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Bitcoin : past, present and future

shane jo
Bitcoin : past, present and future

Bitcoin: past, present and future of the best known virtual currency(bitcoin prime)

A systems analyst named Laszlo Hayeck, who lived in Louisville, USA, ordered two pizzas over the phone and paid for them with a coin that was just beginning to circulate.

He was fortunate, or not, that whoever took the order accepted the payment with Bitcoins (BTC). They agreed and for that $ 30 consumption Hayeck paid 10,000 BTC.

It was far from assuming that just seven years later those 10,000 virtual currencies, which at that time were trading at $ 0.003 each, would reach their all-time high of no less than about $ 5,000. In other words, they were valued no less than 1.7 million times.

If instead of eating pizza Hayeck had kept them in his possession, today he would have amassed a fortune, which amounted to 50 million dollars, equivalent to 3.3 million pizzas . What is a mystery is what the owner of the pizzeria did with those Bitcoins, but that is another story ...

Now, the usual question in these cases is precisely: what is a Bitcoin?

Without going into technicalities, it can be said that it is a currency that arises from a “Bitcoin Protocol” published in 2009 by Natoshi Nakamoto, a unique character whose true identity to date no one knows. So much so that over the years several names of possible candidates emerged and it was even speculated that the CIA itself was behind all this.

Bitcoin was born with high ambitions: to provide a fast, low-cost means of payment that cannot be controlled or manipulated.

The truth is that Nakamoto originally stated that “Bitcoin was born with high ambitions: to provide citizens with a means of payment that enables the execution of fast value transfers, at low cost and that, furthermore, cannot be controlled or manipulated by governments, central banks or financial entities ”.

In practice it is a virtual currency that is acquired through Web platforms and is stored in virtual wallets; For its defenders, its main virtue is the possibility of making all kinds of transactions globally anonymously and securely, and above all at very low cost.

Although it also allows a wide range of commercial operations to be carried out, its main application is of a financial nature, since the enormous volatility of its price is a determining factor for those who buy and sell goods and services with it.

To have a reference to the almost instantaneous variations of its price, it is worth mentioning that its price went from US $ 500 in September of last year to US $ 5,000 in August of this year, with deep oscillations along the way. .

Perhaps Nakamoto's great discovery, whoever he may be, is the idea of ??a decentralized “major newspaper”, since there is no single global control body that manages and accounts for the millions of transactions that are carried out daily.

That task is in the hands of the so-called "miners", who are in charge of "extracting" the Bitcoins from the mines. In other words, Nakamoto devised a system called “ blockchain ”, according to which all information is condensed into blocks that in turn form chains, each one being unique and unrepeatable, which gives certainty and confidence to each operation.

The function of the miners is precisely to decipher in less than ten minutes a complicated algorithm that goes along with each block and, as a reward for their work, in case of being successful and mining the information, they receive as a prize up to 12.5 Bitcoins.

"Whoever enters this market must do so knowing that they run a risk that must be evaluated before making a decision."

Regarding the future of this coin and of the almost 500 that compete today in the market, opinions are very contradictory, ranging from the disappearance of the coin to values that are striking due to their magnitude.

In this sense, there are not a few analysts who consider that it is in the presence of a huge bubble, which can be estimated in the order of US $ 150,000 million. In this sense, they argue that the violent rise in prices does nothing but support the idea.

In any case, statistics show that, in just three years, the advance in prices was similar to what happened over ten years on Wall Street, which ended with the implosion of the so-called “dot.com” companies at the beginning of 2000.

Not for nothing, in recent weeks, several of the main central banks in the world, such as those of China, Russia, and recently that of England, began to issue a series of warnings about the effects that the massive use of cryptocurrencies could have; and in fact they seek to stop the advance of new issues, in the form of the so-called ICO.

In short, although a growing number of people see it as a more than interesting investment, whoever enters this market must do so knowing that they run a risk that must be evaluated before making a decision that endangers your personal or family assets. In short, face once again the dilemma between "fear and and uncertainty https://coinargus.com/bitcoin-prime/

shane jo
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