Bitcoin had good news and has some bad news over its life and yet, it still captures the imagination of the masses. It is a great conversation starter. Your expected feedback might come as a surprise to you. Your cousin owns some and yes your mom has dabbled in it. This could have mixed emotions in your hearts. The Bitcoin revolution has touched many lives and has changed many for the good.
The revolution of Bitcoin is now past the infancy stage and the toddler is walking turning into the child you always wanted.
I will start with the basics for any newbies that read this article. Bitcoin was the first adopted cryptocurrency. It was created by a person or a group by the name of Satoshi Nakamoto. The whitepaper was written in 2008. On the 3rd of January 2009 the first-ever Bitcoin was created. We in the crypto space celebrate this date as this was the first Genesis Block in the Bitcoin Blockchain. Bitcoin was created for peer to peer payment between people. People’s money. No need for 3rdpart banks and payment gateways to handle your payment from person to person. However, the picture has changed dramatically for Bitcoin.
Bitcoin is digital money that is not build based on the trust of me and you to hold it in a bank run by other humans. Let’s face it. Can we trust the human race? After all, humans run the banks and financial institutions, correct. See, where it got us in 2008. Not to mention where we are in 2020 financial crisis. Yes, a pandemic all over the world, yet humans trying to manage the spread and not doing a good job. lead to massive job losses and more. Bitcoin was created to challenge the trust we as humans place on one another to move our trust to an eco-system of trust. controlled and managed by a network of computers. Computers that keep the ledger of transactions in sync through the Blockchain.
The eco-system is backed by infrastructure in Bitcoin. We call it a POW (Proof of Work). This ecosystem is made up of Bitcoin miners (computers), Internet connection points, Electricity, developers, exchanges, buyers and sellers, and more. This ecosystem has a cost to run to create Bitcoin. Let’s face it, production in the Fiat money world creat money. But Bitcoin ecosystem is self-sustainable through the POW it pays the miners a reward.
It is just a marvel of true technology. Bitcoin since it’s creation opened the doors to many more cryptocurrency projects and technology that in some case are ahead of the curve
I am an IT professional in heart and mind. Bitcoin excites me because of the changes it brings. What the internet did to the post office, Bitcoin will do the Financial system in the world. The internet did not replace the post office, but it became a tool to make postal services easier and even lower the cost of the postal service. We still have the postal service today. There are just simply some jobs the Postal Service do better than the Internet.
The same will be with Bitcoin and other cryptocurrencies. It will change some of the functions of our retail/investment banks do. Lowering cost and enforcing stronger and more secure transaction tracking through. Could lower our own fees as we will see payment processing companies and brokers disappear or change to a completely new function in this industry. Our payments will be cashless and no need for plastic cards to make a payment. Scanning Barcodes with our public keys is much better and permanently recorded. Bitcoin is a phenomenal technology. We have already seen fantastic solutions in this space. Thanks to Bitcoin and the revolution.
All I can suggest is for you to look into Bitcoin and its eco-system. Open your mind to the possibilities this could bring to our lives as humans.
I am looking forward to working with you in the near future. I invite you to join my network at the www.whalebusinessclub.com