Bitcoin, and the Blockchain technology it is based, upon has seen a huge boost in popularity the last couple of months, due mainly to the fact that it's price has almost doubled in the last 30 days of this writing. This can be attributed to three factors as I see it.
- The Japanese government has officially recognized it as a currency, 40% of the Bitcoin market is Japanese. Additionally, Japanese and Chinese currencies are on a downward price spiral.
- Fears of its Blockchain technology being limited to a certain number of transactions has been overcome by a successful split thereby increasing its transaction size, by a sister Blockchain product known as Litecoin.
- Impressive predictions of the Bitcoin price going up by proven visionaries, like the Snapchat initial investor, Jeremy Liew, predicting a price of $500,000 by 2030 http://www.businessinsider.com/bitcoin-price-could-be-500000-by-2030-first-snapchat-investor-says-2017-3
I first got into Bitcoin back in 2014 when it was first rising in popularity, showing impressive gains in price. I bought some mining machines and generated a few Bitcoins, however, due to the Mt Gox Bitcoin Exchange scandal where a billion dollars of Bitcoin was lost, the price dropped to a point it didn't make sense to mine anymore.
What really caught my geek interest with Bitcoin is the Blockchain technology it is based upon. Being both a CPA and computer geek, this technology fascinates me. Simply put a Blockchain is a series of unique data transactions (or blocks) secured from tampering and revision that are tied together across distributed systems. Blockchains are suitable for the recording of events securely, like medical records, currencies, voting and really any type of secure transactions.
The Microsoft Cloud Azure now offers Blockchain as a Service, that I am currently investigating https://azure.microsoft.com/en-us/solutions/blockchain/. A new Blockchain called Ethereum is being hosted there and it appears to be a more generic implementation, taking into account more varied transaction types than the financially focused Bitcoin implementation.
It certainly appears that Bitcoin and Blockchain are here to stay and become even a more major player in our day to day life,