Blockchain is the technology that makes cryptocurrency transactions possible. Think of it as a series of computers that verify and re-verify your transactions. The blockchain is safe and secure making it the perfect technology for peer to peer transactions.
Cryptocurrencies are a type of digital money that allows people to make payments directly to each other through an online system. They were set up to allow person-to-person transactions without the need for banks.
Bitcoin is the original cryptocurrency. Bitcoin exists as a store of value in the cryptocurrency world acting a lot like gold. While not useful for real-time transactions, both gold and bitcoin do well at keeping your assets safe during times of economic uncertainty.
Crypto is fast: Many cryptocurrencies offer instant or near instant transactions, which are far superior to 24–48 hours it can usually take with fiat.
Crypto is decentralized: You don’t need to trust the bank to execute it properly, it is entirely peer to peer.
Crypto is borderless: It can be sent anywhere around the globe
Crypto is safe: It is virtually impossible to hack the blockchain
Crypto is economical: In many cases it is virtually free to operate.
A cryptocurrency wallet is a software program that stores private and public keys and interacts with various blockchains to enable users to send and receive digital currency and monitor their balance. If you want to use Loot or Bitcoin, you will need to have a digital wallet.
The private key or seed key is a 12 or 22 or 24 sequence of random words. For obvious reasons, it is not smart to save this seed key on any digital device in this world of a growing army of hackers. Just write it on a piece of paper. Remember: your smartphone becomes your bank but without customer service.
The public key is there to be shared with people. It is like a bank account number where other crypto holders can send their coins to. This usually happens with a generated QR code for sending and receiving. Scan the code and send or receive, it’s that simple.
LootUp is a company that will bring the blockchain to the real world. We realize that most of the cryptocurrency world is confusing to regular people; we are going to change this. The blockchain is simply an engine that should run in the background. LootUp takes the benefits of the crypto world and the real world and combines them to make money fast, safe, and secure.
LOOT runs on a blockchain called Tron which processes 2000 transactions per second compared to Bitcoin which can only process 7. The fees are so minimal that transactions are nearly free on the Tron network.
LOOT enables Bitcoin to function as the store of value that it is. Bitcoin sits in the reserve backing the value of LOOT so that it can be used in the real world. LOOT runs just as fast as cash or debit.
The Decentralized Global Reserve (DGR) runs on the blockchain which acts basically as a digital version of the Federal Reserve. The DGR will be filled with LOOT which can be withdrawn with a deposit of Bitcoin. The DGR will also store our stable coin (tokens which are pegged to fiat such as USD and EURO) which can be minted and withdrawn via Bitcoin or LOOT deposits. This means that every token and stable coin in the ecosystem will be fully backed.
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