Bitcoin is a currency that was received with mixed feelings. While some welcomed it with open hands as it was a currency that was decentralized without control from any governing body, some others were wary of it likening it to a Ponzi scheme or a form of exchange that wasn’t going to stand the test of time, the rest of the pack kicked brutally against it. This last set was mostly the financial institutions which the bitcoin was going to disrupt their space. When nothing much could be done to put them out of business, they resorted to favoring the blockchain.
But why favor the blockchain when the bitcoin was based on the blockchain technology.
So, this begs the question, what is blockchain? A blockchain was originally a growing list of records linked using
How Bitcoins matter?
It is a means of exchange: While blockchain remains a means of storage, Bitcoin has managed to establish itself as a means exchange. Yes! Bitcoin is money while blockchain is not. Blockchain can be used to store bitcoin, but it cannot be used to transact. It just like saying the bank is more important than the dollar itself. That cannot be true!
Jobs and incentives: Bitcoin has managed to create a lot of jobs for people in the computer science industry. There are a lot of programmers working on other coins like ethereum and its sorts. It has also enabled people to write insightful books on mining and trading of bitcoin for money. Also without bitcoin incentive of people to learn trading or venture into the world of forex would be minimal. This is because of all the currencies in the forex market; bitcoin gives the most returns as the value of bitcoin is high.
Changing the face of banking: The bitcoin is gradually innovating banking from the usual traditional method into an advanced mode. Usually, to make transfer around the world, account in banks are required, and most times third parties like MoneyGram are employed to facilitate the transfers. But with bitcoin, money could be transferred around the world without a need for currency conversion whereas the blockchain is just a standard platform for holding these funds.
Tax Revenue: Looking at the revenue that trading of bitcoin has generated to people and the tax generated from those revenues, the blockchain technology couldn’t have done that solely on its own. Isn’t that right!
Without discounting the fact that the blockchain technology paved the way for the invention of Bitcoin, we cannot also overlook the truth. Without bitcoins blockchain itself is hollow. Not only has the bitcoin revolutionized the financial market systems it has made payments and storage of funds easy, fast and seamless. Even payments on some gaming industries like casinos now accept bitcoins and make winning payments also in bitcoin.
Bitcoin has come to stay and is an integral part of the blockchain of which without it is just a shallow piece of technology. If you think otherwise, share your thoughts in the comment box below.
Author’s bio: Joshua is a freelance writer from Guilford who specializes in finance and blockchain. Joshua worked a lot with various organizations, and even advised best uk online casino on financial matters.v