Bitcoin

Not only Cryptos but Blockchain also owes its Success to Bitcoin.

Bitcoin was the first-ever cryptocurrency that was fully developed and introduced in 2009. Soon after it became famous because of its obvious unique reasons, dozens more followed. So, there is absolutely no doubt about bitcoin being the forerunner of all the cryptos. Blockchain technology, however, like the cryptos also owes big time to bitcoin.

Being a cryptographically managed list of records, which is immune to modifications, blockchain didn’t have much of use initially. It was developed with the idea of removing third parties from in between two peers. It’s a rule of the world that people are not interested in anything they don’t know about even if it could be revolutionary. Blockchain was one such insignificant yet unique technology that could revolutionize the global trading mechanics and just needed a big leap to help pave its path. That very leap was provided by bitcoin and as it was obvious, its impact on the people was shockingly huge and it grew rapidly. Here’s how it happened.

Basically bitcoin, when introduced, used the blockchain technology as its core component where it worked as a public ledger for all the transactions that occurred on that network. It was basically a proof that money has been exchanged between two parties without any middleman. This removed third parties, including even the governments from in between 2 peers and that attracted people. The cash flow became smooth and the transactions were not affected by any government laws. Also, the transaction validation process did not take much time, therefore, this further attracted more people to it.

The double-spending problem was also solved by this very technology all along. As a result, people started buying in bitcoin. Its adoption increased, and its value skyrocketed. Blockchain, being the core, did not go unnoticed at all. Different investors and companies soon used blockchain technology in smart contracts, designing applications, running video games on it, in supply chain logistics and management and in many other ways that no one initially thought of using.

That was the success story of blockchain technology. Now it’s not totally true to argue that only the blockchain technology was advantaged by bitcoin. The story goes another way around as well because, without the blockchain, bitcoin would not have existed without it. Nevertheless, blockchain exposure to the world would not have been able to reach this level if it were not for bitcoin. Bitcoin was not the whole ladder towards success which blockchain quickly climbed, but it certainly constituted a major part of it.

 

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Ahsan Khalid

Blockchain Developer. An Electrical Engineer with majors in software development. I present forward my insight regarding the latest happenings of the blockchain world. All views on my articles are my own. Email: ahsan@blockpublisher.com or editor.news@blockpublisher.com

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