I just only wondered about it.

A blockchain, originally block chain, is a continuously growing list of records, called blocks, which are linked and secured using cryptography.Each block typically contains a cryptographic hash of the previous block,[6] a timestamp and transaction data.By design, a blockchain is inherently resistant to modification of the data. It is "an open, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way". For use as a distributed ledger, a blockchain is typically managed by a peer-to-peer network collectively adhering to a protocol for validating new blocks. Once recorded, the data in any given block cannot be altered retroactively without the alteration of all subsequent blocks, which requires collusion of the network majority.

Blockchains are secure by design and exemplify a distributed computing system with high Byzantine fault tolerance. Decentralized consensus has therefore been achieved with a blockchain. This makes blockchains potentially suitable for the recording of events, medical recordsand other records management activities, such as identity managemen, transaction processing, documenting provenance, food traceability or voting.

Blockchain was invented by Satoshi Nakamoto in 2008 for use in the cryptocurrency bitcoin, as its public transaction ledger. The invention of the blockchain for bitcoin made it the first digital currency to solve the double spending problem without the need of a trusted authority or central server. The bitcoin design has been the inspiration for other applications.




HISTORY:

The first blockchain was conceptualized by a person (or group of people) known as Satoshi Nakamoto in 2008. It was implemented the following year by Nakamoto as a core component of the cryptocurrency bitcoin, where it serves as the public ledger for all transactions on the network.Through the use of a blockchain, bitcoin became the first digital currency to solve the double spending problem without requiring a trusted authority and has been the inspiration for many additional applications.[1][3][4]

In August 2014, the bitcoin blockchain file size, containing records of all transactions that have occurred on the network, reached 20GB (gigabytes). In January 2015, the size had grown to almost 30GB, and from January 2016 to January 2017, the bitcoin blockchain grew from 50GB to 100GB in size.The words block and chain were used separately in Satoshi Nakamoto's original paper, but were eventually popularized as a single word, blockchain, by 2016.

The term blockchain 2.0 refers to new applications of the distributed blockchain database, first emerging in 2014. The Economist described one implementation of this second-generation programmable blockchain as coming with "a programming language that allows users to write more sophisticated smart contracts, thus creating invoices that pay themselves when a shipment arrives or share certificates which automatically send their owners dividends if profits reach a certain level." Blockchain 2.0 technologies go beyond transactions and enable "exchange of value without powerful intermediaries acting as arbiters of money and information." They are expected to enable excluded people to enter the global economy, protect the privacy of participants, allow people to "monetize their own information," and provide the capability to ensure creators are compensated for their intellectual property. Second-generation blockchain technology makes it possible to store an individual's "persistent digital ID and persona" and provides an avenue to help solve the problem of social inequality by "potentially changing the way wealth is distributed":14–15 As of 2016, blockchain 2.0 implementations continue to require an off-chain oracle to access any "external data or events based on time or market conditions [that need] to interact with the blockchain."

In 2016, the central securities depository of the Russian Federation (NSD) announced a pilot project, based on the Nxt blockchain 2.0 platform, that would explore the use of blockchain-based automated voting systems. IBM opened a blockchain innovation research center in Singapore in July 2016. A working group for the World Economic Forum met in November 2016 to discuss the development of governance models related to blockchain.[26] According to Accenture, an application of the diffusion of innovations theory suggests that blockchains attained a 13.5% adoption rate within financial services in 2016, therefore reaching the early adopters phase. Industry trade groups joined to create the Global Blockchain Forum in 2016, an initiative of the Chamber of Digital Commerce.

Source;
https://en.m.wikipedia.org/wiki/Blockchain

Good news for all Filipinos and the others

In my country the Philippines National Bank (PNB) was looking into use of bitcoin,i was wondering if it  can may affect the price of bitcoin?


TOP official of the Philippine National Bank (PNB) vows to study bitcoin amid Bangko Sentral ng Pilipinas (BSP) accepting stance on cryptocurrencies. PNB chair Flor Gozon Tarriela said they are looking at bitcoin and blockchain technology very cautiously but stressed the bank is not into it yet. “PNB will closely study the disruptions going on in the financial sector. We want to know more about the trends. We want to be aware of what is happening. But as to our plans to venture, we are not into it yet,” said Tarriela, adding that they are in the process of studying its dynamics and its possible effects to the banking business. A bitcoin is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency, as the system works without a central bank or single administrator. While it recognized the potential benefits of virtual currencies as it facilitate the movement of funds at a much faster, cheaper, and convenient way, the BSP is equally cautious of the potential risks including illicit activities such as money laundering and terrorist financing.

It has advised the public that they have to be conscious of the opaqueness of transactions involving bitcoins. To minimize risks, the BSP encouraged existing and prospective virtual currency users to deal only with BSP-registered virtual currency exchanges and maintain only a sufficient amount of virtual currency enough to address transaction requirements. BSP warned that virtual currency users should properly secure their virtual currency holdings and observe security tips to protect the confidentiality and integrity of personal information and transaction details. “The BSP still has to issue regulations on this virtual currencies. But, we, in the banking industry advocate the know-your-customer first,” said Tarriela. PNB’s thrust this year is to go digital. Tarriela said they have launched mobile banking apps to cater to the needs of the tech-savvy market. “The way to go, really, is digital,” she said, adding that this will also help them reach out to the unbanked population.

