Most people seem to have got themselves wrapped up around the hype and excitement of investing in Bitcoin and other Altcoins. But is there an argument to encourage people to consider investing in the technology behind it?If Bitcoin and the rest of the Altcoins suffer a bubble bursting disaster does that mean the same for the technology behind it. Well you might be surprised to know that Blockchain and many more uses than just making Bitcoin work. So Let’s have a look at that interesting piece of technology.
Blockchain and where it came from.
Lets first get the definition of Blockchain-
A block chain is a digitized, decentralized, public ledger of all cryptocurrency, transactions. Constantly growing as ‘completed’ blocks (the most recent transactions) are recorded and added to it in chronological order, it allows market participants to keep track of digital currency transactions without central record keeping. Each node (a computer connected to the network) gets a copy of the block chain, which is downloaded automatically.
Now of course that won’t make a lot of sense to a lot of people who are not technology savvy but to those that do understand it they know that this technology could be revolutionary. So where did it come from?
The first major innovation of it was of course Bitcoin, that was only the beginning though as it was quickly discovered that Blockchain could be used for all kinds of other inter organizational cooperation. Many large financial institutions are still now researching Blockchain and that alone gives Blockchain massive potential. Next came “Smart Contracts”(Ethereum)and it exploded just like Bitcoin.
More innovations followed and the technology continues to grow and grow and we haven’t heard the last of what this technology is capable of. Just like Bitcoin there is plenty more scope for Blockchain.
Where next for Blockchain?
One would have to have the ability to look into the future to truthfully answer that question. I mean we don’t behave now in the way we used to when I was young (im talking around 40 years ago) when we had 4 TV channels and a night in was watching whatever garbage they were showing at the time even though it didn’t seem like garbage then. The typical home now has everyone in different rooms on multiple devices doing multiple different things and many of us doing more than once thing at the same time. Did we then when younger ever see the internet coming, or Facebook,etc of course not so neither can we predict the future of Blockchain, however we can look at the possibilities for its future
Is it inconceivable that Blockchain could hold the future of Finance?Will the banks take it to their hearts?Some claims being made about this technology really do stretch one’s belief.A block chain start up company claims their software could track down criminals faster and cheaper, who am I to say that’s not possible?It has even been said that Blockchain could replace central banks! The questions will go on and on and only time will tell how it all pans out but the more I dig into all of this the more I realize that something special something really big is on the verge of happening and it might just be a great thing to be part of it.
Back to Technology versus Bitcoin
It costs around $10000 to just get yourself a Bitcoin and if you involved in the spread markets then you could get a good roasting depending on at what stage you buy in.However, there are many companies who use the block chain technology and are a pretty cheap option to buy into on the stock market and in my opinion have great potential for growth. I will deal with those in the next article and give you a few ideas of where I would be investing my cash.I’m not able to invest large amounts of money but even if I could I wouldn’t be going all in on Bitcoin, I will be looking for bargains in Altcoins knowing that it is a very high risk market but worth a small investment. For me Blockchain investments look safer and in the long term could be a very shrewd investment.
If you have any comments or questions about today s post feel free to leave a comment and I will get back to you as soon as possible.Looking forward to hearing from you Cheers Gerry