All about Bitcoin and other cryptocurrencies
Having an initial value of $0.008/B to $0.08/BTC in just five days and now worth over $16,000/BTC, Bitcoin has continued to defy odds despite its inconsistencies. What is Bitcoin? Imagine a world where no bank existed and all your cash stored in a wallet but in this case an online wallet. You could buy anything and make all your transactions without touching any cash. That is Bitcoin in a nutshell. After Satoshi Nakomota, the creator(s) of Bitcoin, published his article about a new and innovative kind of transaction, the world was introduced to a peer to peer cash system where everything was electronic and every transaction recorded on a blockchain system. This did not only mean you could view the transactions you made in the year 2010 but also see what transactions other people made. Th ultimate aim of Bitcoin was to introduce transparency in the banking system.
With a value of over $16,000/BTC, can bitcoin really be used to make transactions just like cash? yes. The first Bitcoin transaction was made when a guy bought pizza and paid 10,000 BTC to another guy in a different country who understood what bitcoin was. while bitcoin can be used to make transactions, Most of these transactions are made not in everyday purchases but on the Dark Net where BTC is the main mode of transaction. The introduction of Bitcoin has made the Dark Net gain traction and this in turn has helped burgeoned BTC to its current value.
Bitcoin is just one of many cryptocurrencies in the world and considering its inconsistencies, crypto-enthusiasts are now looking for alternative stable cryptocurrencies. This has led to the introduction of Ethereum and its currency ether. though Bitcoin leads as a store of value, ether has quickly been accepted as a preferred mode of transaction because of its versatility. Ethereum allows you to convert to other cryptocurrencies like bitcoin itself and ether transactions are processed faster by the blockchain compared to BTC.
So while BTC dominates the crypto industry, other cryptocurrencies are fast rising and soon a 'cryptocurrency war' will evolve.
With a value of over $16,000/BTC, can bitcoin really be used to make transactions just like cash? yes. The first Bitcoin transaction was made when a guy bought pizza and paid 10,000 BTC to another guy in a different country who understood what bitcoin was. while bitcoin can be used to make transactions, Most of these transactions are made not in everyday purchases but on the Dark Net where BTC is the main mode of transaction. The introduction of Bitcoin has made the Dark Net gain traction and this in turn has helped burgeoned BTC to its current value.
Bitcoin is just one of many cryptocurrencies in the world and considering its inconsistencies, crypto-enthusiasts are now looking for alternative stable cryptocurrencies. This has led to the introduction of Ethereum and its currency ether. though Bitcoin leads as a store of value, ether has quickly been accepted as a preferred mode of transaction because of its versatility. Ethereum allows you to convert to other cryptocurrencies like bitcoin itself and ether transactions are processed faster by the blockchain compared to BTC.
So while BTC dominates the crypto industry, other cryptocurrencies are fast rising and soon a 'cryptocurrency war' will evolve.
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