Question

How did the growth of networks enable technologies like bitcoin to thrive?

Answer 1

How did the growth of networks enable technologies like bitcoin to thrive?

• The growth of the network has enabled many technologies to thrive in the market as the connection is one of the most basic amenities for connecting to serious technologies and in the recent time network technologies like 4G, WiFi technologies, LiFi, etc. have enhanced the user's way of looking towards the technologies.
• The cheaper the network becomes easy for people to make certain decisions and also look out for such technologies like blockchain.As we all know blockchain technologies consist of transactions and hence, it is necessary that the network must be fast enough to communicate with the servers on an immediate basis.
• The more the people invest in bitcoins the price increases accordingly and hence, the users are the ones which are actually making blockchain a success. There are many more reasons why bitcoin has thrived for long in the market.
• The growing network has resulted in more marketing of such blockchain technologies through various mediums like social media, online video-sharing community, etc. The popularity gained by the bitcoin and many other altcoins is just because of all the users that are networking them to other users.

Hence, this is why the growth of networks has enabled technologies like the bitcoins to thrive in the market efficiently and effectively.