Why does the Blockchain technology need a coin to work?

Bitcoin and the Blockchain are eternally locked in an chicken or egg situation. You can not have a bitcoin without the blockchain. You can not have a secure blockchain without the value bitcoins generated by the same blockchain, in order to pay the miners and you can not have a valuable bitcoin without the market giving them the price.

If you understand the concept of blockchain, you will surely have heard people (especially in business) talk about distributed ledgers. It describes a technology that uses a read-only, cryptographically-linked, database system that is linked by a series of blocks verified in a sequence chain of data. This feature is what gives the technology the name of “blockchain”. Blockchains require a mechanism to prevent centralized control of the mining, for example, transaction confirmations, by a single entity, otherwise this entity can censor transactions at will and rewrite the history of the blockchain at any time, making this whole idea useless. The original goal of the blockchains was to be a ledger book distributed without trust. Today only Bitcoin truly accomplishes that feat. Because Blockchain tokens are bearer assets, you must have a native token corresponding to this blockchain. This is an element that is not directly related to a real value element, that is, gold or the dollar. You can have markets that determine the value of this token, they are known as bitcoin exchanges in the world of bitcoins, but the important point to note is that you can not reproduce this value without introducing a massive amount of trust in the system. If the underlying token is attached to something, say 1 oz of gold, you have to trust someone to give you 1 oz of gold a day. This really contradicts the value-added proposition of blockchains, since this party controls the system completely.

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