Cutting Through the Coverage: What Bitcoin Is and What Blockchain Is NotPublished October 14, 2018 by Lee R
Integrity is the highest form of efficiency; preserving it on the blockchain is the key to implementation.
People: Bitcoin and blockchain are NOT the same thing. Cryptocurrency and blockchain are NOT the same thing either.
What is Bitcoin?
Bitcoin is the adaptation of one form of cryptocurrency to the blockchain, in a form which clearly has flaws from an economic behavior standpoint.
What is cryptocurrency?
Cryptocurrency constitutes the adaptation of the creation and use of money to the blockchain. Speculating on and investing in cryptocurrency in essence refers to the adaptation of investment banking to the blockchain.
BUT ANYTHING AND EVERYTHING CAN BE ADAPTED TO THE BLOCKCHAIN.
Source of Concerns
Why is bitcoin and ICO getting stigmatized in online media and encountering so much resistance by global economic institutions and government?
Because of Bad Actors.
Bad Actors Defined
Bad Actors are those who seek to manipulate technology for ill gain. Those in this cohort run the gamut, from money laundering of terrorist funds to seeking to use technology for duping, bilking, or skimming.
We hate those words, we don't even want to think about them. But why are they so stigmatized? Because for the last two decades we have seen the investment sector rocked by financial scandals.
Nobody wants scandals on the blockchain, and the powers that be are rightly concerned about Bad Actors seeking to manipulate online technology for personal and ill-gotten gain.
The Economic Vulnerability of the Investment Sector
The fact is the more efficient an investment tool is on the blockchain, the more vulnerable the blockchain becomes to Bad Actors who get on the blockchain.
But this unpleasantness in one sector does NOT mean that the blockchain is bad.
The Attractiveness of Bitcoin Technology
A lot of people were introduced to the blockchain through bitcoin, and they like bitcoin because of the freedoms that the technology upon which it is built provides.
However, all systems can be improved on the blockchain. Healthcare systems, environmental balancing systems, security protection systems, advance warning systems, addiction prevention systems, heat transfer systems—any system across any sector.
Bitcoin and Blockchain Conferences
To date, bitcoin and blockchain are being intertwined in their representation in titles of highly productive and dynamic conferences where people from all sectors are looking to harness the benefits of the blockchain.
The Investment Sector Distraction
Meanwhile, everyone is seeking to crack this fantastic mysterious egg of how to adapt investment banking to the blockchain, and the battle of public opinion rages on about whether the blockchain is good or evil.
After covering conferences for years then studying the blockchain as a pet project for 2018, this is my opinion;
The blockchain is most definitely good. Seeing the blockchain as merely an investment or financial tool is bad, unproductive, and far too narrow, let alone counterproductive.
The Life of the Blockchain
Even if there was no bitcoin or cryptocurrency, there would still be a blockchain, and many blockchain projects could and would continue to develop, thrive or incubate to help society and usher in an era of constructive globalisation.
Addressing the Taboos
As for the hot topics terms that are so uncomfortable to talk about: let's clear up some confusion once and for all.
Bitcoin's Investment Realm on the Blockchain
Bitcoin is a form of cryptocurrency. Cryptocurrency is created and traded using blockchain technology. Cryptocurrency trading falls within the realm of the investment banking sector, which includes forex, open market share trading, and investing for growth.
Uniform and Diversified Compliance on the Blockchain
There exist or can exist compliant processes and blockchain networks for registering not just cryptocurrency or adapting the investment sector as we hear about continuously in the news. The blockchain offers, welcomes and can receive adaptation of anything from any sector.
The proliferating Bitcoin and Blockchain conferences are wondrous convergences of dynamic ideas and positive solution seekers networking to build effective and socially beneficial systems on the blockchain to solve all kinds of challenges and make better use of all environmental resources be they big data or hard inventory.
The Real ICO Utility
And most of these projects are being funded with ICO's, which are at heart astonishingly efficient systems for raising capital that the blockchain has made possible.
Uniformity on the Blockchain
As a global technology, the blockchain seeks to provide a built-in system of optimized compliance faithful to overarching legal requirements as well as the inherent sense of fair play and community protection which makes the job of governing and licensing easier for all jurisdictions.
Separating Investment from Blockchain
The ins and outs of the financial sector will be resolved in whatever process or form the controversy takes, but the blockchain offers a haven for equitable optimization for all sectors and projects, and is capable of providing a common ground to bring stakeholders in all professions together in an increasingly uniform system of compliant cooperation.
If we have the technology to do something so amazing, let's take advantage of it.
And let the investment sector be the investment sector, not the blockchain.