2017 ended with Bitcoin making daily headlines. If you’re not familiar with Bitcoin, it’s a specific type of cryptocurrency (a secure digital currency). It made daily headlines mostly due to the mania surrounding its steep rise in price. Why are so many people euphoric about Bitcoin? Many think it will replace the U.S. dollar. They say it’s the future of money. Others say Bitcoin is worthless, and its price run-up is a bubble certain to burst. So which one is it?
Is Bitcoin the future or a passing fad? I don’t know. Time will tell. However, I do know this. Cryptocurrencies and electronic transactions will dominate the future. And many believe the technology behind Bitcoin will be the reason that happens. So what is this technology? It’s called blockchain, and many believe it’s the future of financial transactions. So what is blockchain? In simple terms, blockchain is a growing online record. Here’s a simplified example. Let’s say Citizen A agrees to buy a product from Citizen B using Bitcoin. When he does, the blockchain records the transfer of the Bitcoin from Citizen A to Citizen B. READ MORE