The Rise of Bitcoin and Future Implications
This initial cryptocurrency— Bitcoin — fell into existence in 2008. At this moment, no one had any particular interest in Bitcoin apart from the select few developers. Bitcoin used powerful cryptographic coding to make the transactions safer, create the users' identities pseudo-anonymous, and made use of a new application called 'Blockchain' .
The investment in Bitcoin clad to be a moneymaker in 2017. This is often what most individuals can recall it for. From a geek purpose of reading what's interesting is the blockchain technology behind each cryptocurrency. Blockchain can be considered a secure, distributed approach to storing data. Nodes (referred to as blocks) are connected to at least one another in a very chain that creates a self-managed structure. Since any dealings must be confirmed by several blocks, there's hardly any probability to erase or modify what has been done through the blockchain. That's why the technology is employed for sensitive care info or financial transactions and ninety percent of major North American and European banks are trying into implementing it in their solutions.
This feels like an enormous chance for the whole financial sector. By the tip of 2022, fifty per cent of adults in developed countries can have a minimum of 2 online-only media subscriptions. can those transactions be genuine through blockchain? Maybe.
In the future, it is likely that cryptocurrency will be the only Internationally accepted and used currency. But before that happens all government and private cryptocurrency experiments will fail until it becomes based on Tangible Trust. In order to explain the new paradigm of Tangible Trust, new paradigms on economics, money and government need to be explained first. The Commerce System, Government System and Financial System comprise the three divisions of what will be defined henceforth as an 'economic structure'. An economic structure makes it possible for humans to work together and evolve as a society.
The growth of society stimulates the growth of innovation, which in-turn stimulates the growth of productivity. This process then launches a self-reinforcing reverse loop where the growth of productivity then stimulates the growth of • innovation, which in turn stimulates the growth of society. In contrast, before an economic structure existed, a low-innovation/low-productivity tribal structure was the largest potential group size humans could work together as. (Meyer, D., Jun. 2018) (fortune.com)
The unstoppable increase in the value of Bitcoin these last few years precedes the ability to capitalise on this technology. Between double forks, increasing transaction backlog, and the inability to make agreement on the solution between developers and miners, the cost has grown. New investors are now entering the market heavily skewed in profit for early adopters with just one modicum of financial knowledge. The future is uncertain however it looks promising as the cryptocurrency space continues to grow at a rapid pace