The blockchain is considered by many to be the groundbreaking innovation behind Bitcoin. But Bitcoin is more than just a chain of data blocks.
Does a blockchain without a Bitcoin code like asset make any sense at all?
Blockchain yay, Bitcoin code nay” is the attitude of many established companies to the technological phenomenon of the 21st century. On the one hand the big players want to be hip and innovative, on the other hand decentralized technology undermines established power structures. This is why Bitcoin code is usually actively hushed up in such circles.
Blockchain technology, on the other hand, is very popular. After all, blockchain technology is the essence of Bitcoin and the fundamental innovation with which many processes can be overhauled. In addition, efficiency can be gained without having to abolish middlemen. But is that true?
A Peer-to-Peer Bitcoin code Revolution
Bitcoin code is much more than just a blockchain says onlinebetrug. Because Bitcoin is a sophisticated, digital money system without a controlling institution. Participants can send money directly to each other as easily as they can send e-mails. These transfers are documented on the blockchain. Ensuring their integrity is the task of the miners, who compete with each other. In order for a transaction to be confirmed, a miner must provide the so-called proof of work.
As a reward for the demonstrably performed work, the miner receives a digital asset that is native to the blockchain: Bitcoin. The blockchain is therefore only one component in the electronic peer-to-peer cash system. In addition to the proof of work, the asset, Bitcoin, also plays an essential role. In other words, the digital asset serves as an incentive for the miners to do their job. What’s more, it gives the whole construct a unit with which value can be transferred and measured. In addition, Bitcoin is open to anyone and the computer code can be verified.
Therefore the genius of Bitcoin goes far beyond “the blockchain”. Consequently, the terms Bitcoin and Blockchain are not synonymous. That is why Onur and I are discussing this topic in today’s podcast episode.
Onur Akpolat is enthusiastic about crypto currencies and says: “This is the digital revolution I’ve been waiting for”. His passion led him to create the crypto hero podcast Hung Tieu. In today’s episode he is our guest in the BTC-ECHO podcast studio and philosophises with me about the sense of blockchains without coin.