Is bitcoin the money of the future? Ten things you should know about this controversial form of payment.
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.
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!
Enjoy your day, Yareah friends. Art is everywhere and up to you! Christmas are coming!