How Bitcoin has Changed Everything

This is a really cool story once you understand it.

Bitcoin is a digital currency and payment network, which money in the form of bitcoin moves directly from sender to receiver. It is trustless meaning it is absolute in it’s function. What Bitcoin solves on several fronts is huge, but it’s what it actually is that makes it a giant. Creating Bitcoin and releasing it is like placing an armed nuke in Washington and vanishing.

Bitcoin is a direct attempt to take the creation and management of money, away from the state (governments) and hand it to the people. That has been achieved.

This new currency is perfect in it’s design and runs itself. Until Bitcoin the world had no way to send money from one part to another promptly. Thru banks, 3–5 days compared to Bitcoin five minutes. This cannot be understated. In one move this eliminated the need for banks, payment processors, regulators, law makers, lawyers, the court system, authorities, governments etc from the transactions themselves. then there’s hackers, viruses and criminals. The technology is impervious to an attack of any kind. (so far). And it’s sitting square in face of the US govt and there’s nothing they can do to Bitcoin, or it’s users, and there’s no way to stop people adopting more of this technology.

It’s the gravity of what just happened. Someone just made a new currency that works, released it onto the world and walked away, so got away with it. To start a decentralised mindset by taking the very foundation of everything away from the state first, the money, is tantamount to war. But it just happened.

bitcoin is the first digital anything that cannot be copied. You can’t double spend a bitcoin or alter it in any way. Only 21 million bitcoins can be created with the last one thought to be around 2,140. We are up to nearly 19 million. It is open source so anyone can see it’s code and even create a better version of a Bitcoin. There are dozens of them.

This is a choice of financial freedom for you, encouraged and lead by good people who can create an economy quickly and efficiently, that’s separated from the current model. We have transcended into a more humane decentralised mindset that offers a future without much need for governments or authorities ridiculous processes.

Satoshi Nakamoto, the creator of the Bitcoin concept has dropped off the grid forever. If he surfaced the feds would lock him up for a million years. Plus it wouldn’t matter if they found Satoshi because Bitcoin can’t be stopped. Not only is it competing with the dollar, it’s a radically different angle unlike anything before. Responsible, predictable, long lasting, absolute, and given to the people to care take. A currency that actually goes up in value? Cool.

The US government have no idea how to deal with not just Bitcoin, but the explosion of the whole digital assets space. It’s brand new technology. There’s cryptos and blockchain networks, crowd funding, mining, exchanges, crypto finance, trading, digital wallets, tokenised assets, decentralisation, ICO’s Ethereum, and much more. In fact there are so many different sectors of crypto creating different things with the same technology, create a new department like Digital Assets & Technology. The problem is because a single crypto can cross over several government agencies because of it’s different functions, making it harder still, each department makes it own determination as to what Bitcoin is and they’re all different from each other. Bitcoin can’t be compared or measured against anything else. But it is an asset. It is unique.

But that’s just part of this story. When developers (build software) realised the new possibilities this concept offered, it was similar to the Boston marathon. Thousands of start ups around the world exploded into existence. Hundreds of millions of dollars poured into this new space from mostly regular people, with the possibility of fantastic new things and hundred times your money, a thousand times return. And the whole beast has been virtually unregulated or banned until now.

When rivers of money are flowing into a new wild west, the outcome was inevitable. The madness of crowds saw the markets go exponential, then prices crashed and most people lost any profit they had made. I’m sure most players left. Like me we lost motivation after going thru this insane non stop festival known as cryptos. Being a paying participant in a market mania bubble is electric and evokes feelings rarely experienced. And then the pull back was a drawn out process. I knew this would happen again but cut ties to the world I’d just lived in. The space went into what’s named the crypto winter. Prices flat lined and most projects vanished. People stopped talking about cryptos. The space went very quiet. It was a dark time to reflect on what just happened. But the emotional rollercoaster all of us just experienced, it’s like I had PTSD. I never thought a market like this could exist. But it does. And I’m sitting patiently waiting for whatever’s going to happen next.

2021 and the second serious attempt at to create something real is under way. In three years it’s a more mature market. Still, most of the current projects can’t all survive. The weak will wither, the strong will prosper. But Bitcoin and bitcoins will survive I have no doubt.

Source: https://medium.com/nerd-for-tech/how-bitcoin-has-changed-everything-73926c1c7c6?source=rss——-8—————–cryptocurrency