Long ago, but not so long, lived a mysterious man named Satoshi Nakamoto. He was known as a mystical man as his identity remains very absurd until now. His speciality was, he mined the legacy of the Bitcoin network and how blockchain drives it. It was on October 31st 2008, a white paper “Bitcoin: A Peer-to-Peer Electronic Cash System” got published, written by the same mystical man. The whitepaper mainly depicted the features and functions of the Bitcoin blockchain network. Bitcoin was born on January 3rd 2009 and Satoshi Nakamoto named his first mined block as the Genesis Block.
From its birth till May 2nd, 2010, Bitcoin was only possible to be mined and never traded as it was not possible to value the units of cryptocurrency. Things changed around in 2010, when Laszlo Hanyecz, a pizza lover, lends his 10,000 coins for two pizzas. Guess we have to think twice before making a decision about selling Bitcoin as its value can fluctuate.
How Does It Work?
Bitcoin, a cryptocurrency is known as internet money since it’s payment process is digitalized. You can buy or lend the Bitcoin as you wish to anyone. The most highlighted part is that it helps you to create a wallet through which you can make all kind of transactions. Each legal transaction is protected with an electronic signature.
Bitcoins proffers enormous advantages when compared to the drawbacks. The working of the Bitcoin protocol can entirely be trusted and is predictable, just like how GPay, Paytm, and other social, monetary platforms, irrespective of financial holidays, international issues, with no piracy and theft, one can make transactions via Bitcoin. Moreover, Bitcoin allows you to take full control of your money. It also doesn’t encourage any sorts of data or personal information collection. No one can forge your data as it is cryptographically secured.
Why Should I know About Its Obstacles?
Even though Bitcoin came into the picture in 2008, most people don’t know the concept of what it is and how it works. Primarily, while speaking of disadvantage, it is ignorance and negligence of people. People are ignorant to achieve information about Bitcoin as well as they are negligent about how online transaction work. We can also mark people not exposed to social media platforms under this category. All these will build a community where Bitcoins are not accepted. If not properly maintained, your wallet can crash, and data can be lost forever. Last but not least, Bitcoins value always fluctuates; it makes the users confuse and difficult to mine and transact.
If studied adequately, you can achieve great heights in this platform. It might not be prevalent now, but once its value increases, many people can benefit from it. People can make sure that they don’t have to change the currencies, as the value is internationally accepted. The leading platform, blockchain overall, is very secure. Undoubtedly, cryptocurrency will revolutionize the world, just like any other technology.