Bitcoin, blockchain, ICOs and crypto currency's.
Have you any idea what any of them are? What they do, how they are used? Can you explain to another, can others explain to you so that you understand?
Here is a simple analogy from the depths of my subconscious. I'll explain how revolutionary Bitcoin and the blockchain are using the model-T Ford.
Imagine Bitcoin as the model-t. It was the first popular car that everyone used. The model-t enabled freedom, took people away from horses and all the effort required to keep and manage horses. That is what Bitcoin is to the financial system. The popularity of the model-t was only possible because of the production line. So imagine the blockchain as the production line.
Initially the production line was only used to make model-t's. But the production line went onto become the most popular way to make things. Subsequently, these days no one drives a model-t, but you can still buy a ford.
The blockchain is as revolutionary as the production line and will be instrumental and in the background of everything we do in the future.
Bitcoin is like the model-t. It needs the blockchain to exist, like the model-t needed the production line to exist.
With the production line, you can make many things using the same principle. With the blockchain you can make many digital products.
Like the model-t, that has overtime evolved into various ford cars, Bitcoin also evolves as new code is added. Just like the car industry, other companies use the production line (blockchain) to make their version of the car (crypto currency's)
Before the car and when the car first became available, there was speculation, doubt, enthusiasm, confusion, fear mongering, profits and losses. But it turned out to be revolutionary and has lasted, grown and evolved.
The production line simplified, enabled speed and efficiency of production and was easily incorporated into any manufacturing sector. It was revolutionary and is still being used, evolved, and touches every part of our modern world.
Bitcoin and blockchain technologies are in their infancy but are as revolutionary as the model-t and the production line. Other companies are producing digital currency's, using the same blockchain technology used to enable the existence of Bitcoin.
So in summery, the blockchain is the technology that all digital currency's use to exist. You as the consumer can choose the same product made by different companies, depending on your preference, need and geographic location.
Bitcoin was the first, it is the model-t of the blockchain world. But the model-t evolved, adapted then needed to compete in a world full of cars. As will Bitcoin have to compete in a world full of crypto currency's. But just as all cars are made on the production line, all crypto currency's exist on the blockchain.