(AD) Why Investing in Blockchain Currency is a Smart Move
You may have heard the phrase blockchain technology being bandied about with increasing regularity recently; but what exactly is it and why is investing in it a smart move? Well, either a single Japanese inventor or a group of inventors/developers known only as Satoshi Nakamoto invented the technology back in 2008 predominantly for use with the Bitcoin cryptocurrency, and in those short nine years, blockchain technology has evolved significantly. But what is it exactly and is it relevant to the everyday man/woman?
Essentially, blockchain is a distributed digital database, which keeps an ever-expanding list of ordered transactions, these lists are known as blocks. These ‘blocks’ are not stored on drives connected to one computer or processor, but are instead distributed to a number of different machines, reinforcing the safety, security and legality of the transactions. As far as the biggest tech geniuses can tell, blockchain cryptocurrency cannot be corrupted or amended without a huge amount of computing power. So to recap; a blockchain currency is simply a cryptocurrency that utilises blockchain technology in order to achieve greater security.
But why should you invest in it? Simply put, it's the way of the future (and nearly every other week it near doubles in value). The technology of blockchain cryptocurrency is rapidly gaining momentum within the tech, finance and even gaming sectors and now people across many different industries are seeing the benefits of a communally-distributed currency and a rapidly starting to take note. Finance is currently leading the charge of those industries, as blockchain effectively cuts out the middleman in financial transactions, making it safer, cheaper, more trustworthy and puts the power in the hands of the owner rather than the distributor (like a bank, which has lead to corruption and crashes in the past). The ability to trade and spend blockchain currencies like bitcoin has been brought to the general public in the form of a Bitcoin Wallet. These wallets are evolving almost as fast as the technology itself and much like the personal computing of the ’80s, once this kind of monetary system is accepted by a wider and wider majority, they'll soon become part of the norm.
As it stands in 2017, the collective worth of cryptocurrencies is in and around $200 billion, though because it's a relatively new financial system, it has a tendency to fluctuate (but in general it tends to go up, just with a few wobbles along the way). Those in the know are backing blockchain currencies to grow far beyond this figure, as their advantages and benefits become more and more apparent. Also, the technology and general infrastructure behind these cryptocurrencies are still developing, so it remains to be seen exactly how effective Bitcoin will turn out to be in a mainstream sense. Regardless of the current state of play however, one thing's for certain; Bitcoin and the rest of the blockchain currencies are here to stay, and investing in them is not only a smart move but somewhere down the line, will most likely be a necessity.
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