A lot of people these days have become interested in Bitcoin. Some think It’s just a scam or it’s too good to be true. Others think it’s a get rich quick tactic which will help them become millionaires. But the majority, a lot are in the dark as to what it is, who made it, and why was it made in the first place.
Before cryptocurrency, we relied on the banks to keep our money and do our transactions. But with the 2008 mortgage crisis has shown and with countries like with Venezuela, our money is not safe in the hands of either the banks or the government. Which is why Satoshi Nakamoto, an unknown individual or group, created Bitcoin as a decentralized way of transacting money in order for middlemen like the banks or governments not taking advantage of the consumers. But you might be wondering, how can Bitcoin get any value? Well like with any valuable commodity like gold or cash, they have value because we, the consumers, consider it as of value which is the same goes for Bitcoin. If more people utilize this cryptocurrency in the market, it will eventually gain momentum in value.
But how do Bitcoin works? First, you must have access to Bitcoin software and create an account and secure a cryptocurrency wallet where you can send, receive, and store digital currency. After which you can purchase Bitcoin and the transaction will be through a blockchain in which the information will be accounted for like a ledger on computers across the world. In this way, it makes Bitcoin not easily hacked as compared to banks in which their ledger is only found in one location.
Where Is Bitcoin Heading?
A lot of people have considered that with the rise of Bitcoin and cryptocurrency, capitalism is heading towards a post-capitalist age. With Bitcoin in the market, the decentralization of how our money is managed makes it very revolutionizing. As experts point out in a post-capitalist society, ownership of property becomes obsolete as everyone is given a right to the property. A good example of this is the internet, in which, despite internet connections are monetized and regulated by big corporations and regulated. We, however, can interact, purchase, trade or communicate online freely. Same goes with Bitcoin because of its fluidity and transparent way of presenting data, consumers don’t have to worry about breaches or the possibility of it losing value. Despite the fluctuating value of cryptocurrency and competitors in the crypto industry, Bitcoin has become adaptive to the point that a lot of store owners and outlets are now willing to transact with it. Because of this, Bitcoin has become has gained more stability in recent years. But with the great outcome of Bitcoin comes some issues as with example the Dark Web. The Dark Web is where illegal transactions like child pornography, for-hired killers, drugs and more. Now with this unregulated, new technological currency in the market, many Dark Web users who conduct illegal trade are now abusing the decentralized aspect of Bitcoin and other cryptocurrency. Since the transactions cannot be easily traced or monitored, it makes it harder for law enforcers to track down criminal syndicates. But with how the market value increasing as more and more consumers subscribe to Bitcoin, it all depends on how society will have to handle with this new technology in the long run.