Rising Up to The Revolution: Bitcoin
A Monetary Measure That’s Mainstream Yet Decentralized.
The Hottest Virtual Commodity, But A Personal Asset to None.
Lacks Government Backing, Yet Legit.
The money you’ve in your pockets inherits three basic traits – it’s tangible, centrally regulated and easy to counterfeit. Bitcoin is the exact reversal of it.
BITCOINS Demystified
Bitcoin is a cryptocurrency that operates independently without banking institutions and the government meddling into its affairs. There’s nothing physical about it – all virtual!
It’s non-tangible, but renders gains for real. It flows freely, without anyone/anything controlling and tracking its footprints. And, the everyday monetary influences, be it either inflation or deflation, don’t regulate it, as it’s value is totally determined by the market demand.
More importantly, Bitcoin transactions are irreversible. Once initiated, there’s no way to retract.
Bitcoin transactions bears no costs, and can be done with absolute anonymity. Gradually, it’s becoming as regular as other monetary values in the market. However, with no government backing, Bitcoin holds relevance as long as online merchants are accepting it.
The Backgrounder
Bitcoin is the brainchild of Satoshi Nakamoto, who published a white paper on the invention on October 31, 2008, namely “Bitcoin: A Peer-to-Peer Electronic Cash System”, describing what Bitcoin is.
It was on January 2009 when Version 0.1 of Bitcoin was released. And, soon, Satoshi and Hal Finney, a cryptographic activist, transacted in bitcoins.
During October 2009, an exchange rate for the bitcoin was established, which was US$1 = 1,309.03 BTC. This rate was decided after framing up an equation as to how much is the cost of the electricity to run a computer, generating bitcoins.
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