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.
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