What is Bitcoin?
Bitcoin is a decentralized digital currency that uses cryptography to ensure that transactions are anonymous and cannot be traced back to a specific person or entity.
Bitcoin has the potential to disrupt the world’s banking and financial systems by removing their need for costly central clearinghouses.
It was first developed by Satoshi Nakamoto, a pseudonymous figure, in 2009.
Even today, no one knows if Satoshi was just one genius person, a group of personalities, or the Skynet.
The currency is digital (i.e. it is not printed on paper and is not backed by any country)
and is stored in a “blockchain”, a shared database of transactions.
The Bitcoin price increase has seen the value of Bitcoin grow from approximately $1250 to as high as over $20000 in 2017!
In a nutshell: Bitcoin is a way for you to send (or receive) value in a digital format - like a cheque.
Bitcoin and Blockchain
However, the value of Bitcoin continues to be volatile, and the number of transactions recorded on the Bitcoin network has been increasing in recent months with rapid speed.
Although Bitcoin still has a long way to go before it achieves the same level of mainstream acceptance as traditional money,
the technology behind it continues to innovate and its usage is expected to grow in the future.
One might argue that this is because a blockchain only stores the information, it doesn’t have to verify anything. But I disagree.
Blockchain is a distributed and verifiable mechanism that allows an individual, organization, or country to store an object of any type in a verifiable and safe manner (which in turn allows for the use of a third party to verify that the item is the real deal). This includes financial, physical, and legal documents.
The blockchain is an electronic ledger where all the data is public and can be accessed anywhere. All transactions are stored on a distributed ledger where the ledger is replicated with each block.
All transactions are stored on a distributed ledger where the ledger is replicated with each block.
This is a significant concept.
So, who’s in bitcoin?
The bitcoin community, that’s who.
You and I.
Let’s not forget them!
It’s all of us!
The Bitcoin community has a great deal of diversity in perspective and experience with Bitcoin.
We should not assume that anyone in our community who has a different view is biased.
It is up to each of us to judge the validity of that view and to judge that it is a valid view.
The goal should not be to censor discussion, but rather to make sure that everyone in the community can contribute ideas and suggestions that improve the overall system.
The more that different views are presented, the more likely it is that there will be a thoughtful, constructive and open discussion about the implications of those views.
We believe that blockchain technology can play an important role in the future of both financial and Internet security, with significant potential benefits for consumers and business alike.
This is our big vision for the future of digital currency, to bring everyone the power to send and receive money in the same way we send and receive FIAT currencies today (Minus the massive fees).
The Bitcoin community has done an amazing job of creating a decentralized peer-to-peer system, with no centralized authority.
Bitcoin can be used to purchase a wide variety of products and services, including goods, services, food, and entertainment.
With a simple google search, you can discover many things and services that will allow you to pay with Bitcoin!
What makes bitcoin good?
My point is that, without knowing the full answer, I am confident that bitcoin is a fantastic tool. Whether you agree with me or not, it can help people to get rich and have the opportunity to live in any country they like.
This is something that is hard to come by in the current system, and for most people, a good portion of their income is derived from bank fees and high-interest loans. In contrast, bitcoin allows people to get rich while keeping their finances safe. The opportunity is massive, and we need more of it.
Whether you agree with me or not, it can help people to get rich and have the opportunity to live in any country they like.
It makes a payment more private than it is with credit card payments and it makes transactions cheaper than cash.
I believe that bitcoin is the best payment system that has ever been invented, not just because it’s a new technology and not just because bitcoin is new, but because its transactions are completely private.
- What would be your first thought when you hear people saying “I’m gonna buy Bitcoin” or “I’m gonna sell Bitcoin”?- What do you think about the cryptocurrency boom? Is it just another hype or are we really entering a new age? - In 5 years, do you foresee bitcoin will be used to pay for goods and services? Are you expecting it to change as a payment method?
- In 5 years, do you foresee bitcoin will be used to pay for goods and services? Are you expecting it to change as a payment method?
Let us know in the comments section below!