I have been reading up on Cryptocurrencies lately. This post will serve as a summary of what I have learned from my readings. Specifically, Don and Alex Tapscott’s Blockchain Revolution and Prypto’s Bitcoin for Dummies.

Blockchain revolution exposed me to the concept of the blockchain – the underlying technology that supports cryptocurrencies such as Bitcoin. In fact, people should focus on the blockchain rather than on the individual cryptocurrencies such as bitcoin because of its potential applications beyond finance. I will be listing the points which stood out in my reading as well as my thoughts:

– Blockchain technology could be used to supplant remittance services. The poor migrant worker often had to pay high transaction fees to send their money back to their home countries. With blockchain, migrants could bypass such remittance services altogether. If the blockchain does take off, firms such as Western Union could see their moats …