Part 1: What is Bitcoin, Blockchain, and Crypto?
The crypto universe is ever-expanding and diversifying, built upon a foundation of Blockchains. Blockchain technology and its consumer adoption is on par with the uptake of the Internet in 1994.
The crypto universe is ever-expanding and diversifying, built upon a foundation of Blockchains. Blockchain technology and its consumer adoption are on par with the uptake of the Internet in 1994. Nearly 30 years later, for more than half of the world’s population, the Internet has developed and transformed the way we work, play, and live. It is estimated that Blockchain will reach a similar level of market penetration in the next 15 years, so learning about it now couldn’t be more important.
Bitcoin, Blockchain, and crypto have dramatically changed how we view money and currency since Bitcoin’s inception in 2009, but to most people, they are still concepts that seem far-fetched, too good to be true, or simply too mind-boggling to fathom. Often perception overrules reality and creates obstacles to progression. Breaking down misconceptions clears the path to enlightenment. To understand how Bitcoin, Blockchain, and crypto work, you need to first understand a little about how financial services currently operate.
‘Normal’ money and Bitcoin
For most people, money exists in the form of paper or plastic and small metal disks. It’s readily accessible from a hole in the wall, and is used to pay for goods and services with a simple tap. For most, their physical money is stored safely in bank and savings accounts, where salaries are deposited, out of which bills are paid. But in reality, this isn’t quite true. Imagine if everyone in the world decided to get up now and withdraw all their money at the same time. It simply couldn’t happen because there isn’t enough physical money in circulation in the world for such a scenario and in the past when this has occurred, banks have actually run out of money from a “bank run” on cash.
Most transactions that take place today are digital, they are in some ways “I owe you” instructions from one person or organization to another. We entrust third-party banks or credit card companies to oversee these instructions, to facilitate, to regulate, to verify, and manage anything that may go wrong. Currencies like the dollar, euro, pound, and yen, lose value when a banking authority prints more money (read more)…
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