Bitcoin is closer to breaking into the mainstream than ever before

August 27, 2018

 

Cryptocurrencies have taken the world by storm. Between January 2017 and December 2017, the price of Bitcoin rose by over 2,000%—from $953 to $20,089. Right now, the market cap of Bitcoin alone is over $120 billion. However, the most exciting part of blockchain technology isn’t Bitcoin rather, the way it can be applied to change the world we live in. There are a number of reasons that blockchain technology is playing an increasing role in our society. Perhaps the most obvious benefit of the blockchain and the core concept behind it is the fact that it is decentralized which means that there is no requirement for an intermediary or a third party to validate transactions. Instead, they can be carried out automatically using a consensus mechanism.Because no third-party is required to validate transactions, this massively reduces overhead costs, making blockchain models cheaper and more efficient. In addition, blockchain is immutable, meaning that once data has been entered into it, it’s almost impossible to edit, which is a big advantage and increases people’s trust in the system. Finally, one of the most vital properties of blockchain is its extremely high level of security. All transactions on the blockchain are cryptographically secured, making it extremely difficult for hackers to break into them.

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