Latest news, the boom news, something that no one saw coming: in 2017, and for the first time in history the bitcoin price surges past $3,200 to hit new all-time high, this is something people would lose sleep for, but first what is the bitcoin?
“Bitcoin is the beginning of something great: a currency without a government, something necessary and imperative.”-Nassim Taleb, author of The Black Swan
We all heard about the world’s first decentralized currency? Right? If not, here is everything you need to know about the bitcoin.
You might be asking about those following information, how do I know that? Because when I first heard about bitcoin, all of those questions crossed my mind:
• what is bitcoin?
• Who Is the Inventor of Bitcoin?
• Bitcoin and blockchain? How these two terms are related?
• Reasons to its sudden development
• Did it affect the world in a good way? Maybe not
• Bitcoin, is it going further? If yes, where to? The future currency?
People tend to use bitcoin for several reasons, the main one is to free themselves from the government’s chains, if there is any way that exists and allows people to get rid of the government’s control and pressure, bitcoin is here, and people are actually making and holding money thanks to it.
The world is definitely going after everything that has anything to do with digital, is it scary? Not if it has enough advantages for people.
Satoshi Nakamoto is the man who gave birth to the concept of bitcoin in 2009 and also blockchain, but it is only a year after that the bitcoin has attracted attention, and it is now in the spotlight of every one who uses the internet to facilitate transactions or maybe the hide in the shadows of it, what a better way to be rich, and tamper in many dark affairs without having the government constantly on your back, that is where drug deals go to refuge, to hold their money in a way that cannot be trackable and does not leave footprints behind it, and not because some people choose to use bitcoins for illegal matters, that certainly, it was created to serve such fraudulent activities.
When it comes to bitcoin, is it all virtual, the total reverse of all the traditional banking systems that are centralized.
Bitcoin, a brief history
The brief history of bitcoin can be summarized in: no one could have expected that this new cryptography would reach this new all-time high? I guess no one, because when it first was created, it was only for electronic transactions but with no guarantee or fidelity, it was launched with the intention to avoid government currency controls and simplify online transactions by getting rid of third-party payment processing intermediaries, and by that, they managed to make bitcoin sound like the freedom, ownership of money.
How are Bitcoin and blockchain different?
When bitcoin appeared, people used to confuse it with blockchains, which is vaguely wrong, blockchain is a technology used to maintain and save bitcoin’s transactions, if it is proper to say, the database or the store of bitcoin different records, a sort of a proof that the online transaction was really achieved, so as it appears, they are not the same thing, but they are both used to complete each other’s functionality.
Mostly, bitcoin has several characteristics such as being totally anonymous, public free with an open source accessible by everyone.
The digital technologies are changing the world, and bitcoin are going exactly that road by gaining people’s trust and satisfaction, it is going to invade the world and change the way people look to business or do business.
Bitcoin has surprised us in a way no one saw it coming, who knows what it has hidden for us in the future, I guess we need to wait to discover that.