Bitcoin & Blockchain Technology

What is Bitcoin & Blockchain Technology

What is Bitcoin & Blockchain Technology

A short introduction to Bitcoin & Blockchain Technology. Most of you have heard of Bitcoin by now. It has, for the most part, managed to breach the general public awareness as a brand with stories of fortunes being made and lost in the very short time it has spent as the go-to public free-speech monetary system. Whether you have used it to transfer value, store personal wealth, or even just listened to other people rave about the brilliance of the decentralized blockchain technology that sustains this entirely new financial system, it’s essential to understand the basics of how it works and why it is superior as a form of wealth protection than anything that ever came before it.

Bitcoin is built on a technology called a blockchain. Blockchains, in lamens terms, are just a new immutable, unfraudable & uncorruptable form of a bank ledger. Every single transaction made is registered into the corresponding time-stamped block (block of transactions), which is then mined, confirmed for validity by ungodly amounts of unhackable computer power, and published on this incorruptible bank ledger for anyone to view at any given time using Bitcoins block explorer for all of eternity. (More details on Bitcoin mining)

Bitcoin & Blockchain Technology

One key feature which is essential for all cryptocurrency users to understand when parking their wealth for long periods of time is the decentralization of a blockchain! There are many aspects to the initial coding and launching of a blockchain for it to be truly decentralized (More to come on Decentralization). 

Many cryptocurrencies will claim to be decentralized; however, the reality is over time, bitcoin is the only one so far to prove time and time again that its blockchain network consensus is truly decentralized & dictated by the culmination of all its network participants. It can’t be edited, changed, or manipulated by any centralized party. Understanding why Bitcoin is the only real decentralized network available to the public is how it has managed to retain the most value by wealth absorbed from the legacy tradefi markets and dwarfed all other spawned blockchain iteration by valued transferred in the billions & potentially even trillions.

Probably the most intriguing part of building a fair and equal financial foundation for all of humanity is Bitcoins creation. Shrouded in mystery which has undoubtedly helped it proliferate into the public consciousness, is Satoshi Nakamoto (Bitcoins creator). For people who are seriously interested in how and why it was created after the 2008 financial crisis should deep dive into the history of its creator Satoshi Nakamoto and his disappearance.

On Key

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