If you’re not by custom used to the Bitcoin phenomenon, you probably think that these people are only looking to turn cryptocurrencies into a good investment. But the digital currency market hides something more, a belief that Bitcoin has the power to transform society, to make it a better place.
What’s this entire blockchain thing?
It all starts with understanding the basics. A blockchain is a shared, permanent, encrypted data set, created by a network of computers according to a set of software rules. Peter Van Valkenburgh, director of research at Coin Center, and a blockchain-focused think tank, says that to better comprehend the word “blockchain,” we should replace it with “vehicle”. Therefore, saying you are putting something on “the blockchain” is like saying you are going to use “the vehicle” to travel overseas, informs MIT Technology Review.
And Bitcoin is that one type of vehicle spoiled because its blockchain was the first and it’s been running the longest, with the a huge network at its disposal. Many people believe that Bitcoin represents the breakthrough on how folks share value and do business online.
Bitcoin has proved its capacity to build and maintain a set of valuable shared data by just using a network of computers, connected via the Internet. All that without a trusted authority. Of course, you can argue that it stands in front of hackers like a gazelle looking at a tiger, but the chaos of the Internet hasn’t killed this dream.
What changes should we expect in the future?
Also, people think that incorruptible math behind Bitcoin’s blockchain could make a huge difference on many markets. But keeping the system running requires tons of energy, so Bitcoin needs to procure a useful solution.
Finance and health care for instance, industries that stand to benefit most from blockchains, highly value their data privacy and security, while Bitcoin is public, meaning transactions can be traced. So, to see the dream come true, the digital currency still has some changes to make.