“Reveal Value” Of Bitcoin Touching Millions Soon

Different people interpret Bitcoin differently as per their understanding. Some describe it as the future of money and some as a speculative bubble that could go kaput any time. Mystery shrouds Bitcoin the internet platform for money even today

Before we understand how and why the value of Bitcoin be touching millions soon. And the same shall lead to an increase in Bitcoin millionaires. We need to understand what Bitcoin is all about. For a complete understanding of Bitcoin and the changes that it would usher in for our world requires a lifetime. So let us examine Bitcoin through the lenses of its historical fundamentals, technical underpinnings, and financial asset status.

Bitcoin is mostly about anonymous transactions and I don’t think that over time it is a good way to go. I am a huge believer of Digital currency but doing it on an anonymous basis, I think that leads to some abuses, so I am not involved in Bitcoin

Bill Gates on Bitcoin

Confused don’t be, lets get on with our pursuit of understanding the Bitcoin world.

Bitcoin is the most noteworthy triple entry bookkeeping system in today’s world. From a user’s perspective, it resembles cash for the internet. Bitcoin is a unanimous network that powers a new payment system and true digital money in nature. No central authority or middlemen governs this first-ever decentralized peer-to-peer payment network powered by its users alone.

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How Does Bitcoin Work?

“Bitcoin is a techno tour de force.”

Bill Gates

Bitcoin falls into the electronic cash category. But other digital forms of money have a central party, bank or payment processor to govern its working and movement. Bitcoin, on the other hand, has its network of users alone to maintain it. It’s a no restriction network. Anyone can become a user by downloading a piece of open-source software on their computer and connect to the Bitcoin network through Internet

Users connected to the network can transact with each other.

Bitcoin Mining

The process of mining brings in new coins into circulation and it is done by a subset of users or “miners”. You too can become a miner. But it requires computation resources and therefore electricity. Once in every ten minutes, like a lottery win, one miner gets lucky and is rewarded with a new Bitcoin. It began with 50 coins every ten minutes, but this number is lowered every four years. By the year 2140, the reward would be Zero. And then, the final number i.e 21 million coins would be in circulation and it would be a hard stop

It’s one of  Bitcoin’s more stylised design features, that miners while investing computational resources into mining provide a service to the network, they identify and approve of the transactions sent by users to each other. Miners merge all transactions on the network into blocks and the miner who is awarded the Bitcoin has to get his block and all transactions in it stamped approved by the network. Meaning if ever there are two conflicting entries( i.e if somebody tried to dupe the system and send the same bitcoin to two different users) only one of the transactions will get recognized as valid .

Every new block has its link to the previous block. The blocks form a blockchain. In a scenario where two miners find a new block simultaneously, the two different competing transaction histories will remain only for a short period. This resolution comes through a race, the first blockchain to establish linkage with another block will be accepted as valid by the entire network. So even if it takes time the Bitcoin networks always recognizes and validates a single version of the transaction history

Finally, it is remarkable to note, that users on the network don’t reveal themselves with their original names. Instead, they supplement it with Bitcoin addresses. These addresses are nothing but a lookalike of random strings of numbers and letters.

Do Bitcoin Millionaires Control Bitcoin?

Certainly not the bitcoin millionaires. Bitcoin is not governed by any single manager or entity. Instead, it is maintained by a consortium of users. One of Bitcoin’s most dominant and unparalleled qualities is the fact that the transactions on its blockchain ledger are authenticated by the agreement in unison of the network’s members and not by “trusted” authority or a third party or.

So, no single authority or organization “controls” Bitcoin as in case of money where the government controls a fiat currency or a board that regulates a corporation. When users apply a full Bitcoin node to validate transactions and blocks on the blockchain, they specify the protocol that the node will use.

Ownership

• Just 4% of addresses own 96% of the bitcoin amount (containing 2.9 million BTC).
• 457,000: number of addresses or probable bitcoin millionaires grew rich by $10,000.
• 715,000: number of active addresses in the past 24 hours.
• $19 billion: combined total value of the 100 richest bitcoin millionaires.
• 500,000: number of Bitcoin.com wallets downloaded.

What decides Value of Bitcoin?

 “Bitcoin is a remarkable cryptographic achievement and the ability to create something that is not duplicable in the digital world has enormous value.”

Eric Schmidt (Google -CEO)

The three Quintessential New-Age Currency Traits

In the digital age we live in, the ideal brand new currency should have at least these three basic traits.

• It should not be under the control of any authority, so that is manipulation, devaluation(printing at will) is restricted. Also, nobody should dictate terms of its usage to the people having it

• Borders of a country should not be a limiting factor for a currency. It should be free of restrictions about exchange across locations and with anyone

• It is bereft of political biases . This helps it prevent favouring a particular system or group of people. Its value primarily comes from the fact it being the first digital currency that no single person, organization, or authority has control over. Anyone can buy it, anyone can receive it — and nobody can tell anyone what they can or cannot do with it.

Traits that Increase Value of Bitcoin,

Dictatorship, oppression and hyperinflation cannot affect this money. It is a financial safe-haven for anyone facing these circumstances.

It comes with a  limited supply capped at  21 million total bitcoins,that will never be altered. And we know exactly how many are in circulation in this world at what rate, as well as approximately when the last bitcoin will be created.

