Whichever camp you find yourself in, one
thing that can be agreed upon is the market’s
interest with bitcoin’s price, the
higher it goes the more cryptocurrency
startups it spawns.
What is missing is
a deeper understanding of the major
developments occurring in both the
cryptocurrency and blockchain ecosystem.
Before going further, what exactly are
blockchain and cryptocurrencies? Blockchain is a
computer network technology for setting up
digital ledgers to record transactions between
peers on the network. A cryptocurrency – of
which bitcoin is the best known – serves as the
medium of exchange in that network.
A key feature of blockchain is that it is decentralised in
that there is no need for a third central party.
Think of it as transacting with someone in cash
versus giving them a check where the check has
to be deposited and cleared through a bank
before the counterparty is paid. With
the cheque , you always need your bank
now open to clear the funds. With a
distributed ledger ,
this is now no longer