It's hard to believe it's been about nine years since the identity pseudonymously known as Satashi Nakamoto introduced the world to Bitcoin, his or her digital protocol for a network of open-source data acting as a cryptocurrency.Its very entertaining news in the world.
Yikes! Lots of big technical words that most of us skim over, right? So many of us kind of know what cryptocurrency is and how bitcoin is used. But if we're truly honest, it's a little fuzzy, right?
1. What is cryptocurrency?
According to Investopedia, "cryptocurrency is a digital or virtual currency that uses cryptography for security." So, Bitcoin is virtual money secured through digital code instead of some physical object like a coin or a check.
While it could someday be divided into infinitely smaller pieces, the total amount of bitcoins in the network has a limit. According to Nakamoto's Bitcoin manifesto, no more than 21 million bitcoins will ever be issued to the network. Divvy them up as you may, but no printing extra money or governments owing governments funds that may never exist.
Plus, the currency is universal so there's never a reason convert funds from varying authorities. That means one unit is equal to one unit of the same currency throughout cyberspace and around the world. The cost of goods might differ, but the numeric value of the money will remain the same. Bitcoin has the potential to become the first successful global currency.
2. How can Bitcoin become a sustainable currency?
So, it's 2009 and Bitcoin rolls out, right? It starts to catch on. The first block is mined Jan. 3, and in the first year the equivalent of $900 million in bitcoin are generated. As of June 2017, more than 16 million bitcoins were in circulation at a market value exceeding $170 billion. Each year the reward for mining a block gets smaller, and the skill needed to find one increases.
Technically, we've already become accustomed to global commerce and currency. The internet allows us to conduct business between any two points on Earth and beyond, while products such as Visa and Mastercard or services like PayPal allow us to digitally exchange varying currencies accurately, instantly and seamlessly.
So, isn't a universal digital currency the next logical step, eliminating the proverbial middle men? Even better, transactions are conducted directly from peer to peer, circumventing banks with their meddlesome rules and fees.
3. What could happen with universal currency?
But as so many could have predicted, the dooms-dayers start calling for the end. According to some who believe John the apostle's end times' prophecy in the book of Revelations, Bitcoin may very well be the mark of the beast.
It's said that at the end of days, all financial transactions will be supervised by the Antichrist's government... and a whole bunch more really bad stuff. Whether you believe in that or not, it's still a pretty creepy picture.
Even many non-believers have their doubts. They think overly-digitizing entire currency systems intolerably subjects whole societies to hackers along with tragic fraud and embezzlement risks. After all, cryptocurrency is anonymous, so nefarious types need not fear exposure.
Even worse, since cryptocurrency ledgers are entirely digital with no central repository, if improperly backed up an entire balance could be wiped out by a single computer crash.
But here's the thing. Bitcoin is great. Merchants like accepting the digital currency because transactions can't be reversed by a bank or intermediary. And anyone can access the cryptocurrency, unlike banking services that require identification and often credit checks - not to mention transaction fees!
Plus, unlike the stagnant dollar, Bitcoin value has been skyrocketing in recent months, followed by its most current stabilization.
4. How do you use cryptocurrency?
But what can you do with bitcoins? Well, for starters you can convert them to local currency and deposit the balance right into your bank account. Bitcoin can also be used to purchase gift cards and to pay for all sorts of programs, apps, goods from eComs and online services. Some accept no other method of payment!
Of course you can also hold on to it. Bitcoin prices fluctuate, but in recent months they've been in a steady climb - more than 900 percent in 2017 alone. In fact, $1,000 in bitcoins on Jan. 1 is now worth more than $10,000!
But to ever be considered legitimate, cryptocurrency must work in advanced business practices. Can it be leveraged? Can it be invested? Can it grow? The answer would appear to be yes.If you want to see latest news of new movie visit site.
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