Early password punk representatives, from left to right, were Ronald Levist, Adi Samuel, and Leonard Adelman.
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In such an atmosphere, password punks contribute a lot of valuable technology and ideas, and Nakamoto is the master of these theories and technologies.
The financial crisis in 2008 made many people realize that the Fed’s indiscriminate payment of banknotes, the proliferation of financial institutions’ derivatives, and the limited credit of centralized institutions have completely solved the problem of Wall Street’s abduction of the whole society by means of technical means. Nakamoto has invented Bitcoin and published the white paper "A Peer-to-Peer Electronic Cash System." In this white paper, Satoshi Nakamoto fully explained the principles of Bitcoin and his views on virtual currency.
In a nutshell, Bitcoin is a quasi-currency issuance system. It is also a set of currency circulation and settlement networks. It has the characteristics of decentralization, non-tampering, openness, transparency, internationality, anti-censorship, anti-inflation, etc. The problem of over-issuance of credit currency has also achieved low-cost, near-real-time currency settlement.
PART3: Is Bitcoin running?
In the initial thought experiment, we have already mentioned that the issue of Bitcoin is not centralized, all run by the consensus reached by everyone, and the miners are the performers of the Bitcoin system.
To put it simply, bitcoin is generated like a problem-solving process. Nakamoto has set the answer to Bitcoin to 21 million solutions. Anyone who solves this answer can get a bitcoin reward. The process of mining is to seek the solution of this equation system through a huge amount of calculation.
After the miners receive the BTC award, they will sell them. Each node accessing the Internet can freely trade the bitcoin in their hands, making more and more people in the market join to form a recurring and continuous trading system.
There are not many middlemen on the Bitcoin circulation network. Only the miners’ fees are exempted from multiple intermediate links on the existing currency circulation network, and the bitcoin currency circulation and settlement system is quasi-real-time, which is more settled than the existing currency. The system usually has a much faster T+1.
PART4: Future adjustments for Bitcoin?
In terms of value, the history of Bitcoin is a realistic version of the rich dream.
Six years ago, a buddy bought two pizzas for 10,000 bitcoins. Today, a few hundred coins can buy hundreds of pizzas. From the time of its release to the present, the highest point in bitcoin in the decade has risen by 26 million times. In the future, with the popularity of Bitcoin worldwide, it is also possible to increase the price by a factor of 1, 10, and 100.
From the application landing, today's Bitcoin is a completely subversive cognitive thing, and its future development is full of uncertainty. According to the current application scenarios of Bitcoin, we can also make some more forward-looking. Conjecture.
1. Bitcoin compatible ATM becomes widely available
Currently, there are 4423 Bitcoin ATMs in the world, distributed in 77 countries. With the popularity of Bitcoin applications, the number of ATM machines will increase.
2. The central bank will be more involved in bitcoin and other cryptocurrencies
One reason people usually like Bitcoin is that they can be used without a bank account. However, in 2019, a trend in Bitcoin may become apparent, that is, the central bank began to support cryptocurrencies by supplementing gold reserves.
3. Promote bitcoin-centered tourism
When people travel to different countries, the first thing they usually do is to exchange money. In March 2018, the German Tourism Board began accepting Bitcoin services. In the future, people may only use Bitcoin to travel.
4. The number of smartphones storing Bitcoin has increased
Technology brands' plans for future devices show that smartphones are gradually becoming integrated wallets that store bitcoin and other cryptocurrencies. In the future, perhaps users will use their smartphone wallet directly instead of a heavy hardware wallet.
Source: Sharing Finance