If you are new to bitcoin and cryptocurrencies (cryptos), then you probably have many questions - what are cryptos? Is it the same thing as Bitcoin? What's a blockchain? These topics are trending, so people want to find out more. It can be daunting if you are not a computer programmer, so I wanted to chat about these topics in everyday language.
Bitcoin was the first cryptocurrency created in 2009, and at of the time of writing, there are over 1500 cryptocurrency coins/tokens that have been created. The world of cryptocurrencies and blockchain technology is evolving at an exponential rate, and even seasoned technical experts are challenged to keep up-to-date with this ever-changing ecosystem. New projects are being introduced at an astounding rate, and are being funded through a new process, called Initial Coin Offerings (ICOs). ICOs are similar to Initial Public Offerings (IPOs), however ICOs are not regulated, so anyone can invest in these innovative projects. Within the first 2 months of 2018, ICOs have raised over $1 Billion dollars. This funding allows programmers and visionaries to unleash an incredible amount of creative energy to move forward and realize the potential of blockchain technology.
These projects are quickly creating a new world where banks become obsolete, fiat currencies are no longer needed, and people are able to control their information securely and receive financial rewards for providing information to the digital ecosystem. Disrupt!
Now, if you don't know what a blockchain is - that's fine! You can still buy, trade and spend cryptos without being familiar with the underlying technology. After all, most people use cell phones, without really knowing how information gets sent halfway across the world within seconds. Indeed, the biggest learning curve for new users will be how to purchase and spend cryptos. I would say this is the biggest barrier for new adopters, because currently the digital wallets that are available are still a bit challenging to use for an average user. Also, security and privacy are still a work in progress, so I look forward to the day (very soon!) when cell phones become secure digital wallets. When this happens, mass adoption is inevitable.
This is the disruptive power of blockchain technology.