Bitcoin is not a commodity, and probably not a company, so to speak, it is a thing, a company. So should variables used in an old cryptocurrency attribute be used?
It’s not that easy, I really do not think. Let us begin by answering a question that some people are asking.
What is bitcoin? What is bitcoin?
This is what is called blockchain, electronical money and is probably the very first peer-to – peer payment network to be decentralized. Bitcoin was founded by one individual or maybe a community known as Satoshi Nakamoto. Being decentralized means that the organization can not be governed by a central authority. One important factor in connection with Bitcoin ‘s achievement is its full transparency.
It uses a technology known as blockchain, and many people ask the question, “What’s blockchain?” So let me elaborate anything. The blockchain network is an open ledger that reveals all transactions made and is incorruptible since there is no one ‘s position for all documents. This prevents a cyber attacker from corrupting the ledger information. This is the fantasy generated by the founder, because during the housing crisis in 2008, the rise of Bitcoin and blockchain was born from the mistrust of financial institutions and the banks. And then the idea, which can be seen and checked by any node (computer) on the system on any transaction, creates some kind of trust.
Consider if one million people each had a copy of the same instructions to build a toy car, and someone came with different instructions, since they had different instructions, they didn’t have the chance of creating similar vehicles. Strong security defenses emerge simply because everyone in the network is able to see similar transactions.
This digital monetary system has provided the opportunity to perform transactions on the Internet in a totally new way. In particular, the use of cryptocurrency for dark web users to buy malicious products as guns, hit men and medicines. Bitcoin’s frequent use for buying services and products on the internet gives it the strength I believe.
Bitcoin exchange is worth because people believe it is worth it. Unless official institutes such as central banks and government bodies discover how the cryptocurrency can be controlled and its buying power abolished, my personal opinion is that it will continue to be priced.