Today I Learned More About BitCoin And Blockchain Technology

Gain a better understanding of Cryptocurrencies, Blockchain technology and it's implication for the future.

What Is Bitcoin?

When I first heard about Bitcoin my first reaction was the common one of thinking it was some kind of an online scam. Seeing it grow over the first few years made me think there were more suckers in the world than I had originally imagined.

What I didn't understand was the underlining technology called the Blockchain that made Bitcoin possible. The more my research led me to understand just what this blockchain protocol was, the more my appreciation of its implications grew.

There's a lot of good information on Bitcoin available online but my research has led me to one person that seems to have not only a firm grasp of understanding of blockchain technologies and their implications for the future of finance and the global economy, but also possesses a talent for explaining the complexities on the subject in a straightforward, uncluttered manner.

That person is Andreas Antonopoulos.

Blockchain For Newbies

If you're new to cryptocurrencies I highly recommend you listen to Andreas's presentation given at the Singularity University's Innovation Partnership Program called Introduction to Bitcoin

This presentation will get you up-to-speed quickly on blockchain technology and cryptocurrencies so you'll better understand many of the discussions here on Steemit about those topics. After all, Steemit itself is based on a blockchain and a cyryptocurrency so if you're a Steemit user who would like to understand more of how it works, this will help.

You don't have to understand how it works to use Steemit just as you don't have to understand how a car works to drive one. However, understanding the underlying technology one gets a sense for the future potential and possible applications the blockchain could lead the world into. That's the exciting part of blockchain to me and Steemit is just one example.

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Blockchain Senate Hearing

I also spent some time researching governments reaction to blockchain technology as it pertains to finance. Blockchains are decentralized making it very difficult to control by any centralized bank or government and it has them a bit concerned.

Some governments welcome this competing financial system while others do not. Again, Andreas Antonopoulos addresses these concerns in an intelligent and articulate manner.

I watched two presentations he gave to both the U.S. Senate and the Canadian Senate, where he was a shining example of everything you could want in a Blockchain Ambassador.

If you already know about blockchains and cryptocurrencies and see the future of these inventions and would like to see how government is reacting to this disruptive technology, I recommend you watch this presentation he gave to the Canadian Senate.

Andreas M. Antonopoulos educates Senate of Canada about Bitcoin

Why do Banks Fear Bitcoin?

Banks fear BitCoin for similar reasons that Facebook is beginning to fear Steemit. They are losing control. In Facebook's case they are losing control of monetizing our attention and in the bank's case they are losing control of finance.

We can be our own bank now that blockchains and cryptocurrencies exist and that is a threat to the banking system. Cutting out the middle man is an easy idea to adopt so I'm sure the existing financial powers are going to do everything in their power to distract us and position themselves to keep their control on our finances.

Here's a video that will help you understand the central banking systems concerns and why BitCoin poses a threat to them.

Why do Banks Fear Bitcoin? (Bitcoin Documentary)

Had it not been for Steemit, I don't think I would have researched blockchain protocols as much as I have been lately. Steemit has succeeded in its stated purpose of introducing the general public to blockchains and the crypto universe.

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