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Home Insights & Advice The essence of Bitcoin in 10 minutes

The essence of Bitcoin in 10 minutes

by John Saunders
14th Jul 20 10:15 am

What is a blockchain?

Bitcoin, blockchain, ICO, DAO, miner, PoW, hash function, crypto, fork, token, smart contract…. Various keywords have appeared in the movement that started from crypto currency. (In Japan, Virtual currency is common, but in this article, we use the term cryptocurrency, which is closer to the original meaning.)

With the emergence of many difficult technical terms, it is difficult to understand the essence of Bitcoin.

If you want to understand Bitcoin in the simplest way, you should first consider Bitcoin as a cryptocurrency and Block chain as a new technology separately.

Authenticity means being genuine. The definition of authenticity is a bit long, but it says false input, rewriting, and deletion are prevented for records made with legitimate authority, and the responsibility is clear from a third party.

Only smart contract is a concept rather than a technology, but it will be described together because it is important in the sense of inventing a new concept.

What is important to this article is not the technology or mechanism of the blockchain, but its properties and effects of bitcoin trading. If you are interested in bitcoin trading then you can start trading today with bitcoin circuit

For the public who are keen to know more about technology and mechanism, there are many manuals, so it is quick to read the book. If you would like to know easily, it is recommended to take a quick look at the document domestic and international trend survey on services using blockchain technology

Now, many experts say that the future of Bitcoin is uncertain, but blockchain should be evaluated. A typical example is Mr. Masashi Nakajima, a former Bank of Japan who wrote After Bitcoin.

In the same document, registering and transferring ownership of electronic assets (digital assets) is something that financial institutions have done so far, and it is explained that blockchain technology has a very high affinity with financial operations. I am.

In addition, blockchain 1.0 is a cryptocurrency such as bitcoin, blockchain 2.0 is a financial field such as settlement, remittance, and securities settlement, and blockchain 3.0 is a land registration, commercial distribution management, medical information, voting management etc. Positioned as utilization in the financial field.

Similarly, if you look at the area where the market size is forecasted in the material of the Ministry of Economy, Trade and Industry, you can see that it is expected to be widely used in the B2B field.

Considering the flow of discussions by such authoritative people, if a sensible adult says I do not accept Bitcoin, but blockchain is revolutionary, it sounds like that for now.

What this means is that the blockchain is not at the point of efficiency/rationalization by IT so far. In other words, cost reduction by replacing the existing system. At least that’s the point of view of experts. To be honest, I wasn’t really excited about the expert opinion. I am not interested in streamlining/streamlining financial institutions. It says Revolutionary technology since the Internet and more exciting the future is drawn.

In addition, not only blockchain but also many Japanese experts say that Bitcoin should be highly evaluated. Looking at English-speaking news and voices on SNS, it seems that there are great expectations that Cryptocurrency will really change the world?

Where do the different perceptions of bitcoin and blockchain differ from person to person?

Bitcoin 3 points

The trouble is, once you praise Bitcoin is revolutionary! you might think that you are a speculator, and give a negative impression that Must make money with cryptocurrency. Especially if it is a minor altcoin.

There are lots of dubious profitable stories about the cryptocurrency by the traders of Kaisenzan. That’s why you’ll hear a lot of likely opinions that I don’t accept Bitcoin, but blockchain is revolutionary.

However, there should be more diverse opinions about the significance of the rapid spread of Bitcoin. I wanted to discuss the reason Bitcoin is revolutionary!

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