I first heard about Bitcoin many years ago, way before it took off. Unfortunately, I was busy with other projects and didn’t have the time to fully research the subject and thus missed the boat. Given how money works in this society, it’s no surprise that Bitcoin and other crypto coins took off, as they bypass the central banking system.
But I don’t regret it missing the boat. For those who remember the dot.com boom at the turn of the century, the frenzy that rocketed share prices sky high was followed by a massive dive. Well, that event marked the beginning of the internet revolution. Once the frenzy was over, only companies that offered true value where the ones that flourished—companies like Google, Amazon and Apple. Life changing technologies such as the iPhone and Facebook came after the frenzy.
That’s why I have no regrets about “missing the boat” on Bitcoin because in my opinion (based on history) we’ve only just begun.
What is Blockchain?
Let’s keep this very simple.
Blockchain is like a spreadsheet. It’s a place to record a transaction.
Imagine each row in the spreadsheet is a single transaction between two people, such as Bob gave $10 to Alex.
Blockchain is like a spreadsheet
What makes Blockchain special is that each transaction is verified many times, by different members of the community.
A spreadsheet can be used for many things. And so too can Blockchain. Bitcoin is just one application of blockchain, just like Angry Birds is just one app available in Apple’s iTune Store.
In that sense, think of blockchain as a platform and the cryptocurrency as an app.
Yes, you read that right. Cryptocurrency is just an “app.” And money is only one use of blockchain.
So while there is a lot of talk about Bitcoin, what’s far more exciting is blockchain—that’s what makes Bitcoin work.
The possibilities of blockchain are endless. Ten years from now we’ll be using blockchain technology in ways we never dreamed of. Just like we never dreamed we’d all be connected via Facebook sharing videos with our friends from our phones.
Further reading of Blockchain I recommend The Internet of Money by Andreas M. Antonopoulos.
If you have any questions, feedback or want more articles on this subject, comment below or contact me.
