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December 8 2021 11:34 AM ˚
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Could Bitcoin be the door to controlling the masses?

bitcoin
(Photo: Jordan News)
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Contrary to what is being promoted among the ignorant on the topic publically, Bitcoin is not an untraceable darkweb fake money with no value. Bitcoin, in fact runs on a public blockchain and has a general ledger that is open for all to see.اضافة اعلان

To grasp this, first let’s define what a blockchain is. In simple terms, a blockchain is a distributed computing infrastructure that works by incentivizing people to rent out their computers to a network — similar to how one would rent out a car to an Uber driver. When you rent your car to an Uber driver, you only accept renting the driver your car within the framework of Uber’s policies, which the driver has agreed to abide by. Bitcoin’s blockchain is almost identical to the Uber analogy in the sense that you can have your computer operating while you’re not using it and make it part of a bunch of computers all around the world that make up one big super computer, able to process huge chunks of data.

Now let’s delve into the different types of blockchains. To keep it simple, we will identify two of three most common types: Public and private blockchain. A public blockchain is one where anyone can be part of the network, given they abide by the algorithm, no questions asked. A private blockchain is one that is restricted by its creators, where one cannot just hop on board and be part of it unless the creators approve.

Alright, now the final definition we need to put out there is a public ledger. In the case of Bitcoin’s blockchain, every transaction or event that happens on the network, and every stakeholder in the network, is registered on a ledger that is available for anyone to see. This ledger is called the public ledger. Search for “Bitcoin general ledger” and you will find every single transition, wallet ID, miner, and node. In other words, every piece of stakeholder information on Bitcoin’s blockchain. You and I  — and literally anyone — can see all that information. Public blockchain!

Now, to this day nobody really knows who created Bitcoin. While the effect of its underlying technology is revolutionizing the way we live, Bitcoin isn’t really doing much. In the past 12 years, the only benefit that truly came out of Bitcoin was creation of wealth by people who own it, who sold it to people who wanted to own it. Ethereum, the second most popular blockchain, on the other hand, has already shaken the financial sector to its core through smart contracts. However, that is a topic for another day.

This leaves one wondering what Bitcoin’s real purpose is. There is one dark conspiracy theory that Bitcoin’s meteoric rise was exactly what was needed to onboard people into the Uber of personal computers. Perhaps it was created to break the ice and prepare you for the real unified global financial system powered by your own computer.

I cannot deny that Bitcoin has benefited many financially, myself included. However, one cannot disregard some dark thoughts sometimes.

Read more Opinion and Analysis
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