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Since Bitcoin’s inception in 2008 by Satoshi Nakamoto, it has gained a lot of grounds in the current economy since it offers a lot of benefits to those who use it. There are minimal to zero transfer fees when using the cryptocurrency, it’s transparent, it’s not managed by one entity, to name a few.
However, there are still those who are skeptical to Bitcoin and its other cryptocurrency kin. In our last blog we have discuss if Bitcoin is safe to be use. To further establish that point, we will delve on those who are affected by the rise of cryptocurrencies, its effect since on the current economy, and the number of people that are using it.
Banks and merchants
“Future of finance”. That’s what Goldman Sachs described Bitcoin in their current published report regarding cryptocurrency. Goldman Sachs is a leading firm in banking and investment.
The major changes that Bitcoin will bring will be how consumers are going to pay for goods, as well as concluding certain transactions. It’s been pointed that merchants will be the most likely that’ll benefit from this as they can save a lot of payment costs, impacting large money-transfer companies like Western Union, Xoom, and Moneygram. Indeed, Bitcoin could be attributed to some of Western Union’s profit dropping by 25 percent.
The rise among merchants accepting Bitcoin as a form of payment is expected to increase in the oncoming years. According to Goldman Sachs’ analysts, their survey conducted with the Electronic Transactions Association has yielded results that 23 percent of merchants are planning to accept Bitcoin as a currency within this year.
Even banks are currently using cryptocurrency. One in particular cryptocurrency that has penetrated the banking industry is Ripple network that is partnered with banks such as Fidor and Cross River.
Another impact that Bitcoin will bring is in global remittance sectors. Customers who wish to use cash to start the transfer process could use this cryptocurrency to send money to other countries. Bitspark is an example of companies that allows you to do this. The firm charges a flat fee to those conducting business with them, instead of the 1 percent charge you pay for money-transfer companies.
The country currently leading in the Bitcoin race
The current dominant player in Bitcoin is China accounting for 80 percent of the cryptocurrency’s global transaction. This is despite Chinese companies refusing to accept Bitcoin as a form of payment due to the restrictions imposed by the People’s Bank of China (PBoc) on Chinese Bitcoin companies limiting their approach to traditional payment processors companies within the country.
One figure that’s seen as a prominent member in the Bitcoin community in Beijing has estimated that the number of Bitcoin miners in China reaches to tens of thousands that mainly comprises of IT professionals and hardware engineers.
Gold farming, an activity that involves playing a game called World of Warcraft and exchanging credits earned in the game for goods and money, can be somewhat seen as a precursor for the number of China’s Bitcoin miners. This is why it comes to no surprise to others that this country currently leads the Bitcoin race.
With all the big companies and the number of people involved in Bitcoin it’s certainly getting difficult to doubt the veracity of cryptocurrency that has the global economy stirring.
We are experiencing the golden age of technology where its advancement has been faster than ever. Computers and coded programs have never been more sophisticated, and this sophistication has led into a new kind of currency – cryptocurrency.
In 2009, Bitcoin became the first ever decentralized cryptocurrency. To get started, what exactly is a cryptocurrency? To put it shortly, cryptocurrency is a form of digital currency that uses cryptography as its security to protect it from nefarious activities. It only exists in the digital world, but can be used to conduct transaction outside its virtual domain. And Bitcoin is one of its many forms.
What is Bitcoin?
As said, it is a form of cryptocurrency. “Can I use it to buy something?” Yes, indeed. “Is it safe?” It sure is. “How?”
To better understand what Bitcoin, let’s list some of its most common jargons:
• Blocks – whenever someone makes a transaction in the Bitcoin network, the network gathers these transactions in that specific time and turns it into a list. This list is called a block.
• Blockchain – the long list of blocks that comprises a general ledger.
• Miners – as these blocks are collected by the Bitcoin network, someone needs to verify and place them into a general ledger. This someone is called a miner. Miners are also responsible for taking the info from the block and apply a mathematical formula unto it. Turning it into a hash.
• Hash – the result when information from a block goes through mathematical formulas which consist of seemingly random letters and numbers.
Let’s Go Back to “Is it Safe?” Question
What makes Bitcoin secure is how the general ledger works. When a hash is created from a block, it takes information from the previous block and incorporates it into the next hash. That means that each hash consists some of the data from the block before it making a unique timestamp of hashes every time since the general ledger is chronologically updated based on the last transaction that was made.
If anyone tampers with it, everyone would know because the general ledger is transparent. Faking a transaction by tampering with a block will be known since they could just check the authenticity of the block by running the hash function on it.
Another reason why it’s safe is that it is decentralized, meaning no single entity controls it. People are at ease that their money isn’t handled by one single authority.
The above information is just the tip of the iceberg with regards to the information about Bitcoin. Other factors are involved if you’re keen in making a profit out of mining this cryptocurrency. Computer software and hardware are being sold left and right that will help you hash data faster.
You’ll need to sink quite a bit of an investment if you’re serious on this venture as well. Moreover, safety such as fire hazards, keeping room temperature and your miners at a reasonable temperature, and preventing circuit overload should also be considered.
With all this being said, there are a lot of people in the Bitcoin community, as well as in the cryptocurrency, suggesting that mining can indeed churn quite a bit of a profit. It’s only a matter of being familiar with what currently works and self-educating yourself on the other aspects involve in mining cryptocurrency. Some even said they’re just at it for fun and to be a part of history.