Bitcoin-The slayer of humanity

Not everyone of us has time to understand and accept changes due to cryptocurrencies, more and more often we hear from news, internet from acquaintances and from people that Bitcoin has grown several times. Most people still don't realize that the financial system and the whole world itself are changing right now and those who think they know everything might be sadly mistaken. Important thing is always to have correct information and understanding of things that are happening. This story will not open eyes of those who still don't know about Bitcoin but will change right as well those who are already familiar to the world of cryptocurrencies. Bitcoin is not simple as you think.

Bitcoin can free the world from unjust financial system and banks but also can destroy like no world war ever could

Year 2008:

It was year 2008, an anonymous group of people or one person who was hiding behind a pseudo name Satoshi Nakamoto published a document under name 'White Paper', which described the technology and working principle of Bitcoin, In the same year the main bitcoin.org was registered and first articles were published. In 2009 followers and Bitcoin evangelists had already appeared. People who believed in the basic idea and technology of Bitcoin, on blockchain Bitcoin at that time was absolutely safe and anonymous value of the future could be used without intermediaries like banks and also not be controlled by supervisory authority and other individuals.

Main feature of Bitcoin, It doesn't belong to anyone

People thought this way and still think now. But in this story you will learn things that most people have no idea what Bitcoin can turn our ordinary world into. Might not be so bright and wonderful.

Year 2009:

In 2009 Bitcoins exchange rate was somewhere between 700 and 1600 Bitcoins per $1, by the end of 2017 on the one Bitcoins cost was $20,000. Exchange rate was increased by 32 thousand times, it's a fantastic growth and it keeps on growing, every noob psychological mark gets reached faster and faster. Soon we will see one bitcoin cost will be $50,000, $100,000, $200,000 and may be even 1 million dollars for one bitcoin. As per current status Bitcoin has reached all time high of $20,600 for one Bitcoin.

Why Bitcoin Keep on Growing?

The answer is simple. The root of most cryptocurrencies is blockchain. Blockchain is a chain of blocks, each block keeps information about addresses and transactions and the structure itself is fully decentralized. The centralization is the keyword, the centralization is when servers that secure one network of that certain cryptocurrency don't belong to one circle of persons. There are hundreds of thousands of computers and each one contains a full base of Bitcoins blockchain; all transactions, history, account balances and other things. All transactions in such a network can be traced to the very first one and that's how we get openness of all used data, if you change or hack in the data in Bitcoins network you must tag and change information on hundred thousands of servers which one zone are regular users or miners?

Mining is the method for extracting Bitcoins when you provide computational power of your computer to ensure the efficiency of network or that you get a reward in way of Bitcoins but it's not as simple as it looks like. The more servers appear in the network the less reward becomes.

There is already an entire industry round Bitcoin and other cryptocurrencies. You used to be able to mine Bitcoin on any computer when whole network was small and Bitcoin initially came out. Now for that purpose there are some special computers, miners that can do nothing but mining. Their huge computing power don't compare to usual computer, that is why mining opportunity on your personal computer has fully lost all meaning. Some cryptocurrencies are mined with video cards which also made a leap in the development of the industry and even shortage of equipment.

Private mining without big investments is no longer profitable

From 2015 Bitcoin began to come out into wider communities and from 2017 there was a quantum leap of popularity in growth, not only in Bitcoin but also of other cryptocurrencies called belt coins.

Bitcoin- Bubble or Financial Revolution?

World's richest person has announced that his company has invested 1.5 billion dollars in Bitcoin.

Why did he make such a big investment?

Everyone might be thinking why Mr Musk invested in such a system which is not yet accepted by all types of governments. In India, Bitcoin was banned in 2018, later on by the order of supreme court of India the ban was lifted. There are speculations that government is planning to introduce digital currency bill. God knows what that will be?

There could come a day that Bitcoin surpasses the government currencies but people need to trust bitcoin for it to be a conventional currency system

Musk has also announced that we can buy Tesla cars using Bitcoin. The move is expected to effect the practicality of Bitcoins. Tesla is not the first company to invest in Bitcoins. Bitcoin enthusiasts are happy that Elon Musk has endorsed digital currencies.

What To Expect 'Next'?

Bitcoin may be the next future but time is still yet to come...