How Cryptocurrency Think Tanks Like Chaincode Might Convert You to Bitcoin
by Janette Forsythe | Jul 25, 2014 | Technology | 1
As personal banking evolves with the demand for security and flexibility, digital banking in the form of Cryptocurrency has come into the spotlight. Think tanks, like Chaincode
, are shining the light on this revolutionary currency, and they might just convince us to abandon our current banks and start using Bitcoin.
While the digital banking revolution is happening, some of us are still trying to figure out what Chaincode is or why it’s called a think tank and that’s only if we can wrap our minds around a Cryptocurrency.
Let us walk you through the fundamentals of Cryptocurrency think tanks and how Chaincode could be the best thing that ever happened to digital banking.
Cryptocurrencies and Think Tanks
Cryptocurrency is a decentralized form of banking that allows for peer-to-peer transactions without the need for any formal method of payment. Cryptocurrencies like Bitcoin
allow for rapid transactions, complete anonymity, and no credit card fees. The worth of Cryptocurrency is dependent on the users; the more people who own Bitcoin, and use it as a standard currency, the more credibility it has.
To get more people involved, advocacy groups (think tanks) are forming to promote the use of Cryptocurrencies with the goal to get enough people involved to make it a standard. Think Tanks are generally non-profit organizations that are sponsored by donations and focus on endorsing new technologies or ideas. Cryptocurrency think tanks will often host events, publish articles, or promote projects that spread the word on the utility of Cryptocurrencies.
Chaincode and Bitcoin
One of the more anticipated Cryptocurrency think tanks pushing forward the Bitcoin revolution is Chaincode
. Founded by Alex Morcos and Suhas Daftuar, Chaincode’s goal is to “develop technology and perform research to further the field of digital currencies.” The organization is hiring a team of engineers to create and develop software that will commercialize the use of cryptocurrencies, allowing for more people to adopt Bitcoin over conventional banking methods.
Chaincode proved their dedication to Cryptocurrency by investing in two MIT students who plan to give away Bitcoin for free. Dan Elitzer and Jeremy Rubin
will be giving away $100 to every undergraduate student at MIT to use however they want. They hope the opportunity to use Bitcoin will spark enough interest in students to make them transition to Cryptocurrency.
By funding new projects and programs that shed light on Bitcoin’s practical applications, Cryptocurrency think tanks might launch us into a new world of banking. General skepticism surrounding Cryptocurrencies is holding people back from the transition, but think tanks like Chaincode could give Bitcoin another chance at becoming the new digital wallet.
What do you think about Cryptocurrency think tanks like Chaincode? Will you be making the transition to Bitcoin?
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