Bitcoin fell below the $4,000 mark in February, leaving many questioning whether the digital currency was on its last legs. However, following a month of gains, sentiment is now far more positive, with many predicting that the Bitcoin price could soon be back above the $19,700 record set in December 2017.
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It is indisputable that blockchain is closely associated with cryptocurrencies. Blockchain technology is the underlying concept which defines the very existence and functioning of Bitcoin and other cryptocurrencies. The disruptive nature of the blockchain is undoubtedly changing the face of search engine and digital marketing which makes it imperative to catch up on the capabilities of this technology and understand how it is catching up with the industry, to remain competitive.
The first and major issue related to its adoption is its scalability. Though transaction networks are capable of processing thousands of transactions per second without any failure, when it comes to Bitcoin (roughly, 3 to 7 transactions per second,) and Ethereum ( 15 to 20 transactions), there is a remarkable slowdown in processing the transactions, making Blockchain unviable for large-scale applications.
A blockchain is a distributed ledger technology that became popular for powering Bitcoin, the first cryptocurrency that the world was introduced to. That said, in this article, we will be discussing how network engineers can benefit from blockchain technology. Let us first start by understanding what blockchain is and who network engineers are.