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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