Nowadays, there is more and more interest and animation around Bitcoin. You may have heard of it before or not. Either way, it’s a multi-trillion-dollar financial industry that practically flies under the radar of most people (only 2% of the population is aware of its existence), making it a prime time for position before it reaches the main stream. And now is the time for cryptocurrency awareness to go viral. Some universities even teach classes on bitcoin, cryptocurrencies and blockchain technology.
What exactly is Bitcoin?
Bitcoin is a digital currency (or digital money) that is maintained electronically, which means it is not as tangible as the fiat currency (dollars, euros, yen, etc.). It was created cryptographically and is therefore a cryptocurrency. It works with open source software and is not controlled by entities. It is decentralized and is not governed by banks or governments.
What is the Blockchain?
Blockchain technology is where bitcoins and other cryptocurrencies exist. The blockchain is also used for applications other than cryptocurrencies, such as executing smart contracts, for example. Simply put, the blockchain is a decentralized digital book. It stores records of all transactions that occur within it and is managed by a peer-to-peer network. This means that companies and businesses use it to transfer digital assets over the Internet without the need for third parties (i.e. banks, governments).
The Importance of Blockchain Technology and Investing in It
From a business perspective, blockchain technology can improve business processes and significantly reduce costs. It will also allow companies to offer more customer service benefits. For example, financial institutions could use blockchain technology to improve processes related to settlements and insurance.
From an individual perspective, blockchain technology offers opportunities to achieve significantly high returns on investment in cryptocurrencies compared to traditional investments.
Blochchain technology and cryptocurrencies are fast proving to be an inevitable part of the future of money and finance in the global economy. It is something that will soon become the global financial market, and those who invest so soon in adopting this amazing innovative technology will be among the newest millionaires in the years to come and beyond.
We are in the third big wave of the internet. The first are websites and domain names (dotcom boom), the second are social media (dating sites, Twitter, Facebook, YouTube, etc.) and the third is blockchain technology, bitcoin and other cryptocurrencies. It’s a good time to position yourself.