There has been huge fuzz around the Blockchain and bitcoin in the recent times. These technologies have been a very interesting area. It is capturing the imagination of the users. If someone told you about 10 years ago that there will exist a currency which will not governed by the government or bank and the transactions involved cannot be hacked by the third, you will think that the person must be joking. Well… fast forwarding to today, it has become possible due to the blockchain and bitcoin technology. What the future holds for both of them? We will try to figure it out but first let us try to understand what is the difference between blockchain and bitcoin?
Dissimilarities between Blockchain and Bitcoin
It is an online cyber-currency. Bitcoin wallet holds all your cyber-currencies and is used to buy, sell and use the currencies. There are two ways to have the currency, either you can mine the bitcoin or you can buy the bitcoin. Mining of bitcoin is very interesting as it allows users to mine the bitcoin by spending your computer resources like processor for maintaining the blockchain ledger and solving the complexities.
Bitcoin is made possible due to blockchain technology. A decentralized record is created with the help of this technology which cannot be changed. It is impossible to make any modifications in the record because every node is connected to each other. So the security of your previous bitcoin is very tight.
Bitcoin: A universal currency for future?
Nobody knows what the future has in store for us, but I believe that bitcoin will stay for a longer period in the future. It has a very good future ahead. However, it is extremely difficult for a cryptocurrency to be a universal currency so soon. But if you look at long term perspective you may see that this currency will be spend on most website just like PayPal and credit cards.
It is just a beginning of bitcoin. Just like when Internet came into picture, nobody thought it will be huge as what is it today. Today after so many years, almost everyone is quite aware of the internet and is using it. Similarly, bitcoin is a new concept and people are just beginning to understand what bitcoin is and how it works. There is a possibility that in the long term, people will be using bitcoin and it will be a known thing just like what internet is today for the people. The more and more people get used to it, bitcoin will continue to develop and there will be more places where it will be accepted by the people for the payment. This is how the bitcoin cycle will continue to go on.
Bitcoin has an excellent future ahead of it as it can be used as something to trade with. If in the future, it can buy you a cup of tea, then this will be a huge plus. This will completely change how the money works and it can even replace the physical currency.
The future begins now!
The initiation has already begun. In Venezuela, where the physical currency was unstable, people started using bitcoin as a currency as it was the only stable form of the currency and it didn’t require banks. All you need is an internet connection to trade bitcoin making it very convenient. The number of cryptocurrencies has already grown close to 900. These are very exciting times to be in and there is a great future for the cryptocurrencies.