The Way to the Future or Path to Financial Ruin?
After witnessing the TED Neha Narula presently director of research at the Digital Currency Initiative. It is technically, Bitcoin is a fork and Bitcoin Cash is the original blockchain. When the hard fork occurred, people had access to the same amount of coins on Bitcoin and Bitcoin Cash. As I understand Bitcoin is an open-source, peer-to-peer, digital decentralized cryptocurrency. It is powered by the Blockchain technology, its defining characteristic is its decentralization, i.e. the lack of central governing authority, such as a central bank or a ministry of finance. Bitcoin’s issuance and circulation are ensured by regular users via a process known as “Bitcoin mining.
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Bitcoin’s price is determined by supply and demand. The specific exchange rates are formed in the process of Bitcoin trading on various online exchanges. Just as with any other currency, Bitcoin’s price is ever-changing and depends on a multitude of factors, including but not limited to the number and size of businesses which accept bitcoins as payment, general sentiment regarding the cryptocurrency’s future and pure speculation.
So what about future of money by the regulators around the world are trying to throttle the popularity of cryptocurrencies. But every time they do this, the crypto world bounces back bigger and stronger than ever before.
Since, cryptocurrencies are the first step to a world with a global programmable money they can pay anyone else securely without having to sign up or ask permission, or do a conversion or worry about money getting stuck. This is a really amazing thing. It’s the idea of permission-less innovation. The Internet caused an explosion of innovation, because it was built upon an open architecture and just like the Internet changed the way we communicate, programmable money is going to change the way we pay, allocate and decide on value.
Clearly the future of the money can be used in programmable transaction sometimes not safe and secured. All new technology comes with trade-offs. The Internet brought us a lot of ways to waste time. But it also greatly increased productivity.