Torpey on Bitcoin

quotes cryptocurrency bitcoin

19 Jan 2014

Kyle Torpey writes:

At its core, Bitcoin is a new technology that allows everyone around the world to come to a consensus on who owns what without the use of a centralized third party. There are many different applications that can be built on top of this technology, and Bitcoin is only the first of many apps to come. When you forget about Bitcoin and just look at the technology, there are a large number of new possibilities that jump out at you. For example, if you can have a decentralized ledger that explains who owns which asset, then why do we need centralized stock exchanges? If we can have a global consensus on who owns which domain name or email address, then why do we need centralized versions of these services?

These are just a few of the possibilities that people are looking at right now when it comes to taking the technology behind Bitcoin and applying it to more than just payments.

Humanity wins with the creation of all these new decentralized services and technologies, and we can all thank Satoshi Nakamoto for his, her, or their creation of the blockchain technology. In a few years, we could be talking about a situation where the entire Internet has been replaced with services that use the blockchain technology as the foundation of their development.

Read more here.