Bitcoin’s Reputation

bitcoin

Bitcoin is the currency of the Internet: a distributed, worldwide, decentralized digital money. Unlike traditional currencies such as dollars, bitcoins are issued and managed without any central authority whatsoever: there is no government, company, or bank in charge of Bitcoin. As such, it is more resistant to wild inflation and corrupt banks. With Bitcoin, you can be your own bank. Bitcoin Prime is considered one of the most authentic platforms from where you can gain profits in bitcoin trading.

Creation of Bitcoin

I’ve been a fan of Satoshi Nakamoto’s invention since 2012 when Reddit started buzzing with this new “magic internet money” called Bitcoins. I got my first few bitcoins for free through a faucet at Reddit, but soon afterward was hooked on this fascinating concept that Bitcoin brings. Bitcoin’s underlying blockchain technology is what the modern world needs to get rid of central authorities and middlemen of all sorts, especially in finance. Bitcoin can be regarded as money without banks, just like Quora can be considered knowledge without experts. Bitcoin has its drawbacks of course, but Bitcoiners are working hard daily towards Bitcoin’s improvement for this reason. Bitcoin is our generation’s Edison’s lightbulb moment!

PayPal built a payment system but failed in its goal in creating a ‘new world currency’ (our slogan from back then). Bitcoin seems to have created a new currency (at least on the level of speculation), but it hasn’t yet solved a payments problem.” – Peter Thiel, PayPal co-founder, and Bitcoin early-adopter

“Bitcoin is the perfect illustration of the principle: ‘high risk, high reward’. Bitcoin could fail utterly and be forgotten in a few years. Bitcoin could thrive and change the world. Only time will tell… Bitcoin isn’t backed by anything except distrust and speculation. Bitcoin has no intrinsic value. And it isn’t particularly convenient to use as a means of payment — which might be one reason that nobody ever mentions it when talking about the future of money.” – David Wolman, The End Of Money

Bitcoin:

It is an innovative upgrade to the modern economy. Bitcoin has recently celebrated its 10th Anniversary and it really is a great time for everyone involved with Bitcoin, as there are now more ways to use Bitcoin than ever before – from buying coffee and shopping online at your favorite stores such as Amazon and eBay, all the way to attending Bitcoin conferences like those held in New York City every springtime.

Bitcoin really does offer you a way out of stagnating financial systems. You can spend Bitcoins instantly anywhere; no banks required!

Bitcoin was developed by Satoshi Nakamoto and released as open-source software in 2009. The system is peer-to-peer: users can transact directly without needing an intermediary. The primary advantage that Bitcoin provides its users is a high degree of privacy. Bitcoin transactions are anonymous, so Bitcoin has been criticized for facilitating illegal purchases and sales. This reputation as an industry leader in innovation has helped Bitcoin gain traction as the preferred online digital currency powering global e-commerce transactions.

Bitcoin’s decentralized nature means that it cannot be manipulated by governments or financial institutions, making it immune from meddling from banks and other third parties. No single entity can make a change to a transaction once it has been submitted to the public ledger, which also makes Bitcoin extremely secure and eliminates transaction fees. The Bitcoin network is run by individuals called “miners,” who contribute their computers’ computational power to maintaining the public ledger known as “blockchain.” Bitcoin has been used to buy and sell services and products since its invention – from coffee to digital exchanges, Bitcoin is the future of finance.

Conclusion

It is Bitcoin’s time in the Modern Era, Bitcoin made the climb up to $5,000 and it has not even taken off with traders. Bitcoin cannot be stopped after making such swift gains so soon. Bitcoin Cash having its own futures market will only boost Bitcoin prices when Bitcoin becomes increasingly scarce/less available which means more demand is happening.

With Bitcoin’s price stable at $5,500 for now many are wondering when the next rally is going to take place which could send Bitcoin prices over $10k per BTC or higher (more than twice where it currently sits). Nobody knows what triggers the next rally but most important of all is committing oneself to contribute positivity towards Bitcoin’s future progress by spreading Bitcoin awareness and Bitcoin adoption. Bitcoin Cash going to $4,000+ will only help Bitcoin’s price go much higher than Bitcoin’s current price because Bitcoin will be scarce/less available and Bitcoin’s price will go up because Bitcoin is a deflationary cryptocurrency. Bitcoin is a deflationary currency, Bitcoin is scarce. Bitcoin is less available when Bitcoin goes up in price, Bitcoin becomes increasingly scarce/less available – Bitcoin’s price follows it.

The views expressed in this article are those of the authors and do not necessarily reflect the views or policies of The World Financial Review.