The Blockchain Explorer. This is the de facto way to determine if a coin that you are looking at is actually a real cryptocurrency. Caleb Wright here with What Is A Cryptocurrency dot com.
And today I have decided to shoot a little article to help all of you out there who are researching the cryptocurrency industry and to give you a tip that will keep you safe with how that you use your money when you decide to put it into a cryptocurrency coin.
Make sure that your coin or the coin that you are looking at and considering getting involved with is actually a real cryptocurrency that has a blockchain behind it. Because there are actually a bunch of companies out there who are promoting coins that they are actually distributing completely in house, which is illegal with the Securities and Exchanges Commission.
And they seem to completely miss the point that a cryptocurrency is not just a digital currency, it’s not just a digital unit. It has to have a blockchain technology behind it.
Which is a public ledger which is accessible via the internet, by the public, hence the ‘public ledger’ name. And you can basically have access to all of the wallets and all the transactions that have happened within the blockchain of that cryptocurrency.
So basically if a digital currency does not have a blockchain, it is not a cryptocurrency and you want to stay very far away from putting money into it until they actually get a cryptocurrency blockchain behind it and get it onto the publicly traded exchanges.
So there is a website here that you can visit, it’s called http://chainz.cryptoid.info that’s c h a I n a dot c r y p t o I d dot info. And this website gives you access to the blockchain explorer of all the cryptocurrencies that are legit that are out there.
As you can see we have a few of the popular coins right here at the top of the list. Litecoin and Capricoin and Rubycoin for example. And so you can also filter the list using this search bar up here, you can type in a specific coin that you are looking for, so you don’t have to browse through this very long list of coins.
Okay, then you can quickly determine if the coin you are looking at is real. Now, to show you how you can navigate through this, and like I was telling you before how you can see any wallet that is in the blockchain and the transactions that have been made with these wallets. All you have to do is click on the coin.
So I’m going to click Capricoin right here. And then it will show you the most recent blocks that have been developed in the blockchain. Blocks are developed when transactions happen. And so it also has some other information up here as well, but just for the sake of digging into the info, I’m going to click into the most recent block by clicking that number.
And it will show you here the transaction, the transaction was a transfer of Capricoin from this wallet, yes this string of letters and numbers is actually a wallet address that transferring one thousand and eighteen Capricoins to this wallet.
And if you want to look further into this information, you can even click the wallet and then it will show you every single transaction that wallet has been involved in okay. And so this is how you determine if your cryptocurrency is a real functioning cryptocurrency.
Because it doesn’t have a blockchain behind it then you can onto the internet on a blockchain explorer like this, https://chainz.cryptoid.info and you’re not working with a real cryptocurrency, you stand a very large chance to lose your money because there is no guarantee that it is going to make it onto an exchange.
There is no guarantee that the company is not going to get shut down before they can get their cryptocurrency legal. So they haven’t done their homework, if that is the case, alright? So bookmark this site https://chainz.cryptoid.info and use this before you make any decisions to put money into a cryptocurrency.
And I hope that you found this info useful today and please use rest of our articles on this site for more great information and education on the cryptocurrency industry.
I’m going to actually put the link to this blockchain explorer site right in the article. I’m also going to put a link to more information, with a FREE REPORT about the Top Reasons Why You Would Want To Get Involved In Cryptocurrency in 2016. So enjoy the information, Caleb Wright here signing off for What Is A Cryptocurrency dot com, and I’m looking forward to seeing you on the next one.