Blockchain Technology The Way Of The Future!!!

Hey, Guys! Recently I have been looking it to the whole of blockchain technology. It is really interesting stuff! Technically it is a decentralized and highly secure network. You might have heard of Bitcoin and Ethereum. They are two cryptocurrency that runs off this system. I want to start making programs that run on this system!

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One Reply to “Blockchain Technology The Way Of The Future!!!”

  1. Hi EJBuilder,

    Yes, the block chain technology is getting bigger and bigger… banks are exploring using the technology and Bitcoin hit an all-time high value of $6000 recently. However, there are some potential problems:
    1) Speculative bubble?
    2) The energy costs of transactions (takes way more energy than a credit card transaction)
    3) Scalability — the network will get slower as more people use it.
    4) No inflation — gives people incentive to hoard rather than spend/invest the money
    5) No underlying business case except: drug buys, libertarians supporting wikileaks, and people who want to send money over seas without paying a $30 bank fee
    6) Volatility – Bitcoin is useful for transactions where you move in, pay, then don’t hold. The volatility is related to 5)
    7) Few businesses take Bitcoin, meaning it is limited to speculation and drug buys
    8) Dodgy exchanges – go bankrupt, get hacked, or just disappear with the money
    9) Despite what people think, Bitcoin is not anonymous.

    That said, I think there is a place for Bitcoin in the world. I just hope people use it sensibly, and don’t get scammed.

    Have fun,


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