Topic: [2018-06-06]Bitcoin Owes Its Success To Blockchain (Read 151 times)

But why was this database created if not for BTC? If not for the coin that you belittle we wouldn't have the database that stores its transactions. What makes you think that if there was no "digital gold" and people had none of this value to send, store and receive, they would think of creating and supporting blockchain? Blockchain that did not offer anything to its users, no software, nothing. Cut BTC out of the equation and all you have is half of it.

And we are very thankful for fiat service  If this system doesnt exist we might not able to see Bitcoin and wouldnt come up in mind to be created by Satoshi. I dont know whats the sense on telling the thing that Bitcoin owes its success to blockchain.We can really say that it do really contributed but considering that this isnt only the factor why it do able to succeed we do see lots of reasons why bitcoin succeeded and not only just for a single factor.

Be happy that all that garbage isn't running on top of Bitcoin. Ethereum's blockchain exceeded 1TB already, and within a year from now another TB will be added to its blockchain, and the year after that another 1-2TB, and so forth. Bitcoin's blockchain is still below 200GB in size, and roughly only ~50GB will be added on a yearly basis. Bitcoin Core's conservative approach helps Bitcoin remain easy to host for every person at home, which becomes near impossible with Ethereum.

Another important thing is that the SEC chairman just now said that the rules are clear, which is that regular crypto currencies are NOT securities, and where all tokens are securities, and that goes up for Ethereum as well. It's something that has been the case for a long time already, but people don't seem to understand it.

The interview can be seen here; https://www.youtube.com/watch?v=wFr1ooaVPjY

Bitcoin owes it success to the failure of the Fiat system. The Banks were raping poor people with high fees and granting rich people with large deposits, offers with accounts with zero fees. Taking fro the poor and giving to the rich! The remittance services were doing the same thing, by taking 10% to 20% of people's money that are being send globally. 

We should thank the Fiat services for exploiting people, because that forced Satoshi to think out of the Box to come up with a better alternative to replace or disrupt them. 

Banks and governments managing to operate more efficiently and cost effectively owe that success to Bitcoin. 

Regardless of what the argument is, both Bitcoin and the blockchain complement each other in every possible way, and in both cases we see how useful they are in their current decentralized form.

The world was desperately in need of something like Bitcoin, and we have it. It made governments have the worst nightmare in their entire existence, where in current times they can't do anything other than letting it grow.

The only thing I don't like is how the hype currently revolves around ICOs being extremely overvalued, and not the main fundamentals of this ecosystem, which is how decentralized it is.

Well it boils down to the which comes first, chicken or egg argument. But I don't think that Bitcoin really owes its success to blockchain alone. There are other factors and you can say it to blockchain as well. Ironic part is people are talking about this so called ledger which can't be manipulated and data is permanent.

However, they are totally against the crypto currency that made it famous and applicable to almost facets of industry now. From Pharma to Banks, to Logistics and even Medicine. That's the beauty of Blockchain Technology, the same technology that powers Bitcoin.

Typical corporate propaganda that tries to promote blockchain and downplay Bitcoin at the same time. In reality there was no "blockchain technology" when Bitcoin was created by Satoshi, he simply named Bitcoin's database that way. And this way of keeping database is not revolutionary on its own, Bitcoin's protocol has many other crucial parts like networks of nodes and PoW mining. Without those parts "blockchain" is just a database with cryptographic commitment scheme, and it's wrong to say that blockchain is the heart of Bitcoin, all parts are equally important and make Bitcoin decentralized, something which can't be said about all those corporate blockchains.

Today's transactions are besieged with attacks from cybercriminals, but a distributed digital ledger technology called blockchain is changing the future of the financial services industry. Trillions of dollars circulate through the global financial system every day in transactions that impact billions of people. In January 2018 an average of $1.8 trillion was traded daily in the foreign exchange market alone. These transactions are an attractive target for fraud and theft. Forty-five percent of financial intermediaries, including stock exchanges, money transfer services and payment networks report being the victim of an economic crime. Blockchain addresses these vulnerabilities through a peer-to-peer transaction process driven by distributed networks.

Leveraging networks to power commerce
The technology that enables entities to directly transact value without a trusted third party was originally developed to support bitcoin. A blockchain is a shared, distributed ledger that records transactions through a secure, verifiable process that does not flow through an intermediary. By leveraging the combined computing power of a distributed network, it manages all of the verifying, contracting, settling and record-keeping tasks that are the basis of all forms of commerce. For the first time in modern history, two or more parties can build or exchange value independent of institutions like banks, government bureaucracies and rating agencies. Though initially utilized to trade cryptocurrencies, blockchain can record the transaction of anything that has been assigned value.

Blockchain exists as a shared database distributed across a public or private network of computers. A network uses its combined computing power to continuously reconcile data so that the shared ledger of transactions is updated and audited frequently. Secure, direct exchanges make blockchain ideal for trusted transactions. Individuals or businesses can utilize it to transfer intangible values such as equities, currencies, votes, patents or copyrights, as well as tangible property such as gold, real estate, pharmaceuticals or commodities.


Reshaping business models
Emerging network-based business models are poised to transform the financial services industry. For example, consider the process for trading an equity on blockchain. The buyer initiates an order to purchase shares of stock at a particular price. This transaction is grouped with other transactions and represented digitally as a "block" that is broadcast to every user on the network. The network utilizes known algorithms to validate the data in that block, including verifying the buyer's status and the trade. Then the block transfers the title of the securities from the seller to the buyer. Once the transaction has been validated, it is added to the blockchain, and the updated blockchain is distributed to the network and utilized for future verifications.

These same principles also apply to larger transactions such as how companies access growth capital. When companies seek investment through traditional channels, they initially pursue angel investors, then target venture capital and may ultimately issue an initial public offering (IPO). These stages rely on multiple intermediaries, including exchange operators, investment bankers and lawyers. Blockchain upends this process by enabling companies of any size to raise money through a peer-to-peer global distributed share offering. Many companies have already utilized this new funding mechanism, called an initial coin offering (ICO). In 2017 startups raised $5.6 billion in ICOs and nearly a third of that funding was generated for blockchain infrastructure projects.

See More: https://www.forbes.com/sites/brianmenickella/2018/06/05/bitcoin-owes-its-success-to-blockchain/#6bba80843748