30 Sep 2022 By PAYCEC
Blockchain is the technology that enables cryptocurrency to exist, with bitcoin being the most well-known name. So the real question is: “What is blockchain technology?”
Let’s throwback a little, say 150,000 years ago, when people traded goods to get what they needed. For example, one farmer might trade a chicken for potatoes, while another may trade lumber for livestock.
But there is a problem with the bartering system: If PayCEC asks to give you an egg in exchange for a rock house, would you accept it?
It doesn’t make any sense to take on the same amount of value of eggs for your house. To trade, we have to agree on a medium of exchange, from things like seashells, livestock, and gold to money the world knows today.
Now let’s get back to the current situation, in which we see more and more people abandoning cash to chase after a seemingly ambiguous currency called Bitcoin. What is it exactly?
At its most basic, Bitcoin is a decentralized currency that allows you to exchange value directly, thanks to a peer-to-peer (P2P) network that obviates the need for third-party involvement (like a bank).
Blockchain is built on this transaction model to provide a universal data set that allows actors to exchange digital assets with confidence.
The value of Bitcoin increases as its supply reduces whenever someone loses their key. However, many argue that it takes a lot of energy to get Bitcoin, but that is another story.
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