Cryptocurrency

It’s the Bitcoin Effect

Bitcoin and blockchain technology have changed the digital landscape in a big way. Twenty years ago, the idea that data could be more secure if spread over several different computers within a network would have seemed laughable.

Blockchain-based apps, however, have quashed that notion. And while at first the idea seems a little ludicrous considering most of our views on securing data, if you give it a bit more thought, it makes a load of sense.

After all, having the system spread out over so many different nodes in the network makes it more secure. Let’s look at why by using Bitcoin as an example. Let’s say that tomorrow the United States decided to ban Bitcoin completely, even going so far as cracking down on everyone who had the software on their computer.

There are many users based in the United States, so a huge chunk of the network would be disabled. But even if the United Kingdom and Japan followed suit, the network would still survive. And because the information contained on the chain is duplicated within the network several times over, the data would not be lost.

There are a number of safeguards in place that make the data more secure as well, and if you want to learn more about these, you can read on the infographic below, first published by Bitcoinfy.

If you don’t know a DAO from an ICO, we recommend checking it out—it’s packed with loads of useful data and is the perfect beginner’s guide to cryptocurrency and blockchain tech. It’s a good starting point if you find the whole idea of cryptocurrency confusing.

What else can you learn from it? How about the market caps of Bitcoin and some of the top altcoins? What’s an altcoin, you say? That’s simple enough—an altcoin or alternative coin is any cryptocurrency other than Bitcoin. So Ethereum, Ripple, Tron, etc., all fall under this title.

There’s more to this than just learning the market info on each alternative coin, though. Each of these altcoins has a unique approach to making blockchain tech work for them.

Are you ready to learn more? Then take a quick look at the infographic.