Bitcoin gains some serious popularity in
2017 especially after a sudden increase
in value the popular cryptocurrency
almost got to $20,000 fallen short at
just nineteen thousand seven hundred and
eighty three dollars but still this made
huge returns for those who had probably
purchased a coin for less than a
thousand dollars at the beginning of
2017 or even earlier than that
unfortunately for most of us we were
caught unaware of this huge opportunity
may have seen a poor investment choice
especially when it's described as a drug
and gangster money by mainstream media
however if you did manage to ignore all
this and invested in Bitcoin
then you must have made some good
returns so if you don't already know
cryptocurrencies are basically digital
or virtual currencies that uses
cryptography for security the biggest
advantage of cryptocurrencies are that
they are extremely difficult to
counterfeit and are also not issued by
any central authority they are
decentralized in essence making it
impossible for governments to control
them which is why I guess they are so
alluring especially if you are concerned
about the safety and security of your
hard-earned money so how did the Bitcoin
and cryptocurrencies come about well in
the 90s there were several attempts to
create digital currencies but they all
failed due to third party approaches
however in 2009 an unknown person or
group of people under the alias Satoshi
Nakamoto introduced Bitcoin their launch
featured a peer-to-peer electronic cash
system that is decentralized and
eliminates the need for a regulatory
third party as of September 2015 there
were over fourteen point six million
bitcoins being treated at an estimated
value of 3.4 billion dollars thanks to
the success of Bitcoin it gave birth to
other cryptocurrencies such as like coin
aetherium ripple Manero and about 1,400
other cryptocurrencies Bitcoin uses a
clever system called blockchain
technology which ensures that all
participants take part in the system to
double spending the blockchain is
basically a public ledger that keeps a
record of all transactions happening
within the network in making all the
details available to every participant
in that network for this reason it is
impossible for people to fraudulently
spend coins the beauty of blockchain
technology is that all the records of
transactions are encrypted from hacking
each transaction consists of these
senders and the recipients public key
and the number of coins being traded so
each transaction needs to be signed off
by the sender but the use of their
private key the transaction is then
broadcasted in the network after being
confirmed within the network only miners
which are computer solving cryptographic
equation can confirm a transaction by
solving a cryptographic equation a miner
will take a transaction market as
legitimate then spread it across the
network once confirmed the transaction
is added to the network status basically
the system incorporates all the data
without the need of a third central
authority there are many rules
programmed into the system to prevent
fraud and hacks this makes the network
trustworthy and secure hence its
attractiveness and allure
cryptocurrencies makes it easier for two
parties to transfer funds between each
other with the use of your public and
private key you can make secure money
transaction with anyone in the world
while at the same time avoiding hi fees
like those charged by banks for wire
transfers the ingenuity behind Bitcoin
is the use of blockchain technology that
allows the storage of an online ledger
of all transactions free from hacking
and available for all members of the
Bitcoin network to see this technology
has further prospects in online voting
and crowd funding especially in
elections blockchain technology can be
used to verify the legitimacy of votes
both in casting and tallying hence
reducing cases of boat mess counts and
irregularities all while creating a
freer democracy the decentralized model
of cryptocurrencies creates a virtual
world with no boundaries where one
person from any country can trade with
another without the evaluation of the
currency and without third parties
limiting access to who you can and
cannot
transact with while all this sounds good
cryptocurrencies have certain
shortcomings such as cryptocurrencies
are virtual and lucky central repository
cryptocurrency balance can be wiped out
if the backup also failed the absence of
a centralized Authority such as a
central bank or a Federal Reserve means
that it is entirely possible for a whole
economy to collapse the market value of
cryptocurrencies is controlled by market
forces and thus susceptible to large
fluctuations despite high security
algorithms used in blockchain technology
cryptocurrencies are still susceptible
to hacking even in its relative short
existence Bitcoin has experienced
numerous thefts with some of them being
well over a million dollars in value
hacking is still a problem with
cryptocurrencies then there is a
question of whether they are illegal or
not unfortunately there is no United
stance on cryptocurrency with most
governments still expressing mistrust
and discomfort with the legalization of
a decentralized money system it goes
without saying that the decentralization
of the money market is dangerous for the
stability of any economy hence a genuine
reason for this concern some countries
such as Bolivia and Ecuador have
completely ban cryptocurrencies
entirely however large nations such as
the United States have so far except the
cryptocurrencies
as an alternative currency in fact some
stores have even accept a Bitcoin as
payments but since the u.s. sees Bitcoin
and other cryptocurrencies as property
like stocks and bonds instead of an
actual currency it has imposed tax laws
on crypto currency trading Canada Brazil
and a few other countries seem to share
the USA's
thoughts on this but other countries
such as Morocco Ecuador Nepal and a few
other countries have banned crypto
currencies Bitcoin and its trading
completely a few more European nations
have also accepted cryptocurrencies
but they also see crypto as a property
instead of an actual currency and thus
have also imposed taxes on them so
blockchain technology and digital
currencies are changing the old rules
and systems of doing business
the existence of a decentralized system
of cash flow holds huge prosper
for the world especially by eliminating
third parties cutting red tapes and also
creating a more inclusive and open
financially eco system however
cryptocurrencies also provide money
launderers with a clean platform to
engage in business since their records
are not traceable or subject to
litigation blockchain technology also
holds potential benefits in limiting
fraud and rigging by establishing
trustworthy online voting systems and
crowd sharing and financing with all the
information being available to the
public it is only a matter of time and
until the entire world has to face the
reality of blockchain technology whether
we should embrace cryptocurrencies and
blockchain technology is still a matter
up for debate but I think blockchain
technology is here to stay if you like
this video leave a thumbs up and also I
would like to know your views on
cryptocurrencies and the blockchain
leave a comment below and with that said
I guess I'll see you on the next one
Cheers
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