“Cryptocurrency & Bitcoin” Everything You Want To Know!
“Cryptocurrency” is one of humanity's greatest inventions. It almost seems like something from another place and time. The most brilliant minds in the world for decades have envisioned a large computer based monetary system that would give the power back to the common people---releasing them from the grips of the “Centralized Banking System.”
“Cryptocurrency” is a computerized currency that was actually created by accident--when an unknown brilliant Japanese man, Satoshi Nakamoto stepped out of the portals of time with his newly discovered coin, “Bitcoin.”
This introduction to the world has set off a “chain of events” that will go down in the annals of time as one of the most brilliant discoveries of the 21st Century.
It was never his intention to produce and deliver a currency to the world. He envisioned a “Peer-to-Peer” Electronic Cash System.
His vision was to create a system that would remove the “greedy” hands of the Government, state and lower entities---allowing free trade and
e-commerce to prevail in the open market place.
On January 9, 2009, the world for the first time was introduced to a phenomenon that will change the course of history for the way business is performed in the near future---”forever.” From the simple idea of introducing a new coin to the world came the exchange of a “brand new” monetary system. A system that would allow anyone who has access to a computer to do their own buying and selling world wide without the interference of any governmental institute.
“Cryptocurrency! It's already opening the eyes of the world to the fascinating potential this new currency provides…
No comparison between “paper money and “cryptocurrency.”
Paper money is based solely upon a value system that totally relies upon the Federal Reserve---“Bullion” backed substances. (ex. Platinum, Gold, Silver) so to speak. As I'm speaking through this article---money, at this present time is nothing more than a piece of “worthless paper.” It holds the same value as a piece of “Monopoly Money.”
Paper money as we know it now will soon meet its demise when the “bubble of inflated debt” finally reaches its max and the awaited explosion will burn every cent to a perpetual crisp. It's destruction will bring great distress to some while others will become multimillionaires overnight.
Whereas, on the other side of the coin, “Cryptocurrency” derives its value from mathematical calculations. The computer performs all these calculations to arrive at a “final calculated balance.”
Let me detail this for you. Within the “Vault” of the computer is an estimated value of 100 billion “Bitcoin.” When someone, or a Company---buys, trades or does any transactions there's created, what's called---a “Blockchain.” A blockchain is a transaction that has just occurred. Every transaction contains a cryptographic record of the previous succession (the “chain”) of exchanges.
Within that blockchain is a file. Inside the file is all the data of the transaction that has just occurred. These are called “blocks.” Every time a “Blockchain” is opened the computers then are activated to compensate for that transaction just made---which then increases the value of the monetary transaction within the “Vault.” The computer masterfully and artfully ties all the transactions into one ingenious solution---”automatically solving the problem at hand.”
In his book Radical Technologies, the urban designer Adam Greenfield calls cryptocurrency and blockchain the first technology that’s “just fundamentally difficult for otherwise intelligent and highly capable people to understand.”
I contend to agree with his assessment. Unless you do an enormous amount of research you will be lost in the maze of artifacts surrounding this complicated “chain of events” within each transaction. What's absolutely amazing about the “Bitcoin cryptocurrency” is its not governed by any governmental institute. It’s totally and absolutely self propelled by mathematical calculations. Nothing else!
Bitcoin does have its negative side. For instance, “Bitcoin” is totally a libertarian technologist. It's derived from the anarcho-capitalist school of thought. It strongly believes in free market exchanges between the business world and the entrepreneurial advertisers. Which some will disagree with. My thought has always been---”let the rich be rich” so I will always have a job.
To further emphasize! Let's take this scenario where the business world dictates all major transactions on a large scale. Manipulating the computer so it shows favoritism to the giant corporate deities. But then, the small businesses decide they want a “piece of the action” and set their goals toward obtaining a piece of the pie, so to speak…
The Huge Corporations observe this movement and decide it's not in their best interest to stand by and allow interference from their small business competitors. They make their calls to all their partner firms requesting an emergency meeting to resolve this present issue at hand. They take immediate action by manipulating the computers to disallow any other business transaction other than their own. (Get the picture now.)
Technological advances are occurring so rapidly that nothing is safe anymore when it comes to computers. Cryptocurrency renders great potential for growth to all business adventures as long as the computers are never compromised. But as you and I know as long as wealth is the initiative there will always be the temptation to tilt the tables in the favor of the--”big man”.“Bitcoin” is the “King of the block” right now and it's predicted that in ten years this one coin could be valued at one million dollars.
Again, I emphasize---that as long as the financial institutes stay far away from the gates of the computers portals, everything will be fine. “Bitcoin” will continue to blossom and all the “Cryptocurrencies” will bring wealth to everyone.