Bitcoin Will Be Bolstered by the Introduction of 5G Networks
In recent months, cryptocurrency has been big news.
21:35 02 May 2018
In recent months, cryptocurrency has been big news. Dominating headlines the whole world over, its peaks, ever-growing popularity, and a multitude of perks have kept audiences fascinated.
A truly unique technology, bitcoin has challenged the financial status quo for the first time in aeons. Offering an alternative way to pay, it has finally got people questioning whether there is a better alternative to the paper and metal we’ve used since time immemorial.
So, it’s little wonder that some individuals are now beginning to ask how another emerging technology is likely to impact it; yes, we’re talking about 5G.
What will the introduction of 5G networks mean for bitcoin?
Like bitcoin and cryptocurrencies in general, 5G networks have the potential to revolutionise our world as we know it. Seeking to improve a multitude of technologies, this high-tech innovation has naturally got blockchain enthusiasts asking what it will mean for them.
The answer to this is a simple one: a lot. The world of digital currency is a complex one but it is intrinsically affected by advances in the technologies it uses – in this case, wireless networks.
With regards to 5G networks, these will be around 100 times faster than those that are currently in use, which means that downloads are about to be an awful lot quicker. For cryptocurrency sites like Best Bitcoin Exchange, this will have a marked effect on the user experience as a whole, impacting both the speed and efficiency of transactions, for a start.
To put this into perspective, Professor Rahim Tafazolli of the University of Surrey explains that these new networks will run at a speed of around 800gbps, a figure that would enable internet users to download around 33 high definition films in under half a second. For transactions like those involved in the purchase of cryptocurrencies, it will very much be a case of ‘blink and you miss it’.
A simpler and more streamlined process
For bitcoin users, all of this means added clarity with regards to their funds and updates to their accounts. With transaction confirmations certain to be performed with an exceptional degree of speed, it will be possible to download the entire blockchain in one minute or less – a vast improvement on the current state of affairs.
Almost all internet users will have access to these perks, with 50 billion devices expected to join the 5G network by 2020 as part of the wider integration of the Internet of Things. This will not only revolutionise data, communication, and technology as a whole but have an unprecedented effect on specific areas such as cryptocurrencies, changing and improving the way they work beyond all recognition.
For bitcoin users, this is likely to look like stronger wallets, apps, and a massively improved overall experience. More, access to an arguably ‘unbreakable’ network will mean that there will never again be drops in communication: no more interrupted transactions, no more missed alerts, and the ability to be a better and more profitable trader as a result. It’s fair to say that the world of cryptocurrency will never be the same again.