Why You Need to Love Bitcoin to Love the Blockchain

Most people following developments in Bitcoin are familiar with the often repeated mantra proclaiming the blockchain an innovative technological breakthrough, but Bitcoin an unnecessary and superfluous addition.

Recent reports, for example, suggest IBM is exploring the use of Bitcoin-less blockchain technology.   Separating Bitcoin from the blockchain, however, misses the fundamental, interdependent relationship between digital currency and its underlying blockchain technology.  In other words, you can’t have one without the other.  To be clear, when some speak of loving blockchain technology, they are referring to its use in areas beyond transferring monetary value, so called “Bitcoin 2.0” functions.  For purposes of this article, I am not referring to these Bitcoin 2.0 possibilities. Rather, this article addresses whether blockchain technology can exist as a medium to exchanging financial value without bitcoin, or any native currency component.