Bitcoin 101

Bitcoin is the world’s first cryptocurrency, which is a decentralised digital currency based off of code. This highly encrypted code not only identifies each unique coin but also records it’s every transaction. The technology which makes this possible is called blockchain technology. Since the advent of Bitcoin, several other cryptocurrencies have come on the scene, but these have all used the same concept. Blockchain technology is not just limited to making cryptocurrencies, however, so a foundation has been formed, called Ethereum, and has decided to take this technology to the next level.

Ethereum has its own cryptocurrency, known as Ether, but it is an entire decentralised platform, it’s own little ecosystem, destined to make many different peer-to-peer tasks possible using blockchains. One of these new technologies is called a smart contract. A smart contract utilises blockchains to independently keep the obligations of both parties (allocate assets, etc) without the use of a middle man such as a bank or Paypal. In fact, the foundation’s platform is designed so that entire businesses can be created using it. One such example would be the Augur Project.

Both of these technologies will likely continue to grow and to be used by an expanding audience, and blockchains will continue to offer still more technology in the future to come. The following infographic covers the growth, inner workings, and future predictions of both Bitcoin and Ethereum, as well as the blockchain technology behind them both. It is brought to you by www.bargainroo.com

FINAL_PR version small - Copy

 

Lucidica provides London based IT support for businesses