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Bitcoin Some Best Truths That Nobody Told You

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First Of All

The article you are going to read below is an improved, revised and updated translated version of the original article published by buda.com in its official blog.

We believe it is convenient to carry out the translation of the article because we mainly believe that there are people in the world who really do not know exactly what Bitcoin, Blockchain, Cryptocurrencies and other terms associated with the latter.

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Also, we know that you expected the second chapter of the Crypto Netflix series. But today we decided to dedicate a good time to all the people in the community who still need more knowledge to understand the real importance of this new digital world of cryptocurrencies. Then, let’s go!

What Is Really A Cryptocurrency?

A cryptocurrency is a new form of free exchange digital asset that allows you to transfer economic value between people and through the internet.

This is possible thanks to Blockchain (or blockchain), a new type of decentralized, immutable database that economically rewards those who provide computational power to keep it updated and secure.

There are currently more than 500 cryptocurrencies, with an accumulated economic value of more than 250 billion dollars. More than half of this amount corresponds to Bitcoin.

These cryptocurrencies were born from Bitcoin and were called Altcoins, which took some of the properties of Bitcoin and modified it, such as, for example, their money supply or the time it takes for block confirmations.

Some altcoin remain stable in the market, but most have seen the sunset in a very short time. Why is this happening? perhaps, because they were only an experiment of a group of technological friends or simply the market did not make a real contribution in them.

An example of a bad conceptualization of cryptocurrencies is the questioned Facebook Pound.

When they announced that Facebook would have its own cryptocurrency, this idea was quickly put on trial because experts did not consider it to be a decentralized currency and also did not meet some of the characteristics that make cryptos be considered cryptos.

60% Of Total Market Capitalization

One of the essential facts of Bitcoin, and for being the first cryptocurrency created, is the fact that at present, it has more than 60% of the total market capitalization.

This fact makes Bitcoin one of the main assets for the entry of capital into the market as a generator of investment interest by many investors in the world.

In addition to this fact and as described in the article, Andreas Antonopoulos defined 5 pillars that allow us to identify the true value of a cryptocurrency: open, public, without borders, neutral and resistant to censorship.

Liberal And Open Economy

Bitcoin is open because it is designed so that anyone can access this cryptocurrency, without any prejudice, racial, ideological, philosophical, or economic level, or anything. It is a technology that is available to anyone, as it was programmed so that people do not have to ask anyone’s permission to access it.

No one will ask for your identification, nor will you look at your financial biography, like what happens in the banking system. No one here is investigating you. On the other hand, if I take this to the local currency, I find thousands of doors that close if I want to open a bank account to get my salary deposited. Moreover, if my financial past lists me as the most risky person in the world, as risky as showing a ring of commitment to Gollum.

There Are No Secrets Here

Bitcoin is public because every transaction that is made is recorded in a large digital accounting book called Blockchain. This accounting book is open and anyone can look at its content, anyone can see which transactions have been recorded, which have been rejected, etc. This allows Bitcoin to be a very secure technology, because there is a possibility that millions of eyes are aware of what is happening and that it is impossible to deceive the system.

Now, if I need to ask the cartola to my grandmother’s bank, the first thing they will tell me is that they identify me and that my grandmother authorizes that I can see this information. This can be delayed, because my grandmother does not have an electronic account, then you have to go with her to the bank and if it is after 2:00 pm the banks will be closed and I will not be able to access this information. Undoubtedly an odyssey worthy of Ulysses.

The Barriers Don’t Exist

Bitcoin has no borders. It is a currency that does not depend on any government. It is the internet of money, that is, it is a currency that can accompany you to any city you go. Where there is internet, there will be Bitcoin. As Antonopoulos says: “It is a pure and truly international phenomenon.” If you bought Bitcoin in Brazil and want to travel to Japan, you will not need to do any paperwork to take those bitcoin to use them in Japan. You just need to have internet access and that’s it.

On the other hand, if I take my Chilean pesos to Colombia, they won’t help me. I will have to go to an ATM, think about how many bills to take out, meditate if it is a good idea, then use the credit card, take out the tickets, live the crazy life, to finally receive a bulky account statement at the end of the month. An excessive interest. At that time, all you want is for the system to collapse and be destroyed.

Neutral Philosophy

Bitcoin is neutral. What does that mean? That Bitcoin is not interested in knowing who are the bitcoins that are being sent or who is the person who is receiving them. Nor is he interested in knowing the purpose of why a person is sending bitcoins to another person.

You are only interested in knowing that the transaction is registered in Blockchain. No one will be judging your actions with this cryptocurrency. However, if I wanted to send, periodically, a lot of money to my grandmother who lives in Russia, perhaps this will raise an alarm in the bank and someone will suspect something and they will begin to ask why I am doing it.

Censorship Resistant

This means that blocking a bitcoin transaction is practically impossible, because in theory a person can create a protocol where a transaction (an alphanumeric hash) is transformed into emoticons, and if someone in any part of the world where bitcoin is not prohibited knows the way to decode these emoticons in a transaction, this will be processed.

On the other hand, if I want to hire a triple pack service so that my grandmother does not get bored watching the television channels open and I am in Dicom, Don Censura appears and stops the whole process so I am forced to entertain her talking about Bitcoin.

The Adoption Is Unstoppable

Bitcoin, also called a mobile currency or a crypto currency, was created in 2009 by Satoshi Nakamoto, a mysterious individual or a group of people whose true identity is still unknown today.

The main idea behind the establishment of this virtual currency was to enable quick and cheap online payments without the need to use traditional banking channels. Bitcoin gained in popularity when its price jumped from around 572.33 U.S. dollars in August 2016 to approximately 4,764.87 U.S. dollars in August 2017.

The market capitalization of Bitcoin also increased dramatically in that time, and reached a level of 237.6 billion U.S. dollars in Q3 2017. As of October 2019, this virtual currency was worth 9,225 U.S. dollars as reported statista.

Also, the report says that the number of Bitcoin ATMs increased from 954 in January 2016 to 5,719 by October 2019. Most Bitcoin ATMs, as of September 2019, were located in the United States and Canada. The Bitcoin ATMs located in Europe constituted 21 percent of the global ATM market share. The leading ATM producer worldwide as of September 2019 was General Bytes, with approximately 32 percent of the market share.

However, the future of this virtual currency is yet unknown. If the most important difficulties are overcome, especially those related with regulations on the cryptocurrency market, and people all over the world start to trust in Bitcoin, it might become one of the most popular choices for online payments. As of May 2018, only two percent of Americans owned Bitcoin, but 26 percent said they may buy it in the future.

See you in the next story! With love 💛 Rubika Ventures Team!

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