CannabisNewsWire Editorial Coverage: Since their genesis in 2008, bitcoin and its underlying blockchain technology have spawned entirely new industries. Blockchain technology appears to be finding application in land registries, in protecting personal identities, in “smart” contracts, and in many other areas. The first employment of blockchain was, of course, bitcoin and cryptocurrencies continue as the main users of the technology. The value of digital currencies is now in the billions, led by bitcoin itself, which skyrocketed to a price above $11,000 as of early December. Moreover, digital coins or tokens have been offered to the public recently in a spate of very successful Initial Coin Offerings (ICOs) that in 2017 raised more than $1 billion. As acceptance of cryptocurrencies continues to grow, Global Payout, Inc. (GOHE) (GOHE Profile), Advanced Micro Devices (AMD), Global Blockchain Technologies Corp. (OTC: BLKCF) (TSXV: BLOC), Nvidia Corp. (NVDA) and Overstock.com, Inc. (OSTK) are intensifying their involvement with these exciting new technologies.
Bitcoin is most famously known as a cryptocurrency, but it is also the world’s first completely decentralized digital payments system. Its novel decentralized aspect as a means of payment is an important feature and one that breaks entirely new ground. That is because electronic payments, in some respects superior to their paper or physical counterparts, give rise to a “double-spending” problem. Like any other digital asset, a file representing money can be easily reproduced or copied. Other electronic payment systems solve this problem by using a trusted intermediary such as a credit card company or a bank between payer and payee. However, this gives rise to the inevitable transaction costs that those intermediaries charge. The mysterious, undoubtedly clever, inventor of bitcoin, Satoshi Nakamoto, devised a solution…
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