A Bit of Sense to a Bit of Coin: Everything You Wanted to Know About Bitcoin But Were Afraid to Ask

Currency - a medium of exchange, nothing more

If the day gold died, in what later became known as the Nixon Shock, hasn't stopped the financial world from spinning, why would currency going digital send shockwaves throughout the global economy? Since the beginning of its existence, money has continually transformed and evolved, but at its core it always remained a medium of exchange.affiliate marketing Economists see currency as widely accepted legal tender issued by a government and circulating within an economy of a country. But what would happen if "government" and "country" were taken out of the definition? Up until not long ago, that was technologically impractical and scientifically impossible.

And then a mysterious new technology emerged

Seemingly out of nowhere, but actually the result of a few decades of research and development by many unknown computer science scientists around the world. In fact, the first digital currencies, or at least the concept, existed as early as the mid 90s, around the time the Internet was fully commercialized. Essentially, they all suffered from one major drawback that led to their inevitable demise. They all required a central, trusted third party to administer the issuance of new units and reconcile payments at the end of the day.

So how is Bitcoin so different?

Bitcoin emerged in 2009 as the creation of a person under the pseudonym Satoshi Nakamoto. It became the world's first fully operational, decentralized, peer-to-peer, digital currency system. Being decentralized, intrinsically means being self-organizing, a phenomena in which local individuals achieve global goals without central planning or influence. Although decentralized systems can be found in nature, the concept is not easy to grasp in its monetary context, as we are so used to the voice of central governments and financial institutions orchestrating our economic lives. Watch Our Videos On Youtube About affiliate marketing and Do Subscribe Our Channel Also Like and Follow us on Facebook, Twitter ,GoolgePlus