What are Cryptocurrencies?
Cryptocurrencies is a digital currency in which transactions are verified and records maintained by a decentralized system using cryptography, rather than by a centralized authority. – Definition from Oxford
So let's talk about the most famous cryptocurrecy...Bitcoin
Bitcoin is the pioneer in the crypto/altcoin space. First created in 2008 by the mysterious Satoshi Nakamoto, bitcoin has been challenging the traditional system ever since.
Bitcoin is a peer to peer electronic cash system that is regulated by the blockchain or as most people refer to as miners. The blockchain ensures that all Bitcoin is transacted safely and securely on the chain visible to anyone with internet access.
If you are interested in hearing the case for bitcoin, I would suggest you watch the following videos.
So Why Bitcoin?
Bitcoin is the money of the future. You might like bitcoin or strongly dislike bitcoin, it doesn’t matter. The fact is bitcoin is the future of trading goods and services. Think of bitcoin in a 2020 world the same as the internet in the 2000 when the older generations said ‘the internet is a fad’ or ‘the internet is a bubble it will go away’. And yet I am writing this blogpost that will live on the internet forever.
Bitcoin is exactly the same not in nature but in a futuristic sense. We don’t know exactly how a 2030 world will look, but we know that it leans more to technology advanced systems than the old outdated cash/card system we use today.
Bitcoin isn’t just for the generation of iPhone, Internet and avocado toast lovers, not at all. Bitcoin is for the person who thinks the system is broken, the person who thinks the banks have had the monopoly for far too long, and for the person who wants to be in complete control of His/Her funds.
The Banking System
You might have notices I used words like ‘broken,outdated and monopoly’ earlier in this blog post, and yes I mean every word of it. So let’s start by the first one: Broken
The Banking System is completly broken in 2020, with people in 3rd world countries that can’t register for a bank account to the long waiting period between international payment. Or better yet, if the bank website or branch says the ‘system’ is offline we should all just keep our trust in the bank – nothing will happen. I always ask people ‘ what do you think the bank does with your money when it’s offline?’
Scary thought to have, right?
We literally give these institutions all the power in the world by storing our hard earn money. Furthermore, the banking system is slow, outrageously overpriced, with no upside to future generations.
Bitcoin changes each and every point I just made.
- Bitcoin is Fast
- Fees are less than 0.50%
- Will Never Be Offline
- No Institutions or Company has full autonomy over the Blockchain – It’s for the People
- Bitcoin doesn’t discriminate against age, religion, race, gender.