Blockchain is an online ledger that is seemingly impossible to tamper with. As ZDNet explained, the idea behind the technology is to broadcast every transaction to the community. When a majority of that community agrees that all transactions seen in the recent past are unique, those transactions are cryptographically sealed into a block.
“A chain thereby grows, each new block linked to the previously accepted history, preserving every spend ever made,” ZDNet said.
The volatility of crypto-assets has prompted an intense debate about whether they are a bubble, just another fad, or a revolution equivalent to the advent of the internet that will disrupt the financial sector and eventually replace fiat currencies.
The truth is obviously somewhere in between these extremes.
Hence it would not be wise to dismiss crypto-assets; we must welcome their potential but also recognize their risks. By working together, and leveraging technology for the public good, we can harness the potential of crypto-assets while ensuring that they never become a haven for illegal activity or a source of financial vulnerability.
There are plenty of uses for the legal services and businesses born from this innovative technology if everyone is willing to use it properly. There will always be a good and a bad side to cryptocurrency, but that can’t stop the technology from being in the center of a significant revolution.
Most people treat Bitcoin as a potential minefield of profit, while others know the true value of this cryptography-enabled technology and what it can actually offer to the world. But the truth is that anyone with a common knowledge of this technology can take advantage of Bitcoin’s anonymous nature, including criminals.
Bitcoin’s concept first appeared in 2008 when Satoshi Nakamoto published the original white paper. Back then, people got into cryptocurrency mainly because it was anonymous, but adoption kicked-off and the community started growing.