Simply about Bitcoin and blockchain part - 2

The centuries were passing by. The more the banks were developing providing diverse services, the greater role they play in people’s lives strengthening the position of the bankers, in turn. The vast majority of them started to abuse their powers and authority. For instance, they raised the payments for the services aggressively, dropped the deposit rates, and increased credit ones. Together with that, the bankers did not bother much about the quality of the provided services. Sometimes, they did even block the accounts of the clients, who did not please them much or blocked the credit balances of those, who spoke against the government. The government also used to frequently improve its financial performance due to the central banks that provided ordinary citizens with more paper currency than was necessary. As a result, the citizens experienced the high inflation negative effects.

Certainly, the clients did not appreciate much such a matter of things. The forces were still not equal. The banking system appeared as a solid front, so nobody could not find a solution to manage the situation effectively. However, the solution was finally found when one smart and practical guy introduced the Internet money transfer system. Thus, the banks were no longer needed. The man was Satoshi Nakamoto. He called his invention Bitcoin. The invented cryptocurrency (also called Bitcoin) became fundamental to the new system. He has genuinely invented not just a payment system but brand-new type of money. It is a program code-based system. Thus, it is impossible to pass over, break, or interrupt the work of this program code due to the great number of people worldwide experiencing the system. Neither Satoshi nor anyone else needs to manage the process to ensure the efficient work of Bitcoin. Even if the banks or governments neutralizes the key figures, Bitcoin will still survive. The Internet accessibility has enabled any person to manage money on one’s own, transfer money easily and fast from any corner of the world.

The accounts that have been paid through Bitcoin, are registered in the blockchain – a database that can be stored on any computer. Hundreds of thousand computers worldwide store the blockchains’ copies and synchronize them instantly. That is why it is impossible to destroy or counterfeit a blockchain.

Nobody did believe first that Bitcoin would survive. People poorly believed in Bitcoin because they thought Bitcoin code to be broken soon, or nobody would ever want to sell anything useful through that service. It happened so that one day, Lazlo Hanesh, a guy from the Czech Republic convinced his friend to sell him two common pizzas at 10000 Bitcoins, and here is, where the history of Bitcoin use starts. Ordinary people started appreciating more with time the financial system that is not regulated by banks. Along with a Bitcoin price, a number of goods and services purchased at Bitcoins grew stronger day by day. Bitcoin was estimated first just at several cents, then, dollars, dozens and finally, hundreds of dollars. Nowadays, Bitcoin is estimated at $2700. Today, a friend, who sold Lazlo two pizzas seven years ago could have earned $27 000 000.

A lot of people have created their versions of Bitcoin. These versions are similar to the original in main points. However, Bitcoin is still most recognized, required and financially appealing to the majority of its users. The number of the Bitcoin users grew gradually, and those experiencing Bitcoin felt more being on track.

The number of joint powerful computers generates new Bitcoins. Miners, people, who create new Bitcoins join in pools to obtain new Bitcoins more effectively. The program code ensures the regulated Bitcoin mining. The mining is restricted to generating one bitcoin-block every ten minutes in average, which is 1800 Bitcoins per day (making up to $5 000 000 in price). The effectiveness of Bitcoin mining decreases twice in four years. Thus, the risks of Bitcoin inflation should not bother you much. In a search of Bitcoins, the miners join the exchange platforms, in particular, EXMO platform. Additionally, those who believe in Bitcoin growing many times more, also visit the platforms and buy Bitcoins. The miners can decide anytime to sell them back or buy many different goods on the Internet at Bitcoins. At last, Bitcoins are used in real life as well; some cafes and stores accept the payments in it.

The future belongs to Bitcoin. The question is whether you really want to succeed in future. If the answer is ‘yes’, you do already realize what to do!

source:: exmo.com