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Six myths about blockchain and bitcoins: demystifying the effectiveness of this technology

The Block chain: what a discovery! Soon, everything will be based on Block chain technology. If you are a fan, then I might disappoint you.

This article will discuss the technology version of the block chain used for Bit coin cryptographic currency. There are other implementations, and although they may have eliminated some of the disadvantages of the “classic block chain”, everything is built around the same principles.

btc price chart

About Bitcoin in general

I believe that bit coin technology is revolutionary. Unfortunately, Bit coin has been used too often by criminal activities, and as a computer security specialist, I deeply hate this practice. Technologically speaking, Bit coin is an obvious breakthrough.

Bit coin protocol components and built-in ideas are not new; generally, they were all known before 2009, but only the Bit coin authors succeeded in assembling them to make them work again in 2009. Since then, for almost nine years , only one critical vulnerability has been found in its implementation, when a criminal had blocked 92 billion bit coins. Only one vulnerability in nine years, it had to be done! Hat to the creators.

The authors of cryptocurrency exchange  have taken up the challenge of making everything work without a central system and trusting no one else. The creators took up the challenge and made electronic money an operational currency. Nevertheless, some of their decisions have been devastating in their inefficiency.

I’m not here to discredit block chain, a useful technology that has demonstrated several remarkable uses. Despite its disadvantages; it also has unique advantages. However, in a sensational and revolutionary surge, many people focus on the positives of technology, often forgetting to have a realistic view of things, without taking into account all its disadvantages. It is for this reason that for the sake of diversity, I consider it useful to focus on the disadvantages of this technology.