People living in first world countries may not be able to understand or support the notion of a decentralised currency being valuable. As their currency is pretty stable but then the people from the first world should realise that the FIAT money system is prone to weakness

The Problem With Fiat

Any money controlled by a central bank is, in fact, no sound when you delve into the big picture. Plainly speaking, governments have created monetary systems that permit them to manipulate the supply of their country’s money, asserting its value. They support it by their word that it will always be worth something as per the promise made. However the issue is that “something” has slowly been losing its value.

The reason behind this is: Governments want to spend more than they collect from taxes and other revenue sources; so, by the power vested in them, they mint enough money for their needs. When more money is circulated into an economy, it decreases the value of each unit already in circulation.

Bitcoin’s exquisitely crafted traits affect people’s lives in unstable economies (like Argentina and Venezuela,). The government in these countries heavily manipulates its money.

Economies like Venezuela and Argentina have witnessed times where their governments printed so much of their currency that their citizens could not spend it fast enough before it lost value. This has happened multiple times in each country and, as a result, their entire monetary systems fell apart, and affected citizens had to resort to an alternative medium of exchange.

Why Do We Use Fiat Money?

Our current monetary system is acceptable to people is because it’s what we have and it’s what we have had for as long as we can remember. Because people living today were born into the existing system of government-issued money. Society willingly accepted that the gradual increase in price for everything from groceries to education is a natural occurrence.

It is hard to believe that prices will continue to inch north forever. Tea may cost 50 Rs per cup in 50 years (compared to the 10 rs average today and the 1 rs it cost in 1990. We owe these increases to the natural result of inflation, which they correctly are. But the underlying reason why inflation occurs in the first place is due to the manipulations of a central authority.

Why Bitcoin Is Valuable?

Bitcoin is devoid of the core flaws that infest the fiat monetary system. All the user agree upon a code to lock the Supply of Bitcoin . Its always fixed and transparent Distribution rate at which the new bitcoins are circulated into the world . Even the estimated date when the last bitcoin will be created is fixed. Bitcoin is faceless and has no names attached that can strongly sway the direction of the currency. It’s the rectification of these flaws of our current system that bring value to bitcoin.

So the answers lie in here for reveal value to touching millions soon and there will plenty of Bitcoin Millionaires soon

Bitcoin Is The Best Form Of Money In Existence:

To understand, let’s put gold, fiat, and Bitcoin in juxtaposition. All are highly interchangeable and non-consumable. Only gold and Bitcoin have high durability. Divisibility and security for Gold and FIAT are moderate, while Bitcoin beats them on the two qualities. The predictability of supply for gold is moderate while for fiat it is low. Bitcoin has a high predictability.

Bitcoin Halving Will Propel The Price In The Right Direction

Bitcoin and its chronology

1. October 31, 2008: Anonymous Satoshi Nakamoto publishes  Bitcoin whitepaper
2. January 3, 2009: Mining of Block number one or Genesis Block
3. January 12, 2009: First Bitcoin transaction noted
4. December 16, 2009: Launch of Version 0.2.
5. November 6, 2010: Market cap value exceeds USD 1 million.
6. October 2011:  Litecoin created.  Bitcoin forks for the first time.
7. June 3, 2012: 1322 transactions create  Block 181919. It is the largest block to-date.
8. June 2012: Coinbase launches.
9. September 27, 2012: Bitcoin Foundation comes into existence.
10. 4th December 2013: Price touch a high of $1,079.
11. 7th December 2013: Price nosedive to around $760.
12. February 7, 2014: Hacking of Mt. Gox .
13. June 2015: BitLicense comes into origin. A significant cryptocurrency regulation.
14. August 1, 2017: Bitcoin forks once more Bitcoin Cash comes into existence.
15. August 23, 2017: SegWit gets activation.
16. September 2017: China bans BTC trading.
17. December 2017: CBOE Global Markets and the Chicago Mercantile Exchange (CME) launches First bitcoin futures contracts.
18. December 2017: Bitcoin price climbs all-time high.
19. January 2018: 2018 cryptocurrency market crash leading to the price drop.
20. September 2018:  80% collapse in Cryptocurrency value from their peak in January 2018,
21. November 15, 2018: Bitcoin’s market cap falls beyond  $100 billion for the first time
22. October 31, 2018:  Bitcoin observes 10^th anniversary
23. May 11, 2020: 3rd Bitcoin halving

. “Bitcoin is a very exciting development, it might lead to a world currency. I think over the next decade it will grow to become one of the most important ways to pay for things and transfer assets.”

Kim Dotcom (CEO of MegaUpload

Is Bitcoin a Good Investment?

How did Bitcoin get value?

Trust and adoption are the attributes that make money to hold value. With its growing base of users, merchants, and start-ups stand testimony to Bitcoin acquiring those two attributes. And unlike any other currency Bitcoin to has started holding value because people have started showing acceptance for it

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Are Physical Bitcoins worth anything?

The value of The physical Bitcoins(Casascius) from the year 2011 -2013 . There are reports of one single Casascius series selling for a price beyond the coin’s face value. The digital form of Bitcoin at loses out Physical Bitcoins when it comes to holding a collectable value

Why you should not buy Bitcoin?

The plausible reason why one should not buy Bitcoins because the risk exposure is way too high. The fluctuation in price especially the downward spiral is as high as 80%. Moreover, it’s not a one-off incident it has happened thrice but the good part is the recovery and newer heights

How can you tell if a Bitcoin is real?

Bitcoin cannot be faked and is tamperproof. Its origin and existence lies in encrypted calculations done on the Blockchain data. Your wallet reads into Blockchain and confirms the number of Bitcoins you have. Upon receiving the confirmation from blockchain the Bitcoins enter your wallet and exit from the originating wallet.