Is Bitcoin the Money of the Future? Ten Things You Should Know
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IS BITCOIN THE MONEY OF THE FUTURE? TEN THINGS YOU SHOULD KNOW ABOUT THIS CONTROVERSIAL FORM OF PAYMENT.
Bitcoins
1.- Bitcoin is a software-based online payment system introduced as open-source software in 2009.
2.- ‘Satoshi Nakamoto’ is real or a pseudonym, one person or a group of people, nobody knows! Anyway, Bitcoin was described by Satoshi Nakamoto.
3.- In 2008, Nakamoto published a paper on The Cryptography Mailing list at metzdowd.com describing the Bitcoin digital currency.
“Money is only a tool. It will take you wherever you wish, but it will not replace you as the driver.” Ayn Rand.
4.- Bitcoin lacks a central repository or single administrator. Thus, the US Treasury has called bitcoin a decentralized virtual currency, and the European Banking Authority has warned that bitcoin lacks consumer protections.
5.- But bitcoin as a form of payment for products and services has grown. Traders have an incentive to accept the digital currency because fees are lower than the 2–3% imposed by credit card processors.
6.- Because bitcoins are created as a reward for payment processing work in which users can send and receive bitcoins electronically for an optional transaction fee.
Bitcoin accepted here
7.- The most important part of the bitcoin system is a public ledger, called the block chain. A novel solution is that this is accomplished without the intermediation of any single or central authority.
8.- It’s true that Bitcoins are sometimes used to purchase illicit items, as drugs. Also, bitcoins can be stolen, and chargebacks are impossible. However, The United States is considered bitcoin-friendly and Europe too.
9.- The unit of account of the bitcoin system is bitcoin (BTC or XBT).
10.- Bitcoin can be broken up into small fragments of 0.00000001 BTC, which is one hundred millionth of a bitcoin.
“Bottom line is, I didn’t return to Apple to make a fortune. I’ve been very lucky in my life and already have one. When I was 25, my net worth was $100 million or so. I decided then that I wasn’t going to let it ruin my life. There’s no way you could ever spend it all, and I don’t view wealth as something that validates my intelligence.” Steve Jobs.
What do you think about this new form of payment? Tell us your opinion!
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