There are a lot of Bitcoin enthusiasts who mine BTC or trade in it only because it is good investment and might be a neat way to save money. But Bitcoin is actually more complicated, and in order to appreciate all the different ways it can potentially alter our worlds for the better, it is vital to understand how it works and how the world may benefit from it in the near and foreseeable future.
Bitcoin is a popular version of Blockchains, a technology derived from cryptography that first made an appearance back in 1999, and which has now evolved to give rise to systems that help corporates track deliveries, control inventories and more. It is expected to soon help us manage our identities in an increasingly online world, as well as help remove evils like counterfeit voting and identity theft.
With regards to monetary record keeping, Blockchains are the most efficient bank manager there ever was. The record once produced is impossible to tamper with, and by replicating it in multiple devices across the globe, Blockchain makes it virtually impossible to fool the system, making it the most reliable method to transfer money for goods and services across the globe, boosting flow of money across the world.
What’s more, the system is capable of rewarding you in order to compensate for the resources that go into storing data and which are charged on your bills, like the miniscule CPU space the data takes up, or the electricity consumed by your device and even the internet charges.
As the technology takes over the world and makes its way to becoming a defining invention of our century like the Steam Engine or the theory of Gravity, it is important to keep oneself informed about the technology. The following infographic from TechiesPad sums up the basics of the technology quite effectively.
Author Bio: Stacy Miller has been blogging ever since she was in high school. Her love for technology and disdain for generic Hollywood movies has only grown over the years.