Blockchain: Passing fad or invention of the century


As with most new technologies, the boundaries of what was previously possible are continually pushed forward. Your phone might be able to do more than mine, but that doesn't necessarily mean it's a fad. Blockchain is the invention of the century and will revolutionize how we interact with money and information in years to come. As you'll see from this article, blockchain has already started to draw practical applications in all sectors - banking, healthcare, and energy - beyond cryptocurrency alone.

Blockchain: World-Changing Innovation

All transactions are permanently recorded and stored as "blocks" into an immutable chain of records called the " blockchain. " The first person who solved a complicated mathematical problem by trial and error was rewarded with 50 cryptocurrencies worth nearly $500 in 2010 before doubling to over $1,000 in 2017!

Since then, blockchain has gone mainstream, with over 100 million dollars invested into Initial Coin Offerings. According to a report by Goldman Sachs, 46% of surveyed financial institutions are either actively involved or have specialized units dedicated to blockchain technology. However, it was valued at over $640 million in 2017, with revenues reaching $1 billion in 2018.

Ten years on, IBM predicts that 15% of the world's GDP will be stored on blockchains, with over 10 million blockchain-related jobs expected by 2027. J P Morgan Chase, one of the largest banks in the world, has just announced its collaboration with Microsoft and Amazon Web Services (AWS) to create an enterprise-ready turnkey cloud network using blockchain technology.

Bitcoin started in 2009 with a white paper written by Satoshi Nakamoto, a mysterious pseudonym. It was designed to allow anyone to send money to anyone they wanted using a global peer-to-peer network. It removed the need for an intermediary bank (like PayPal or Western Union) and also solved the Byzantine Generals problem, thus making it possible to have truly anonymous transactions.

Cryptocurrency's journey has been a roller-coaster ride with massive highs and lows, but it has kept growing. Its journey hasn't been smooth, with several hack attacks and a lot of negative press with the recent bust of cryptocurrency exchanges in South Korea and China.

On having $100,000 to invest in 2009! I think many people who could see the potential early on got rich. There are many success stories like Cameron and Tyler Winklevoss (the founders of Winklevoss Capital Management), but many people lost a fortune investing in BitConnect. What was revolutionary was that any person could buy or sell any cryptocurrency from home using their computers without needing expensive hardware, software, or approval from a bank or government.

Bitcoin's website describes it as a "peer-to-peer electronic cash system" - to me, this seems like a perfect way to explain blockchain technology.

A cryptocurrency is a new form of money created to provide a framework and protect the rights to the generation and transfer of currency and assets. Cryptocurrency is both an asset (like gold) and a medium of exchange (like paper money or credit cards).

In simple terms, cryptocurrency allows anyone with an Internet connection to buy goods or transact business via encrypted messages called transactions. Since then, it has become easier to buy and sell them without needing to do the hard work of mining. The following section will discuss how you can get started with cryptocurrencies.

What is Cryptocurrency, and how can I buy it?

Cryptocurrency is another "digital currency" name that uses cryptography to secure transactions. Its most significant advantage over traditional currencies is anonymity . Although cryptocurrency was initially designed to facilitate anonymous payments, some of the newer coins, such as Dash, are quickly gaining traction for their privacy features

One common feature of all cryptocurrencies is that the ledger of balances is not kept using a central database. Instead, it is updated and verified by the network nodes. A cryptocurrency's value is determined by the public's confidence in its future usefulness and utility, measured in its transactions per second (TPS). The more transactions per second a cryptocurrency can handle, the more valuable it will be to users and merchants.

There are many flavors of cryptocurrency, some using different algorithms for their proof-of-work systems, some with unique features like smart contracts or private chains, etc. Most cryptocurrencies in circulation are either first or second-generation digital currencies. Most popular coins like Bitcoin, Litecoin, Ethereum, and Dash can be purchased from their official websites using FIAT currency.

Some decentralized exchanges (DEX) allow you to trade cryptocurrencies in exchange for other digital assets (e.g., Ether or Waves tokens).

Some websites that allow you to buy cryptocurrency include Coinbase, Coinomi, and They usually require a lot of identification and have transaction limits in place, so you might have to buy a small amount to start with until they let you do higher amounts. They usually have high fees, and others offer the same service at lower prices.

The world has been going digital for some time. Still, we're moving towards a decentralized digital currency powered by blockchain, and the crypto-anonymity feature makes it practically impossible to regulate and tax.

What is Bitcoin? How does it work?

Bitcoin is a cryptocurrency, the first ever created. It's a decentralized currency, meaning it is not regulated or controlled by any authority, such as a bank. Its transactions are anonymously done and recorded in a blockchain public ledger. Blockchain is nothing but a database or public log of all transactions ever made on the network.