There is increasingly growing interest and buzz around bitcoin these days. You may have heard about it before or not. Either way, it is a multi-trillion-dollar financial industry that’s practically flying under the radar of most people (only about 2% of the people is even alert to its existence), rendering it a prime time to get positioned before it hits the mainstream. And the full time is currently because cryptocurrency awareness is going viral. Even some universities are teaching classes on bitcoin, cryptocurrencies and blockchain technology!
What is Bitcoin Exactly?
Bitcoin is a digital currency (or digital money), that’s electronically held, which means it’s not tangible like fiat currency (dollars, euros, yen, etc.). It was created cryptographically, and thus it is a cryptocurrency. It runs on open-source software and it’s not controlled by entities. It’s decentralized and not governed by banks or government.
What is the Blockchain?
Blockchain technology is where bitcoin and other cryptocurrencies exist. The blockchain can also be useful for other applications other than cryptocurrencies, such as for example running smart contracts, for example. The bottom line is, the blockchain is a digital ledger that’s decentralized. It stores records of all transactions that occur within it and is run with a peer-to-peer network. This means that individuals and get paid in crypto businesses put it to use to transfer digital assets to one another via the Internet without any alternative party (i.e., banks, governments) needed.
The Importance Blockchain Technology and Purchasing It
From a business perspective, blockchain technology can improve business processes and significantly lower costs. It may also allow businesses to provide more great things about service to customers. For example, financial institutions might use blockchain technology to improve processes for things such as for example settlements and insurance.
From a person perspective, blockchain technology offers opportunities for significantly high returns on cryptocurrency investment as compared to traditional investments.
Blochchain technology and cryptocurrencies are quickly proving to be an inevitable part for the future of money and finances in the global economy. It’s something that may soon become mainstream in the world financial market, and those who invest early as early adopters of this phenomenal innovative technology is going to be among the modern millionaires in the coming years and beyond.