have decided are ‘solid’ virtual currencies. Who knows? I watch this guy and he’s pretty good at evaluating stuff. Cryptorus  To get started you need to link a bank account or credit card inside coinbase. I have one bank account and one credit card linked. Then, simply, choose your virtual currency, chose how much you want to spend, close your eyes and cross your fingers! Bitcoin is the main standard currency. To buy other currencies (which are not in Coinbase or other wallets) you have to purchase those with Bitcoin. Bitcoin went up as high as ยฃ15,000 a few years back, so it’s relatively inexpensive right now. One of my NLP Practitioners has 9 of them! She helped me gain confidence in the systems and gives me a lot of good tips ๐Ÿ™‚

Can you complicate this some more?

Yes, if you want to trade in other currencies, you need to join a trading marketplace, like Binance for instance. There it looks like Piccadilly Circus in the rush hour to a three year old child. Basically you need to find the code for the currency. Bitcoin code is BTC for instance. Or Ethereum is ETH. You find the code on the right hand side and then BTC to buy it with. You see it’s all related to BTC (Bitcoin) as Bitcoin is the standard currency. 

So there we are, a starter for ten into what is a Cryptocurrency and how that relates to the blockchain. The blockchain is the future, how we use it will pave the way for how we relate to sharing information and finances. 

Cryptocurrency and NLP have something in common. It will rely on whether we feel this important in our minds and our lives. Then if we decide it is, we will “anchor” that into existence and make it so.