What Is Bitcoin
In todays blog I'm going to be digging deeper into what bitcoin is. I'm going to give you a more insight into what really makes bitcoin. If you haven't read my last post I advise you do so that you have a little more insight into crypto and will know what I'm talking about fully. So to begin we should go over the basics. Lets start out with who created bitcoin. To be truthful no one really knows who created bitcoin. There are many theories as to who it can be but one thing for sure we can be certain about is that the creators pseudo name is Satoshi Nakamoto. This makes it really ironic that the creator of the biggest anonymous cryptocurrency is they them self not known. Lets now dig into how Bitcoin really operates and functions.
Why Was Bitcoin Made
To start off we need to understand the point in cryptocurrencies and bitcoin was from the start to have anonymity when exchanging cryptos no matter the exchange or deal no matter what transaction it is you will always be anonymous. This is what originally made bitcoin so popular and was believe to be the next revolutionary tech in finances. This was the main point of cryptos until more coins with utility came out like Ethereum. Nowadays cryptos will be more likely to careless about privacy as there are many coins out already like this. Don't expect privacy to get left in the dust though many coins still intend to keep it as a feature as it is extremely important to the decentralized eco system cryptos are trying to establish.
How Does Bitcoin Work
In my last blog post I discus the networks that make cryptos work. In simple terms a blockchain is a network a cryptocurrency uses to authenticate the coins and to secure the blockchain network. Miners secure the network using there mining rigs or pcs(bitcoin cant usually be mined on a pc at profitable rates). They do this by completing math equations that lead to a block being unlocked when that happens the wealth is either distributed to pools or if you are solo mining then it all goes to you. This is how all the stealth features of the coins are operated as well as the blockchains.
How is Bitcoin Doing Right Now
As I am currently now writing this blog the price of bitcoin is $38,948.38. Still making it the most valuable coin on the market as of right now. The latest crash has hit bitcoin particularly hard this time around. This is making it the perfect time to invest. Now remember I am not a financial adviser but I do recommended you look into it as of 6/3/2021.
What Is the Future of Bitcoin
Now if you were to ask me and now remember I'm not a financial adviser where do I see bitcoin in the future I would tell you it's complicated. Personally I believe bitcoin Is going to be phased out by other coins that have more utility. But I also believe that bitcoin will be more used to like how gold was used to give value to fiat currencies. I believe that once the crash rebounds bitcoin will likely not increase to much more dramatically due to other coins having more share in the market. That's all for this post follow the socials to keep up to date and never miss a thing also comment and let me know what you think of the article.