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What's so special about Bitcoin?

by , 29 January 2015

The price of Bitcoin has had it tough over the last year. But just because the price is down, it doesn't mean that there isn't amazing potential with the digital currency and the technology it uses.

So what is so special about the technology that Bitcoin uses? And how can you get your slice of the action?

Read on to find out…

The special thing about Bitcoin is the blockchain

The technology that forms the basis of Bitcoin is the blockchain. This is the really clever bit behind Bitcoin.

It’s like a very clever database. And what is so ingenious about the blockchain is it removes the need for third parties, Dominic Frisby in Money Morning UK explains.

For instance, you can use Bitcoin to send money to somebody else without using a bank.

It’s this amazing aspect of Bitcoin that developers are exploring and taking to new levels.

Let’s have a look at what’s going on…

  • Developers are finding ways to communicate and network on a social scale without using a third party provider, like Gmail or Facebook.
  • Developers are exploring ways to draft and enforce contracts without using attorneys. These are called smart contracts.
  • Developers are finding ways to issue and trade shares without using stock exchanges and financiers.

Investing in Bitcoin 2.0

In the business, this is known as Bitcoin 2.0. And it’s this very stage that could open up the endless possibilities for Bitcoin and its technology.

At the moment, the companies developing this technology are private, so you can’t invest in them through buying shares in the stock market. But it’s likely just a matter of time before these companies start to go public.

And when they do, investing in the very best of these could prove to be a profitable venture as the technology takes off into the future.

So there you have it, what’s so special about Bitcoin.

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What's so special about Bitcoin?
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