Cryptoenthusiasts would call Bitcoin as the “future of money” but critics would say investment in Bitcoin is risky because of the unpredictability of how fake or illegal companies might put on deceptive labels in order to attract investors, lure them in, only to be left in the dark. Yes, a lot of ICOs have been put up with the intent of scamming investors who are riding into the Bitcoin mania.
It’s Not Bitcoin After All
While the Bitcoin Revolution and other cryptocurrencies can be very volatile, the technology behind it is very trustworthy and reliable. The blockchain technology is hype-free and has real tangible benefits. The term “crypto” is derived from cryptography which refers to the encyrption technology that enables maximum security of all bitcoin transactions. It’s a transparent yet very safe system because it’s highly encrypted and cannot be breached by any third parties.
The blockchain is a public encrypted ledger that records all transactions and is dubbed to the most secure data transfer portal ever conceived online. The power of blockchain comes from the fact that it doesn’t have one central server or bank. It has a very wide and diverse network, so to alter the code would mean you would have to go through and decipher hundreds of thousands of machines which is nearly impossible for even the most skilled hacker in the world.
Blockchain Technology – Bound to Change the World of Money
The level of security that the blockchain technology has in place is useful for both fiat money by individuals and banks as well as for digital cash like cryptocurrencies. If in case the Bitcoin bubble bursts away, peopel will be left with an intuitive and transformative technology – the safest way to manage business transactions online. The evangelists of Bitcoin weren’t completely erroneous when they said that Bitcoin would be changing the world of money because the blockchain technology that is behind Bitcoin definitely will.