What Does The Future Hold For Bitcoin
Bitcoin is not a product and it isn’t even a business. It is
a thing, an entity. Can factors used to determine the existence of a bubble in
the past be applied to a cryptocurrency?
It's not that easy, I think. Let's first answer the question
some people ask:
What is Bitcoin?
Satoshi Nakamoto, a person or group that created Bitcoin, is
responsible for what is now known as cryptocurrency. It's also known as digital
money. Bitcoin is the first decentralized peer-to-peer payments network.
Decentralization means there is no central authority that can regulate the
entity. Bitcoin's success can be attributed to its openness casino cryptocurrency.
It uses blockchain technology, which is why many people are
asking "What's blockchain?" Let me explain. Blockchain network is an
open ledger which displays all transactions made. It is also incorruptible as
there is no single location that holds all records. The ledger is protected
from any cyber attackers who might attempt to corrupt it. This was the dream of
its creator. The 2008 housing crisis caused distrust in banks and financial
institutions, which led to the rise of blockchain and bitcoin. The idea that
each node (computer on the network) could verify and see every transaction is
made creates a sense of trust.
Imagine a million people having the exact same instructions
for building a toy car. Then someone comes along with different instructions
and they won't be able build the same car as they have different instructions.
Strong security defenses are built on the fact that everyone can see the same
transactions.
The digital currency system opens up new ways to transact
online. Dark web users, who use cryptocurrency to purchase malicious items such
as drugs, weapons and hit-men, will benefit especially. I believe bitcoin's
power is due to its constant use for buying goods and services online.
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