Fun Facts about Blockchain Technology

When you vote, have you, at any point, pondered whether your poll really counted? On the off chance that you meet somebody on the web, how would you know whether they are who they say they are? When you purchase something that is labeled as “fair trade”, what makes you so sure of its authenticity? To be really sure, about any of these things, you’ll require a framework or a network where records could be stored, their origins and authenticity can be confirmed by anybody, and security is ensured. That way, nobody can cheat the framework by altering the records, on the grounds that everybody utilizing the framework would be able to watch them do it. Networks like this, are not just a dream anymore, they are here, and the software that runs this system is known as Blockchain and is the underlying tech behind bitcoin. The following are some fun facts about blockchain technology. Enjoy!


What Does a Blockchain Do?

A blockchain stores data over a system of PCs, making them not just decentralized, but rather circulated or distributed so to speak. This implies that no organization or individual can govern the system, yet everybody can utilize it and help run it. This is imperative since it implies that it’s troublesome for anybody to bring down the system or degenerate it. The general population who run the network utilize their PCs (Macs, Linux boxes, and more) to hold groups of records submitted by others known as, “Blocks”, in an ordered chain. The blockchain utilizes cryptography to guarantee that the records can’t be duplicated or changed by any other individual. You’ve presumably caught wind of Blockchain’s first killer application, a type of digital cash, called bitcoin, which you can send to anybody, even a complete and total stranger. Bitcoin is not the same as your usual Credit cards and PayPal, as there isn’t any bank involved. Rather, individuals across the world, help move the computerized cash by approving other’s bitcoin exchange with their PCs, procuring a little charge all the while. Bitcoin utilizes the blockchain, by tracking records of ownership for this money so it can’t be spent twice. Now that you are familiar with the basic concept of Blockchain and Bitcoin, let’s talk about some of the things that make it as fascinating as it already is.

Who created the Blockchain technology? Uhm, nobody knows:

Be it ancient Egypt or the present day and age, historians always find a way to attribute an invention to somebody. Somewhere somehow, people often find links and chains to connect people to their inventions. Unfortunately, nobody has been able to chain up the clues to find the true identity of the person who created Blockchain. Ironic, isn’t it? Upon extensive research, it was found that the Blockchain technology was created by a person (or a group of people) who used the name, Satoshi Nakamoto, as a pseudonym to hide his/her, or their, true identity.

Blockchain is younger than you might think:

Contrary to popular belief that the blockchain technology was invented in the late 90s, or the far more fetched theory that this technology was developed alongside the World Wide Web, the blockchain technology was actually developed in 2008. In fact, more people believe that it was the summer of 2009 when Blockchain first appeared on the horizon, thanks largely to the fact that it was the same year Bitcoin made the news.

The only way forward for Blockchain is UP:

Even though the technology is only as new as 2009, according to Transparency Market Research, Blockchain technology and Bitcoin will be a $20 Billion industry by 2024. RIPPLE, a blockchain solution to send money globally, is causing more ripples than expected and has already amassed over $93 Million since its inception in 2012.

Banks are in on it as well:

Although Blockchain, and especially Bitcoin, were created with the aim of eliminating the need for banks, the whole system has moved way past it. However, even with everything going on, banks have moved in on the system like a vulture on a carcass. According to CCN, 90% banks in North America and Europe, are experimenting with the idea of Blockchain technology. Not only that, but around $1.4 Billion was spent, overall, in 2016 to research and further refine the blockchain technology. Around 30% banks in the entire world now accept Ripple as a recognized and serviced module of their system.
These mind-blowing facts don’t only speak volumes about the success and rise of the blockchain technology, but they also show what lies ahead in the field. So far, it’s looking like that the projected growth in the Blockchain industry will definitely be true, come 2024, but anything can happen, fingers crossed.

How Can You Get Started Buying Bitcoin Today?

One of the easiest ways to get started with buying bitcoin, litecoin, and other major crypto currencies is to signup for a free account at Coinbase here. If you buy or sell $100 or more of digital currency then you will get $10 free of bitcoin (and we will too for a full disclaimer) until the company discontinues their offer. Enjoy the ride, and remember to only invest monies that you can afford to lose due to the volatility of the crypto currencies markets.

How Can You Get Started Buying Other Crypto Currencies?

Once you get the hang of Coinbase, you will likely want to expand your crypto currency portfolio to buy additional currencies available on the market. You can signup to Binance using this link or QR code. Enjoy!

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