Why Are They Afraid Of Bitcoin? Bitcoin-The Real Culprit! Believe It or Not!!
What do you usually do when you wake up every morning? Make your coffee with extra sugar or just keep it black, look at your phone, turn on your favorite TV channel and browse through all important updates. But what does a cryptocurrency addict do? For them the dosage of daily price update is needed with a shot of daily cryptocurrency news.
That’s true they call us addicts may be because we are behaving like them but believe me it’s not our mistake,Bitcoin is the real Culprit.
The Culprit
This story starts with the birth of first block in the world of blockchain. He was born in January 2009 and his father Satoshi Nakamoto named him Genesis block. When Genesis block was young he started attracting the attention of many enthusiasts.Later in 2010 Gavin Andresen adopted him along with his siblings Blockchain Network Alert Key and Bitcoin Core. Collectively they made a family known as Bitcoin but in their early days on the 6th of August 2010 a major fault in their family system was detected like every other family they also had problems. Some exploiters were able to infiltrate their family and were able to generate 184 billion Bitcoins in a single transaction but the bitcoin core came up with immunity and the transactions were removed from the block chain and the bitcoin family evolved and become more powerful, so powerful that they collectively were able to attract many addicts who were looking for something new,something that will change the world soon.
Why Bitcoin? The Drug of Change
The Bitcoin family is decentralized, they are different,they don’t need any central authority to govern them. They are born independent and destined to be independent forever. Every transaction on Bitcoin network is confirmed by Miners. Miners are those who feed the bitcoin network by using their computing powers. Many Miners also come together and create a mining pool but together they came up with decision to cap their mining power to 33.33% for the benefit of the network.
Every transaction on bitcoin network is transparent and available on blockchain that allows anybody to verify transactions so anybody can become a miner and in exchange of their computing powers miners are rewared with a bitcoin.
But the question is why bitcoin?
Because of its decentralized nature it is not bound by any government or regulation,thus allowing every addict to perform transactions in this economic world without involving any bank or government. A system using a digital wallet which is just a line of computer codes pointing towards the block of bitcoin in block chain and is encrypted for privacy.
Why are They Afraid of Bitcoin?
Here I would like to mention that bitcoin is not the only single decentralized transaction system that utilizes blockchain. Now there are many more known as ALT-coins some of them have their own blockchain system while some possess blockchain from others.
The reason why they are afraid of bitcoin is because it is the first born, the eldest and the most powerful. After spending your time reading this,by now you must be wondering who “They” are? They are the majority of people who still like their cup of coffee and their favorite TV channel every morning. They are the same people who are governing us who are allowing us to live, to breathe. The leaders, the banks are the majority of those people who rule us yet call themselves servants of the society.
They are afraid of Bitcoin because it started the wave of decentralized currencies and gave an idea to decentralize the economy. The movement of assets and money, completely free from banks and government. Some of you might think that it is not good,we need governance, no you don’t, and it is all about sending money to your parents or your family so that they can eat without paying part of it to your bank which charges you for allowing you to feed your children.
Power of governance is the real addiction and they don’t want to quit it easily that’s why it fears the change.But now the new generation of addicts are born who wake up every morning with an idea to change the current system, a system that profits and thrives on our working hours.
I declare Bitcoin as the Real Culprit because it is feeding and inspiring us addicts to bring the change in this polluted society.