What Does The Future Hold For Bitcoin

Bitcoin is not a product, and it isn’t even a company, it’s a thing, an entity so to speak. So can factors that were used to attribute a former bubble be used on a cryptocurrency?

I really do not think it’s that simple. Firstly, let’s reply a query that some persons are asking which is;

What’s bitcoin?

Bitcoin was created by a person or group generally known as Satoshi Nakamoto and it’s what’s referred to as a cryptocurrency, it is digital money and is the primary peer-to-peer fee network that is decentralised. To be decentralised means that there is no such thing as a central authority to regulate the entity. A key factor that has attributed to bitcoins success is the truth that it is totally open.

It makes use of a technology called blockchain, and a lot of people have been asking the query “What’s blockchain?” So permit me to elaborate a bit. The blockchain network is an open ledger that shows each single transaction that’s made, and is incorruptible because there isn’t a ‘one’ location the place all the records are kept. This prevents any cyber attacker from corrupting the information on the ledger. This is the dream that was thought out from its creator, because the rise of bitcoin and blockchain was created out of the mistrust from the banks and financial establishments during the housing crisis of 2008. So the concept that every node (computer) on the network might see and verify every transaction that is being made, brings a few type of trust.

Imagine if a million people every had a copy of the same instructions to build a toy automotive, then someone came along and had completely different directions, they’d not be able to build the identical car because they’ve completely different instructions. The truth that everybody on the network can see the identical transactions builds sturdy safety defences.

This digital monetary system has opened doors for a new strategy to conduct transactions over the Internet. Especially for darkish net users who use the cryptocurrency to buy malicious gadgets like weapons, medicine and hit-men. The continuous use of bitcoin investment for buying goods and services over the internet is what gives it its power in my opinion.