This is not a technical blog, but recently lots of my family member asked me about what is the blockchain and the relationship with BTC (bit coin), so I would like to talk a little about this.
I won’t go further in the detail of blockchain and BTC, rather than some observation of myself.
I don’t exactly remember when I heard the BTC at the first time, seems quite a time, and I am always not a sensitive guy, so I just looked up the basic concept of BTC and related blockchain on wikipedia (https://en.wikipedia.org/wiki/Bitcoin) , then I just moved on for my life.
The next time when I noticed something different is Chinese official announced to shutdown the BTC exchange in China, so I dig into some background, It turned out I missed a wonderful show, actually I missed a lot of wonderful show, I am not regret as well.
Some key points of my observation.
The reason why Chinese official shutdown the BTC exchange is to restrict the capital flight outside China and also the money laundry activity. there are also other political reason behind it.
In China, The essential technology which BTC use, blockchain have become a new pursuing concept in capital market, any stock related the blockchain technology would increase a lot, although many of them is just name their company as blockchain related.
The blockchain technology do have the potential and possibility to have a revolution in some industry, but till now, I can’t find another successful application except in finance industry as BTC. But it is still promising, which depict a sublime footprint for a lot of industry, for example, I notice the former giant Kodak would use blockchain technology to protect the intellectual property of photograph (The natural of blockchain technology guarantee the back trace of all the transection at the very beginning)
The BTC alternative emerges as branches, which overcome some drawback of the original BTC, such as the blockchain size limitation or the mining confirmation time, etc. But I still think the BTC with the most user base would the most safe and stable blockchain.
Anonymous is double side sword, if you lose you private key, you lose your BTC forever, so I think the cryptocurrency is still have a medium above technical threshold for ordinary people, which literally means the awareness of the information security. So it’s not a good game for most people.
The effect of fortune would attract lots of ordinary people to join the market of BTC or other cryptocurrency business, but this is when the former BTC player to cash their money. So just stay away when anyone are crazy about this.
Basically official bank or government won’t be a fun of the cryptocurrency , because decentralization would naturally against the official management, so policy risk increases in such a country and also the underground market or black market would prosper, but full of tricks or traps.
Why most people noticed the BTC is not because of what an amazing application design on blockchain, but the value for one BTC reached 10000$.
In China, as no supportive legislation, cryptocurrency transaction would be more risky than in other country.
cryptocurrency and blockchain involved in some philosophy concept , which enlighten what is the natural of currency (what the most people trust ?), Self maintaining networking and AI, And one person can change or destroy the entire world?
I recently played a PS4 game Nier: Automata, I would finish this article with a favorite screen shot of this game（Shakespeare metaphor）.