Will the blockchain outgrow Bitcoin?


Yesterday, 22 May, was Bitcoin Pizza Day, the fifth anniversary of the first cryptocurrency purchase. Back in 2010, when Laszlo Hanyecz bought his dinner, there was growing excitement about the possibilities presented by Bitcoin.

Now, there is developing fascination in the opportunities presented by the blockchain that forms the infrastructure that underpins transactions by Bitcoin.

  • What is the blockchain?
  • Transactions of Bitcoin, or other information, is recorded on a ledger, known as the blockchain. Unlike other ledgers, however, the blockchain cannot be edited so it offers security.

All the early excitement was focused on the idea of cryptocurrencies in line with Bitcoin’s supposed inventor Satoshi Nakamoto concept of a « truly peer-to-peer electronic cash system », supported by the blockchain.

Stories were swapped of the huge profits being made as Bitcoin’s value soared in 2013. Meanwhile, the idea of anonymous transactions generated as many hopes for libertarians and fears for the establishment.

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