The greatest wealth is created by being an early investor in #Innovation Making that investment requires believing in something before the majority of people understand it .You will be mocked, ridiculed & criticized for your non-consensus action It is absolutely worth it!
------------ Mark W. Yusko
Bitcoin (BTC) is currently the most widely used digital (virtual) currency, more commonly referred to as a cryptocurrency that was created with the principal of removing intermediary control as enjoyed by banks, central banks, and governments. Bitcoin was created in order to compete or replace fiat currencies as an alternative instant payment mechanism.
Bitcoin is called "digital gold" by investors. Unlike fiat money, there are no physical Bitcoins, just balances of Bitcoins that are recorded on Bitcoin’s blockchain which is a decentralized, public ledger.
Bitcoin was invented on January 3, 2009, by Satoshi Nakamoto, whose true identity had yet to be released. Bitcoin.org was registered on 18th August 2008, shortly prior to the first Bitcoin block being mined on 3rd January 2009.
There is a finite number of Bitcoins, the total number being 21 million, a concept that does not exist in the world of fiat currencies, where governments and central banks are able to print more fiat money to sustain false economies that motivated the creation of Bitcoin.
The creation of each individual Bitcoin comes from mining, which stems from a reward mechanism for miners verifying transactions on Bitcoin’s blockchain. Bitcoin is generated by a large number of calculations according to a specific algorithm. It does not rely on a specific currency institution to issue. It uses a distributed database composed of many nodes in the entire P2P network to confirm and record all transaction behaviors, and uses cryptography to ensure the currency circulation. The Bitcoin network releases a certain amount of coins every 10 minutes and is expected to reach its limit in 2140.
Bitcoin blockchain is a key driver behind Bitcoin. A decentralized ledger that is updated instantaneously across all users, with transaction times and fees depending upon the speed which miners are able to verify transactions. The Blockchain technology is unique as it has no centralized control or the ability to manipulate its content. The cryptography-based design allows Bitcoin to be transferred, paid, and redeemed only by the real owner. It also ensures the anonymity of currency ownership and circulation transactions.
Some distinct differences and characteristics of Bitcoin include:
- There are no physical Bitcoins, only virtual.
- Unlike fiat currencies, where governments and central banks are able to print more money, there is a finite number of Bitcoins.
- The very nature of Bitcoin’s decentralized blockchain means that the payment system runs 24-hours a day, with no downtime and has no restrictions on where and to whom Bitcoin can be sent.
- Users of Bitcoin are anonymous
First they ignore you, then they laugh at you, then they fight you, then you win. ---Mahatma Gandhi
Centralization vs Decentralization:
Do you think it's a joke? At least for me, it's not. Now in 2018, we are still living in a centralized world where most big companies or institutions are controled by few people who owns big fortune or power.
You may ask what is centralized? Have you received "you violate our Terms so we closed your account" emails from Paypal, eBay, Amazon, Airbnb, Twitter, Facebook ...? Have you experienced your banks or goverment or institutions are out of service due to computer server maintenance or long holiday? All these things mentioned above constitute the centralized world today.
Fiat Currency vs Crypto Currency:
How long until mainstream adoption? Previous revolutions in money. In the mid 90s, you still couldn't pay with a credit card in many places. I predict it will take 15-20 years for mainstream adoption of Bitcoin. We are in a race because governments around the world are trying to ban cash and force us to adopt a different sort of digital currency with complete surveillance, where they can flip and switch and you will no longer exist as a person if you doing anything they consider radical. Adoption patterns and the Gini coefficient. The ownership of Bitcoin is not as diverse as it should be, primarily because of the way it grew. But people who got in early and took the risk have been enormously rewarded; no one's coming to bail out Bitcoin.
This talk took place on December 6th, 2016, at the Bitcoin Cologne meetup in Köln, Germany: https://www.meetup.com/Bitcoin-Cologn...
Watch the full talk here: https://youtu.be/Rrj8sjHJthU
Venezuela Inflation Could Reach 1000,000% One Million Percent by the end of 2018!!!
The year is 2025.
After offending the wrong person on Facebook, John's FB-linked bank accounts are frozen.
Google has replaced Equifax and LexisNexis and deletes his entry from all databases globally.
John is alive but no longer exists.
Decentralized systems save his life.
Long Bitcoin, short the bankers.
People deposit their hard-earned money into the banks with mere 1%-2% annualized return --->Banks lend the money to real estate developers with 5-6% annual loan rates--->the estate developers use the borrowed money to buy land and build houses, then unite with the banks and agents to pump the house price 50%-100% higher year after year and sell it to the poor people and force them to carry huge mortgages.
You may say, they don't force you to buy the house. But don't you see the rent arise too? Don't you see the food, daily necessities arise too due to the soaring rent? A few years ago, your decent salary allows you go to the restaurant 3-4 times every month and 2 family vacations every year, however, in this year, you just find your almost unchanged salary can only allow you go to the restaurant 1-2 times every month and bare 1 family vacation every year. Why everything's price is rising except for my years' unchanged salary?
Above things are happening in every country on this planet for decades. It's your government with the banks and real estate developers playing such dirty game to make the few richer and richer and the majority poorer and pooer.
Measuring Success: Price or Principle - https://youtu.be/mPMsbgWl9p4
Crossing the chasm of theoretical vs. real need - https://youtu.be/yIR0OBEAaUE
Why mainstream adoption will be neither gradual nor radical - https://youtu.be/4COw6K-qrK8
How will Bitcoin be adopted by developing markets? - https://youtu.be/zC_k1XQhBMg
What are the challenges to Bitcoin achieving mass-adoption? - https://youtu.be/f0wAh6_HEbo
When will Bitcoin see mass-adoption? - Internet Diversification - https://youtu.be/L0AcZUc1O-I
Remittances and smuggling in Venezuela - https://youtu.be/RRXecXfWARw
Andreas M. Antonopoulos is a technologist and serial entrepreneur who has become one of the most well-known and well-respected figures in bitcoin.
Follow on Twitter: @aantonop https://twitter.com/aantonop