Source : http://www.sunstar.com.ph/cebu/business/2018/03/09/pnb-looks-use-bitcoin-592675

In my country the Philippines National Bank (PNB) was looking into use of bitcoin,it can may affect the price of bitcoin if many banks accept it?


TOP official of the Philippine National Bank (PNB) vows to study bitcoin amid Bangko Sentral ng Pilipinas (BSP) accepting stance on cryptocurrencies. PNB chair Flor Gozon Tarriela said they are looking at bitcoin and blockchain technology very cautiously but stressed the bank is not into it yet. “PNB will closely study the disruptions going on in the financial sector. We want to know more about the trends. We want to be aware of what is happening. But as to our plans to venture, we are not into it yet,” said Tarriela, adding that they are in the process of studying its dynamics and its possible effects to the banking business. A bitcoin is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency, as the system works without a central bank or single administrator. While it recognized the potential benefits of virtual currencies as it facilitate the movement of funds at a much faster, cheaper, and convenient way, the BSP is equally cautious of the potential risks including illicit activities such as money laundering and terrorist financing.

It has advised the public that they have to be conscious of the opaqueness of transactions involving bitcoins. To minimize risks, the BSP encouraged existing and prospective virtual currency users to deal only with BSP-registered virtual currency exchanges and maintain only a sufficient amount of virtual currency enough to address transaction requirements. BSP warned that virtual currency users should properly secure their virtual currency holdings and observe security tips to protect the confidentiality and integrity of personal information and transaction details. “The BSP still has to issue regulations on this virtual currencies. But, we, in the banking industry advocate the know-your-customer first,” said Tarriela. PNB’s thrust this year is to go digital. Tarriela said they have launched mobile banking apps to cater to the needs of the tech-savvy market. “The way to go, really, is digital,” she said, adding that this will also help them reach out to the unbanked population.

Source : http://www.sunstar.com.ph/cebu/business/2018/03/09/pnb-looks-use-bitcoin-592675

TOP official of the Philippine National Bank (PNB) vows to study bitcoin amid Bangko Sentral ng Pilipinas (BSP) accepting stance on cryptocurrencies. PNB chair Flor Gozon Tarriela said they are looking at bitcoin and blockchain technology very cautiously but stressed the bank is not into it yet. “PNB will closely study the disruptions going on in the financial sector. We want to know more about the trends. We want to be aware of what is happening. But as to our plans to venture, we are not into it yet,” said Tarriela, adding that they are in the process of studying its dynamics and its possible effects to the banking business. A bitcoin is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency, as the system works without a central bank or single administrator. While it recognized the potential benefits of virtual currencies as it facilitate the movement of funds at a much faster, cheaper, and convenient way, the BSP is equally cautious of the potential risks including illicit activities such as money laundering and terrorist financing.

It has advised the public that they have to be conscious of the opaqueness of transactions involving bitcoins. To minimize risks, the BSP encouraged existing and prospective virtual currency users to deal only with BSP-registered virtual currency exchanges and maintain only a sufficient amount of virtual currency enough to address transaction requirements. BSP warned that virtual currency users should properly secure their virtual currency holdings and observe security tips to protect the confidentiality and integrity of personal information and transaction details. “The BSP still has to issue regulations on this virtual currencies. But, we, in the banking industry advocate the know-your-customer first,” said Tarriela. PNB’s thrust this year is to go digital. Tarriela said they have launched mobile banking apps to cater to the needs of the tech-savvy market. “The way to go, really, is digital,” she said, adding that this will also help them reach out to the unbanked population.

Source : http://www.sunstar.com.ph/cebu/business/2018/03/09/pnb-looks-use-bitcoin-592675

 For beginners, it may help to you to understand what is ICO

An initial coin offering (ICO) is a controversial means of crowdfunding centered around cryptocurrency,which can be a source of capital for startup companie. In an ICO, a quantity of the crowdfunded cryptocurrency is preallocated to investors in the form of "tokens", in exchange for legal tender or other cryptocurrencies such as bitcoin or ethereum. These tokens supposedly become functional units of currency if or when the ICO's funding goal is met and the project launches.

ICOs provide a means by which startups avoid costs of regulatory compliance and intermediaries, such as venture capitalists, bank and stock exchanges,while increasing risk for investors.ICOs may fall outside existing regulations or may need to be regulated depending on the nature of the project, or are banned altogether in some jurisdictions, such as China and South Korea.

Source: https://en.m.wikipedia.org/wiki/Initial_coin_offering

DEFINITION of 'Initial Coin Offering (ICO)'
An unregulated means by which funds are raised for a new cryptocurrency venture. An Initial Coin Offering (ICO) is used by startups to bypass the rigorous and regulated capital-raising process required by venture capitalists or banks. In an ICO campaign, a percentage of the cryptocurrency is sold to early backers of the project in exchange for legal tender or other cryptocurrencies, but usually for Bitcoin.


Source:  https://www.investopedia.com/terms/i/initial-coin-offering-ico.asp#ixzz59E02j7HW

I wonder,that the other country didnt accept bitcoin.