The magical cryptocurrency with its virtual existence has taken the world by storm. It seems that bitcoin is a superior species which is eventually going to replace all the existing ones and make its way into the future. The law of nature seems to be in action in the working and manifestation of bitcoin.
The law of nature, as has been pointed out centuries ago by prominent scientists, is harsh and unforgiving. The evolution of mankind and their inventions and systems has been going on continuously for millennia. Evolution does not necessarily manifest in the sense pointed out by biologists and natural sciences. It manifests itself in the day-to-day happenings of the world, the evolution of society and its norms, the evolution of our ways and lifestyle.
Its effects can be seen in every walk of our lives. It affects the way we shop, the way we sell, the way we do business. There was a time where marketing was done the traditional way. Newspapers, flyers, brochures and pamphlets were used to advertise products or services. These have now become outdated and have been almost totally replaced by digital marketing services.
Traditional methods are outdated
In the past, visibility and accessibility of any type of content for any type of marketing was left to chance. It all depended on inefficient marketing strategies with no or very little technology involved. In today’s digital age content visibility can be specifically targeted and made visible to the potential customer by the use of seo services.
Seo services have become a norm for digital marketing and the bitcoin industry owes part of its success to their efficient and effective services. Making them effective involves creating valuable content which defines your product or service clearly and in depth. Clarity and conciseness lie at the heart of making a content valuable.
What is Bitcoin?
So, what is actually bitcoin and how has it managed to have such dominance in the industry. The existence of Bitcoin is virtual but its scope and dominant effect in the world is very real. Bitcoin is the first cryptocurrency. Not only the first, but it is also the most popular cryptocurrency out of the approximately 5000 others.
The other forms of currency are centralized. This means that they require an intermediary for all sorts of transactions. Be it sale, purchase, exchange or anything else. This is something which does not benefit any of the parties involved in the process. The dawn of bitcoin has been a great leap to eliminate this this non-profit step.
Bitcoin does not require any type of intermediary for sale, purchase or exchange. This makes bitcoin a decentralized currency. You can sell buy or exchange without the need of an intermediary, for instance a bank. Using bitcoin you can transfer your holdings to anyone around the world without having the hassle of involving an intermediary.
The recent indulgence of Elon Musk in this cryptocurrency industry has given it a boost. Obviously, you know something holds potential and is big enough when the world’s richest person invests in it.
Bitcoin in comparison with conventional transactions
Bitcoin has shown the potential to be the norm for the future. Let’s explore the security and potential of bitcoin further down the article.
Trust replaced with proof
The conventional methods of transferring wealth involve a great amount of trust to be made. Sometimes it may be on either of the parties. Most of the times it is highly dependent on the intermediary like a bank. This introduces room for a great amount of fraudulent transactions and loss to any of the involved parties.
This traditional and outdated method of transaction is becoming increasingly risky with the passage of time. Any loss incurred to any of the involved parties is almost irrecoverable. In the case of any unfortunate loss of wealth, the only option is to take the help of a court of law.
In the case of an international transaction, this becomes increasingly difficult. Even if you gain victory in the lawsuit, it takes an enormous amount of time. By the time you gain back your wealth, its value has depreciated significantly. Considering the amount of risk involved, it is an awfully large bargain.
Bitcoin replaces the part of trust involved in this process. The founder of Bitcoin, Satoshi Nakamoto basically invented this system to eliminate this part of trust and replace it with proof. He felt the need for a system which can be based on proof. He finally found the solution in electronic payment methods. Therefore, he ended up inventing bitcoin.
Faking Transactions is a Big No
With the initiative of introducing proof in the transactional system, Satoshi Nakamoto developed an ingenious system of bitcoin. He thought to make a public ledger which could have a record of each and every transaction that has been made using bitcoin.
The decentralized nature of bitcoin provided a solution to avoid faked transactions. The use of bitcoin does not involve any issuing institution, for instance any government. This has been incorporated in the system by design. Satoshi made his idea come to life by making a ledger which contains the record of every transaction that has been made using bitcoin.
Moreover, this ledger is accessible to the general public. So anyone can go online and check the details they require. All data is stored in the form of individual blocks, which together form the blockchain. They contain all the information regarding transactions made on bitcoin.
You can view the date, time, buyer and the seller involved, the total value of the transaction and even a unique identifying code for each exchange. They are also decentralized like the bitcoin. This means that they are not controlled by any single organization. They share similarity to a google doc, which anyone can edit. No one owns it, but anyone can contribute to it.
A little drawback
Everything comes with some amount of drawbacks, and bitcoin is not free from them. All these amazing benefits and qualities come at the price of the environment. To support the blockchain and bitcoin, huge supercomputers are used. These huge supercomputers produce emissions comparable to the size of emissions of a small country.
That said, every problem comes with a solution. As the world continues to move towards more sustainable energy systems, it is very soon that we will see bitcoin supercomputers running on sustainable, green energy. The potential of bitcoin far exceeds the drawbacks.