Bitcoin - What Is Bitcoin And Should You Buy It? - How Bitcoin Works #Best Education Page #Online Earning

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

then for some of us any cryptocurrency

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

#Best Education Page #Online Earning

online earning,make money online, earn money online, online earning, online earning sites,

 make money online free, online money income, earn money online free, money online, best way to earn money online, online income site, money earning websites, best online earning sites, easiest way to earn money online, earn money payment bkash, online money income site