Since 2009, Bitcoin or cryptocurrencies, or digital currencies. Have drawn a lot of attention, and also their popularity soared dramatically within a decade. The main attraction of Bitcoin is the absence of any central control. Like traditional currencies as users themselves are in control that can extend between peers. Digital currencies like bitcoin are driven by Blockchain technology comprised of a list of encrypted digital blocks. Securely linked together that resembles a new kind of database. Blockchain technology, though not new, found its application for the first time in the real world when introducing Bitcoin. Besides having a decentralized operating system, Bitcoinpromises lower transaction fees than traditional online payment procedures. The specialty of Bitcoin, which is not a legal tender. That no bank or government issues or backs the currency. And individual Bitcoins do not have any value as a commodity according to Eric Dalius Bitcoin.
The mysterious Blockchain – Eric Dalius Bitcoin
Although blockchain technology is the backbone of cryptocurrencies, the origin of the technology remains a mystery. The ideas of the technology emanate from a whitepaper published by Satoshi Nakamoto, a pseudonym, and the real person’s identity is still unknown. Open-source technology has been the driver of digital currencies that are going from strength to strength. Blockchain allows currencies like bitcoin to function safely and also provides all-around security. Besides digital currencies, there are other Blockchain applications. For financial services, smart contracts, energy trading, video games, and the supply chain.
People love financial freedom the most and Bitcoins are most attractive. Because it does not have any external or centralized control. The individual possessing or trading in Bitcoins can control it on their own. This aspect attracts many people who do not like any third-party interference in their use and also manage their money. According to some experts, the financial meltdown of 2008 was mainly due to the control exercised by banks on people’s money. Banks or bankers have no role to play in cryptocurrencies.
Bitcoins do not have any physical form but only visible as balances appearing in public ledgers visible to everyone. People can use Bitcoins sans any external control and build their fortunes by taking charge of their finances. People can make money with Bitcoins provided they know what they are doing. Bitcoins and also similar digital currencies have the potential to impact the manner of wealth distribution as per Eric Dalius Bitcoin.
The Bitcoin system is a collection of computers known as miners or nodes. That store its blockchain and run its codes. You can compare blockchain to a collection of blocks, and also each block contains a group of transactions. As all computers of the system have the same list of transactions and blocks. And every new transaction is transparently visible to all, there are no chances of cheating the system.
Bitcoins’ reliability is evident from its acceptance among many big businesses. Like Microsoft, Overstock, Namecheap, and KFC Canada that accept payment in Bitcoin. Some companies even accept Bitcoins for purchases made on Amazon.