It seems every other day has a new headline regarding ‘Bitcoins’. I am sure most of us give a casual glance at this word and wonder where it will go next. From a humble value of $1019 on January 1,2017 the value of Bitcoin has soared to $16,860 till date. This type of meteoric rise will obviously roll a few eyes! 🙂
I had already written about Bitcoins in my earlier post “Introduction to Bitcoins“. Let’s refresh briefly:
What is Blockchain?
‘Blockchain’ is the underlying technology that supports Bitcoin. In simple terms, blockchain is a global ledger. Sending and receiving bitcoins are some example of transactions. A group of transactions will be considered as a ‘block’ which when approved is added to the ‘chain’. This chain cannot be deleted or changed. It is continously added and maintained by all nodes in the network.
Without a regulating authority like a bank, ‘blockchain’ has kept the Bitcoin journey alive for the past 8 years!
Future of Bitcoin:
I am no Bitcoin analyst and I do not have the crystal ball, but I can certainly state a few things! 🙂
Whether the cryptocurrencies will stand the test of time, the underlying blockchain technology will definitely shake things up in the technology world and will most likely outlive ‘Bitcoin’!
Most of the world’s top universities including Stanford university, Princeton university and e-learning portals like udemy, Coursera have taken notice and started courses in Blockchain.