Blockchain Crowdfunding Essay Sample
In the age of technology, everything has changed and the topic of crowdfunding is no different. Therefore in this essay, we will be looking at Blockchain crowdfunding. We will be looking at each aspect of this concept to understand it better. Moreover, we shall also compare it to its traditional counterpart.
Nevertheless, we shall be looking at the following topics namely: what is Blockchain? How does crowdfunding works, Blockchain crowdfunding, and the advantages of Blockchain crowdfunding?
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What is Blockchain?
The Blockchain is a very complicated thing to explain. However, we shall look at the concept in a simple way. The Blockchain is a database. Rather different types of database. However, it is quite a large database, which allows full transparency of data and access to it from anywhere in the world.
Moreover, there are several features that separate Blockchain from a normal database. Most of all, Blockchain was first implemented in 2009 in form of Bitcoin. To this day, Bitcoin remains the founding digital currency and Blockchain the authority to maintain.
How does crowdfunding work
Crowdfunding as the name suggests is the process of raising funds for a project through the masses. It means a large number of people provides a small contribution to help the company reach the required amount of funds needed. Moreover, anyone can contribute to this process and there is no lower or upper limit.
Recently, there is a rise in crowdfunding activates. There are numerous websites like Kickstarter that helps company initiate the process of crowdfunding.
Blockchain crowdfunding vs traditional funding
As we know it traditional funding was derived from three things: self-funded, bank-funded, and venture capital. The problem is that self-funding is not possible for everyone has it is quite limited. On the other hand, bank funding requires existing business with a good flow of revenue. And capital venture or crowdfunding must provide a product or service that attracts a large number of peoples.
However, Blockchain crowdfunding is best the option. This is because people can contribute even without donating actually money. In fact, Blockchain crowdfunding is largely based around cryptocurrencies like Bitcoin. Adding to that, it is fully capable of equal value exchange.
Moreover, it is way secure and more useful for the companies seeks funding. In cases like Kickstarter either the funding can be really good for the company or really bad. This is not the case in Blockchain crowdfunding.
Advantages of Blockchain crowdfunding
There are various advantages related to Blockchain crowdfunding which will be discussed below. These are namely:
Now we shall discuss these in brief.
One of the major advantages is transparency. As there are no hidden processes or paperwork. Moreover, anyone can see the data from anywhere in the world. Also, every process is crystal clear. Making it a lot more transparent process as compared to its counterparts.
As it was mentioned earlier, no one can edit or change data in the database. In fact, not even government agencies or authorities can block the transitions. This makes it one of the safest mediums in existence.
Cryptocurrency is the panicle of modern technology. Blockchain is based around bitcoin, the largest digital currency. Moreover, it allows equal value exchange and donation in form of digital currency.
Blockchain is a decentralized system. It means that it doesn’t belong to any country or government. Therefore, it cannot be controlled by any national authority or any authority for that matter. Moreover, Blockchain crowdfunding cannot be taxed or blocked.
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