There’s an alarming interest and buzz over bitcoin nowadays. You might have heard about it before. In any case, it’s the multi-trillion-dollar industry, which is flying under a radar of many people (around 2% of the world population is aware about its existence) that makes it the prime time of getting positioned before bitcoin hits the mainstream. It is the right time to investment in bitcoin price because awareness is getting viral. Even a few universities are taking classes on the bitcoin, blockchain and cryptocurrencies technology!
What Exactly is Bitcoin?
Bitcoin is the digital currency (digital money), which is electronically held that means it isn’t tangible like the fiat currency (Euros, dollars, yen, and more.). This was made cryptographically, and therefore it is cryptocurrency. This runs on the open-source platform and it isn’t controlled by any entities. It’s decentralized & not governed by any banks and government. That’s not all; one can buy the digital currency from private broker as well. You need to enter in the exchange with your broker and know the bitcoin price but it comes with a few drawbacks that you will have to learn.
Blockchain is a technology where bitcoin or other cryptocurrencies exist. Blockchain is used for many other applications besides cryptocurrencies, like running the smart contracts, for instance. In the nutshell, blockchain is the digital ledger, which is decentralized. This stores records of every transactions that happen within it & is run by the peer-2-peer network. It means that businesses and people use this to transfer their digital assets to one another through the Internet without any third party (that is banks and governments) needed.
Importance Blockchain Technology & Investing in It
Looking at the business perspective, the blockchain technology will improve the business processes and lower the costs. This will allow the businesses to provide more benefits of the service to their customers. For example, the financial institutions can make use of the blockchain technology for improving the processes for things like settlements & insurance. From the individual perspective, the blockchain technology provides opportunities for high returns on the cryptocurrency investment when compared to the traditional investments.