With the advent of Bitcoin and the blockchain—the platform on which Bitcoin operates—came a revolution in the financial industry. It was not immediately felt, but now we’re in the midst of a radical shift away from the traditional fiat money system. Bitcoin and other cryptocurrencies, commonly referred to as altcoins, have made massive waves throughout businesses and institutions, while blockchain technology holds the potential to change the way we look at the world even more.
Bitcoin has rocketed in value since its release into the public in 2009. Though its market worth fluctuates by a large amount at times, it has irreversibly altered the way we will handle money. This is apparent in its legacy alone: it has inspired hundreds of similar projects like Ethereum, Litecoin, Ripple, and so on. In fact, there are over two thousand cryptocurrencies in the market as we speak, all of them, in a way, paying homage to the first peer-to-peer electronic cash system that started it all.
The blockchain will probably have an even more profound impact on our lives. Blockchain technology handles and stores information in such a unique fashion that it can find application in most sectors. Plans are already being put in motion to integrate it into the healthcare, insurance, and even government of many a country. It’s so applicable that it will most likely be very difficult to imagine a comfortable life without it in the not-so-distant future.
There’s so much that Bitcoin and the blockchain can do to make the world a smarter, faster, more efficient place. For now, though, this technological upheaval is still in its early stages, and being educated about Bitcoin and blockchain technology becomes more and more vital by the day. In the years that follow, the average person’s professional growth, not to mention a business’s well-being, may depend on it.
So if you’re lacking in your Bitcoin and blockchain knowledge, you can always read through this great infographic. Brought to you courtesy of Bitcoinfy, all the fundamental info you need is right there: the creation of both Bitcoin and the blockchain, how they work, what entrepreneurs and companies are doing with them, and more.