Bitcoin: The New Digital Gold!

In 2008 the US and the world experience one of the most major economic collapses in record history, when the United States housing bubble burst. It was caused by government and banking corruption that had been swept under the rugs for years, with banks giving out sketchy loans to anyone.

Out of this collapse emerged (in my opinion) the greatest technological advancement of the 21st century. BITCOIN!

Bitcoin is a digital currency that operates on a DECENTRALISED and distributed ledger technology known as the blockchain. It was created in 2009 by an individual or group of individuals using the pseudonym Satoshi Nakamoto. Bitcoin is the first and most well-known cryptocurrency and it has sparked a revolution in the way we think about money and financial transactions.

One of the most important features of Bitcoin is that it is decentralised, meaning that it is not controlled by any government or institution. Instead, it operates on a peer-to-peer network, where transactions are recorded on a public ledger called the BLOCKCHAIN. This decentralised structure allows for more security and transparency in financial transactions, as there is no central point of control that can be compromised.

Another important feature of Bitcoin is its limited supply. There can only ever be 21 million bitcoins in existence, and as of 2021, around 18.6 million have been mined. This scarcity is built into the system, and it is designed to prevent inflation and maintain the value of the currency.

Bitcoin transactions are also incredibly fast, and they can be completed in just a few minutes. The transactions are processed by a network of computers called nodes, which work together to validate and record transactions on the blockchain. This makes Bitcoin a great option for people who want to make fast, secure and transparent transactions without the need for intermediaries like banks.

Bitcoin can be used for a variety of purposes, including purchasing goods and services, as well as being a store of value like gold. However, because of its decentralised nature, Bitcoin is not subject to government regulations, which means that it is not backed by any physical commodity or government.

Bitcoin is not only revolutionising the way that we interact with money and each other, but also allows us to shine a light on the problem in the currency system, while being able to provide a solution

Ben- AKA Waldo

COMING THIS WEEK!

• Who is Satoshi Nakamoto!

• What is the Blockchain?

• What is Ethereum?

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