by Kaan Dilek
Bitcoin and the blockchain, when utilised, will enrich the lives of millions of people on this planet by bypassing any financial institutions and centralized authorities. It will revolutionize financial transactions and liberate a monopolized service that has been centralized for the last 90 years.
But this is only scratching the surface. The block chain protocol will incentivize some of the most innovative technology ever seen in the one of the fastest growing fields today. A common misconception is that Bitcoin is only a means of transaction, that saves a bit of time and money. The real genius lies within the block chain which Bitcoin is built upon, and is the first application.
The key word in all of this is "decentralized". This is the core function the block chain facilitates and where this technology will thrive. This is also where Bitcoin gains its perseverance.
The block chain is not only the foundation, but also serves as a public ledger on which all Bitcoin transactions are recorded, providing sufficient anonymity along with transparency. It has been proposed that the block chain will replace any third party such as banks, layers even celebrants when two partys come together. Anyone with coding and programming skills can use the open source code the block chain facilitates to build an application of their choosing. The same way anyone can log on to the Net and begin their own website/blog. The blockchain is the internet and Bitcoin is the online banking app.
This space moves very quickly. Bitcoin 2.0 has begun with the next generation of applications, including Mastercoin, NXTcoin and Ethereum, also providing a decentralised platform and blockchain of their own characteristics for consumers to build upon to create similar applications.
More mainstream adoption has begun with Bitcoin ATMs rolling out all over the world, online merchants accepting Bitcoin payments, local bars and cafes, even cannabis vending machines in Colorado.
Is Bitcoin the Myspace equivalent or the currency of the future?
Do you accept Bitcoin?