The Most Exciting Thing About Bitcoin Isn’t Bitcoin


What is blockchain? It’s a decentralized record-keeping system in which the users of the technology actually participate in managing those records. For instance, if you decide to pay someone using Bitcoin, that transaction will be verified not by a central bank, but instead by several computers participating in the protocol. Every computer participating in the blockchain has a complete history of transactions, so it’s easy to spot any inconsistencies.Since transactions happen between individuals, there are no big banks to pay massive fees, payments can quickly be made to anyone in the world, and there is no credit card number attached the transaction which can be misused. In fact, participants can even earn credit for validating transactions. So instead of paying your bank all those processing fees, you could be earning money processing someone else’s transaction.And banking is far from the only arena where this technology can be applied. Blockchain protocol can work for just about any task where transactions or records need to be securely executed, verified, and stored.

Source: The Most Exciting Thing About Bitcoin Isn’t Bitcoin

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s