-There have been constant developments taking place in the crypto world, be it listing a new token on an exchange, or anything. There are many websites like Cryptoknowmics that provide daily updates on the price status of digital currencies including Bitcoin, or altcoins. Crypto enthusiasts can extract knowledge in finding the best Bitcoin mining hardware and other topics. Now if there is a question regarding whether blockchain technology values more than Bitcoin, then what will be your answer?
It might not be easy for many to answer quickly, but for the CEO of well-known investment banking company Goldman Sachs, digital ledger technology is more important than the dominant crypto token. According to David Solomon, Bitcoin does not have that importance, as the changes in the technology executing blockchain, and other tools based on the new ledger can result in a conventional monetary world. He does not own any major digital currency be it Bitcoin or Ethereum.
Blockchain technology more important than Bitcoin: David Soloman
When it comes to crypto space, then what strikes the first is Bitcoin and the underlying digital ledger blockchain technology on which it operates. Now when it comes to figuring out which among these is more important then it is not easy to answer, since both are popular in their own ways.
But according to Goldman Sachs CEO, he believes that Bitcoin is less important when it comes to comparison with blockchain. He gave this statement during an interview session on an American television news program. David gave his opinion on the question on Bitcoin and said that he is not so sure about it, also it is not of much importance to him.
The Goldman Sachs CEO also further said that the actual value of dominant crypto king Bitcoin lies in blockchain, its powering technology, and how this digital ledger can impact the financial world in the coming decades. He also added that he truly believes in such innovative technologies which are bringing changes. And the investment banking firm, Goldman Sachs, is also making attempts to be a part of its revolution via services app.
Bitcoin is not the basic thing: David Soloman
While stating his opinion, David also commented that the banking industry never had viewed Bitcoin with utmost importance. It was rather the impact of new technologies that brought bitcoin and other digital currencies along with it. And this triggered new changes in the traditional banking system.
David does not consider Bitcoin to be the main thing. Rather it is how blockchain technology and other underdeveloped technologies speed up the digital pace in delivering monetary services. But the CEO also mentioned that it is also essential for his investment banking company to facilitate its customers by offering Bitcoin so that they can bet on the market action of the digital currency.
Earlier this year, the bank started allowing its customers to practice investments in cryptocurrency. Those who criticized Jamie Dimon, the chief executive officer of JPMorgan considered Bitcoin having no worth, and did not affect the bank’s ability in providing crypto service to its customers.
A brief overview of blockchain technology
When it comes to exploring the crypto world, then it cannot be without knowing blockchain technology. They are also known as DLT means Distributed Ledger Technology. It is known for recording past transactions which cannot be altered and are cleared through special crypto techniques – decentralization and cryptographic hashing.
One can understand blockchain more clearly with an example of Google Docs. You might be familiar with its use wherein, the document is created and is shared with people. Now as you can notice that the document is neither copied nor has been transferred, instead it has been distributed.
The same is the case with the process of blockchain technology. The creation of the decentralized chained document is distributed at same time. The modifications to the documents are recorded in real-time with clarity. All the transactions that are made with Bitcoin are recorded via a chain of blocks.
Blockchain and Bitcoin both are important components of the crypto world one is a popular cryptocurrency. Known around the globe, and another is distributed ledger technology. Which it operates upon but when it comes to comparison then up to some extent we can say. That blockchain has more importance than its operative digital currency. It can survive without bitcoin, but the same is not the case in vice versa.
Today blockchain is in great demand by various sectors including artificial intelligence, banking, healthcare, real estate, insurance, and government. Log on to the Cryptoknowmics to explore more about this digital technology, and do stay abreast with the latest crypto news updates and other topics like buying bitcoin mining hardware on eBay.