Bubble or not, Bitcoin is here to stay. More and more people are jumping on the bandwagon, investing their fiat money in the lucrative market. But before you blindly follow others, you need to know a couple of fundamental things:
- Bitcoin and other cryptocurrencies’ prices are largely driven by speculation. Many buy Bitcoin with a hope that it will rise in value significantly. The same goes for other cryptocurrencies.
- Cryptocurrencies’ prices are volatile, which means that those can go up and down significantly, often irrationally.
Due to those, you need to learn more about the basics of Bitcoin and cryptocurrencies before you put your money into them – not the other way around!
Bitcoin? Blockchain? Oh my!
As if those aren’t complicated enough, you need to learn deeper about the underlying technology of Bitcoin, namely blockchain. Blockchain is a growing list of records (blocks,) linked to one another and secured using cryptography. It’s designed to be resistant towared any modification, hence making hacking a very difficult task.
2018 is said to be the year of blockchain, and righly so, there will be more innovations built upon blockchain.
To fast forward, let me just tell you that Bitcoin is just the beginning of something way bigger. We shouldn’t see cryptocurrencies like Bitcoin only as innovations, but also like the part of a revolution; a crypto revolution, to be exact.
That’s right, Bitcoin’s underlying technology is blockchain, which is essentially the enabler of what’s called distributed ledger. In essence, such ledger is a database that’s shared and synchronized across the boundless network. Everything recorded in the ledger must have ‘witnesses’ reaching a consensus about a particular transaction. No consensus, no transaction. This is what’s making cyberattack more difficult, even though not impossible.
Such ledger also means that nobody can impose any control on it – not your Government, not your central bank, nobody. Therefore, it promotes confidentiality – which means that nobody can learn about your personal information – unless you choose to share it yourself. No more ‘spying’ on your personal information.
The whole thing is indeed revolutionary and potentially disrupt how people deal with things, in Bitcoin case, financially.
But wait – since it’s a revolution, there is rapid advancement in the tech space. While many people still have no idea what Bitcoin is, the technology under the hood keeps on evolving.
In fact, it’s said that there’s a new technology that could potentially make blockchain obsolete – it’s called hashgraph.
Hashgraph: The next step in the crypto revolution?
Hashgraph solves many blockchain’s weaknesses, including those that are Bitcoin’s. Let’s talk about Hashgraph in in-depth later on, but for now, I’d like to recommend you a resource – a documentary – that can help you understand the whole thing about the crypto revolution, from Bitcoin to Hashgraph. It’s a wonderful resource that greatly benefited me, and I’m certain it’ll help you also.
Observe this must-watch documentary and become more well-informed than 95 percent of people:
