You’ve likely heard some of the following terms if you’ve paid attention to the world of finance: Cryptocurrency, Blockchain, Bitcoin, Bitcoin Cash, and Ethereum. And why is cryptocurrency suddenly so hot? First, we’ll explain the blockchain basics. As society become increasingly digital, financial services providers are looking to offer customers the same services to which they’re accustomed, but in a more efficient, secure, and cost other currencies like bitcoin way.
The origins of blockchain are a bit nebulous. A person or group of people known by the pseudonym Satoshi Nakomoto invented and released the tech in 2009 as a way to digitally and anonymously send payments between two parties without needing a third party to verify the transaction. It was initially designed to facilitate, authorize, and log the transfer of bitcoins and other cryptocurrencies. Blockchain tech is actually rather easy to understand at its core. Essentially, it’s a shared database populated with entries that must be confirmed and encrypted.