Topic > We will soon celebrate 10 years of Bitcoin (BTC) and Blockchain technology

A decade after the birth of the Bitcoin (BTC) protocol, there are still many unknowns about this technology and its benefits. Is blockchain technology today what it promised it would be in its early days of existence? Say no to plagiarism. Get a tailor-made essay on "Why Violent Video Games Shouldn't Be Banned"? Get an original essay Since blockchain technology emerged in 2009 with Bitcoin (BTC), interest in this technology has not stopped increasing. Experts say it will be the next industrial revolution, the era of the Internet of Value. A blockchain is nothing more than a database distributed among several participants, cryptographically encrypted and organized into blocks of transactions mathematically related to each other. The first blockchain was Bitcoin (BTC), launched in 2009. But what is it like now, almost ten years later? In its latest edition, The Economist included a special report on this technology, stating that “Bitcoin (BTC) and other cryptocurrencies are worthless.” It shouldn't have worked this way, says The Economist. Bitcoin (BTC) emerged after the 2008 global financial crisis as a kind of techno-anarchist project to empower and protect people who shared a deep distrust of governments, banks and large trusts. Its original goal was the creation of a popular currency as an alternative global financial system controlled by governments and banks. In short, Bitcoin (BTC) is a decentralized project. A decade later, Bitcoin (BTC) and blockchain technology are hardly used for the purposes intended in their early days of life. Relatively few providers accept Bitcoin (BTC), disillusioned by its volatility and dismal reputation. Its decentralized nature and mining-based working environment make it slow as this blockchain handles less than ten transactions per second, which is really slow compared to the tens of thousands of transactions per second conducted by existing payment networks or even other blockchain technologies. While Bitcoin (BTC)'s blockchain-based infrastructure is highly secure, cryptocurrency exchanges that handle the conversion of this digital asset into fiat money have been repeatedly hacked over the ten years of Bitcoin (BTC) and the technology's existence. blockchain. Please note: this is just an example. Get a custom paper from our expert writers now. Get a Custom Essay As for the blockchain technology that supports Bitcoin (BTC) and nearly all other cryptocurrencies, “the benefits of blockchains are often oversold,” The Economist said. While we know that the cryptocurrency market is increasingly attractive to investors, its volatility is one of the main challenges someone faces when investing money in cryptocurrencies. Blockchain technology, on the other hand, is a very promising solution compared to the conventional payment system, even if it is currently slower.