With the technological world putting its best foot forward as the days go by, there has been an increasing demand for upping our knowledge about the major explorations in this field. It is unwise even to think that we can live our days out by choosing to stay behind the curve of knowledge. It does not do to play mute to the knowledge that the world has to offer. Speaking of technology and the kind of progress it makes every new day, it is essential to turn our attention to the subject of cryptocurrencies and the blockchain technology. This shall help us in making decisions that will help us towards a brighter future. With the said motto in mind, we have brought together an article that talks about all that one needs to know about Bitcoin, the blockchain network and cryptocurrencies as a whole.
The Concept of Cryptocurrency:
The market is a volatile and complicated area that is subject to various changes over the span of a second. It remains elusive and unpredictable for the most part. However, with the introduction of the cryptocurrency in 2008, the face of the market underwent several changes. What began as a concept reached the heights of success in the matter of a few years and changed the ways people looked at the financial market.
The very first cryptocurrency to be launched way back in 2008 was Bitcoin. Bitcoin’s value even to this day remains a talking point. It has a fascinating figure as the market cap and shall keep growing as the years bleed by. But Bitcoin was not all popular since its very beginning. This cryptocurrency had its fair share of struggles when it first came into being. Its value fluctuated, which led to investors recoiling from investing in it. It was not until a few years into its introduction in the market that Bitcoin rose back stronger than ever and emerged as a massive success.
The Blockchain Technology:
Cryptocurrencies are decentralized in nature, which means that there is no authoritative institution overseeing its working and functioning in the economy. This is a feature that makes cryptocurrencies lucrative and attractive since transactions using these digital currencies are quicker and easier. However, cryptocurrencies require a medium through which the transaction can be deemed complete. The medium that serves as the best and the safest is the blockchain network. The network is end-to-end encrypted and entirely secure. Information of transactions that once enter this network becomes immutable and cannot be tampered with. Payment gateways like Flexipay make use of this technology to keep payments using cryptocurrencies safe and secure.
Speaking of the blockchain network, they are not just confined to the use of making payments. The blockchain network finds its utility in other sectors like the healthcare, voting, other forms of financial services, the automobile industry and the like. The kind of perfection in functioning and security that the technology brings into each of these sectors is one of a kind and cannot be expected from any other form of technology (at least in the foreseeable future). Therefore, if one was looking for reasons to trust the blockchain technology, the aforementioned ones are what one must be looking for.
The world is progressing in leaps and bounds, and we must also step up our game and keep up with the ever-changing and ever-evolving needs of the world. Technology keeps setting benchmarks and keeps upgrading itself, and we move forward into time. The invention of cryptocurrencies is just another form of innovation in the multitude of inventions. Therefore, as enlightened human beings, it is our responsibility to learn all that we can and take a step towards making informed decisions.