Is Bitcoin really the future of money?
I have what may be seen as an obnoxious and optimistic prediction. From my own perspective, I know that bitcoin is a “sure thing”. I would bet the farm on it because it is obvious, bitcoin is permanent, and its value will continue to soar. Of course, BTC will face turbulence and unforeseen surges and drops which is normal as it is the nature of cryptocurrency. I am confident that such sharp changes in price will be followed by incredible increases as long as the earth does spin around the sun.
The world would not have the brilliancy of blockchain technology without its pride and center-piece; . the beloved, original, bitcoin! It was the clever solution to so many financial problems; the pulse from which all other cryptocurrency has sprung to life and get used to its presence because someday it will be “old fashioned money” and your bitcoin will be worth thousands, dare I say hundreds-of-thousands of dollars per coin.
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While governments focus on the status of bitcoin and how to regulate it, the excitement within the industry has moved to uses for bitcoin technology beyond making payments. To keep order, every bitcoin transaction is encrypted and recorded in a database called a blockchain. Think of it as a type of public ledger — when someone uses bitcoins to buy something, the blockchain records the transaction one after the other in blocks of code, each chained to the other. It is impossible for hackers to falsify the record because the database is updated across the entire network of computers running the bitcoin software, thus creating a public record of what everybody in the system owns.
This technology has lots of potential uses beyond banking. It’s now possible to use the blockchain as a database that keeps all kinds of records in a secure and easily accessible place without laborious, paper-heavy processes.
It seems that Bitcoin will do to banking and finance what email did to the postal service and what the internet did to publishing: destroy old monopolies and create opportunities for the masses. Some even suggest that the technology behind Bitcoin will usurp our Western systems of representative democracy.
For many users, Bitcoin’s attraction is that it frees their money from the actions of government. In countries where inflation is high as a consequence of government policies, for example, Bitcoin allows individuals to insulate themselves.
It is possible to send and receive any amount of money almost instantly anywhere in the world at any time — no borders, no limits imposed by governments, no holidays. Though technologies do exist to help law enforcement organisations link individuals to Bitcoin transactions, it is relatively simple to ensure the defeat of such efforts.
In essence, Bitcoin uses cryptography to securely conduct a transaction between a sender and a recipient. The cryptographic technology means you do not have to trust others on the network.
Yes. Bitcoin has come to stay and it’s obviously the future of money…!!!