Issue 39 – Ethereum – Bitcoin 2.0
There has been a lot of hype lately about Bitcoin, blockchain and Ethereum. Despite their popularity, not a lot of people truly understand what they are. Let’s start with Bitcoin. Bitcoin is simply a digital dollar. Anyone can buy and sell Bitcoin, and as such, it serves the same purpose as regular currency. It can be used to purchase goods and services and many online retailers now accept cryptocurrencies as payment. That is however where the similarities end. Thanks to the blockchain technology on which it is exchanged, Bitcoin is not held in a bank account and does not need to be administered by a third party. So, middlemen, such as banks, brokers and bookkeepers, are removed from the equation. Blockchain is essentially a decentralized record (or ledger) of all transactions.