The internet may be easily classified as man’s greatest invention. It has created more millionaires than any other class of resource. Beyond the vain pursuits of the larger populace on the webs, there are other astonishing developments that the world is slowly awakening to. One of these developments with my attention is the so-called “Currency of the Internet”, or bitcoin.
Bitcoin is essentially a digital currency that is transacted between peers and verified by nodes. The transactions are recorded on a public common ledger known as the Blockchain. Once the transactions have been recorded down, nobody can perform any alteration. The bitcoin started on humble grounds but has leaped into great heights within a short time, and it leaves me wondering whether, in the near future, bitcoins will become a legal means of payment (it’s legal in some countries actually).
These are some of the key things that you need to become aware of about bitcoins.
- It Uses Cryptography
Bitcoin operational systems are secret. This is not to mean that bitcoin is up to no good, but rather, the cryptography ensures a level play ground between peers, and shuns third force manipulators who could make a killing at the expense of ignorant peers. This quality makes the network itself king as all transactions pass through a unified system. The only controversy is whether or not cryptography is really impossible to read. Cryptography plays out within abstract mathematical concepts, and since it is another of man’s invention, is it clever to assume that nobody can read into the bitcoin internal processes? Perhaps the rabbit hole stretches further down that we assume. Or maybe we are paranoid losers!
- No Bureaucracy
Nobody can say “Bitcoin belongs to me”. It’s almost like Tim Berners-Lee with the internet; he can’t say it is his because he merely provided us with a “road” that accesses the internet. The developers of bitcoin also don’t own it. In fact, who are the developers? It’s you and me and your grandma and your lazy uncle. A bitcoin developer is anybody with a device and that dedicates their time and resources to the network. For this reason, the system itself is the king, and nobody stands over the rest. We become peers. Digital currencies go beyond race and background limits. No one can restrict you from hitching a ride on the bitcoin wave. The downside of a lack of bureaucracy is that you have no one to turn to in the event you fall victim to scammers or hackers.
- Bitcoins Are Stored In Special Wallets
You won’t store your bitcoins in Gmail or dropbox. There are many bitcoin-wallet companies to register with. The wallet of your choice will provide alternate addresses through which you may receive funds. Before you settle on a bitcoin-wallet, conduct intense research, sniffing for scandals. A number of bitcoin wallets have gone under, and in consequence, subscribers lost their bitcoin-laden accounts to the thieves. Installing a desktop wallet is much risk-averse as you have more direct control of your funds. If you must use a web-based wallet, it’s still okay, as a million others do, but check the company’s reputation. Never let the bitcoins pile up idly. Also, create many wallets and spread your bitcoins over the accounts.
- Bitcoin Exchange Rates Are like Your Crazy Ex’s Moods; Unpredictable
One day the price is down, and the next day, it is all the way up. The supply of bitcoins is finite (21M). But the users are increasing by the day. This is partly what has led to a sudden increase in its value in a short span of time. But since the bitcoin economy is looked down upon by governments, hence the unsteady prices. The number of bitcoin users has increased, but in the big scheme of things, it is still small. If bitcoin will find favor with the powers that be, considering its limited supply, against rising popularity, one bitcoin might earn you even a million dollars!
- Transactions Are Public
Don’t imagine for once that you are smart enough to make false disputes. A transaction, once made, is made public on the blockchain. The entry cannot be edited. In that sense transactions are traceable.
This should boost the confidence of users. Also, as the Bitcoin system is enormously powerful, conducting massive processes simultaneo[irp][irp][irp]usly, the transactions are pretty fast. It takes an average of ten minutes to receive dough.
- Anonymous Beginnings
The Bitcoin system was put in place by a programmer or a group of programmers under the moniker: Satoshi Nakamoto. If he had been bold enough to come out in the open, I’m sure no one would be giving a fuck about him as we talk. He’d be just another dude running in the marathon of life with twitchy farts sneaking out his bottom orifice. But Satoshi went under a short time after bitcoin launch. And since we are wired to respond to a mystery, we have always been wondering where the hell this guy went, or what happened to him, or is he an alien? Yes! He’s an alien!
Some idiots have come forward claiming to be Satoshi Nakamoto, but their evident shallowness, non-existent programming skills, and a general lack of oomph have made the bitcoin big players such as myself to rightly consign them into a garbage bag.
- Three Main Ways To Earn Bitcoins
❶ Buy bitcoins; Are you a risk taker? Do your lucky stars align well? You could make a kill buying bitcoins at a lower price and hoarding them till the market price soars and then selling a part of your stock at sky high prices! For perspective, consider that in 2009 one bitcoin was valued at $10, and about five years later, one bitcoin was valued at over $1000. If someone had bought a hundred bitcoins in 2009 and hoarded them, in 2013, he’d have sold fifty bitcoins and netted a cool 50K! Then the money would give him the flexibility to trade even more.
❷ Work for Bitcoin Faucets; are you a jobless dude who’s stuck with eating and playing with your balls the whole day? You could earn yourself some meager bitcoins doing tasks that won’t require you to move a muscle. Just sign up for bitcoin faucets and complete small tasks like watching videos and clicking ads and earn dough. To tell the truth, you won’t make an amount you can be proud of, and watching ads may sound like a pretty easy thing to do, until the timer increases the seconds, as if to try your patience. Seriously the guy who came up with the idea of bitcoin faucets should be found and given a serious beating.
❸ Mining; if you are indeed a bitcoin evangelist, prove yourself by getting into the mines, and get your small hands on those shiny little things. As you will soon find out, bitcoin mining is a hell of a task, what with the many expenses when the rewards are not even guaranteed! But keep mining, son, in the “heat” of work, you might discover a hack formula and come back to fleece us out of our slimy skins.
- Can You Spend Bitcoins?
Of course, you can. I’m taking notice that monster online retailers have incorporated bitcoin option at checkout. If there’s a site out there that hasn’t yet incorporated bitcoin-payments, the owner should be captured and brought to me, so I can smack the bajessus outta his gob. The good thing about bitcoin is that it is above our differences in race, color, and faiths. You can send or receive bitcoins from anywhere in the galaxy. Forward thinking companies like Wirex and Coinbase issue bitcoin debit cards so you may link them to your bank and conduct seamless transactions.
- Why Do Governments Hate Bitcoins?
Are you asking why Russia hates bitcoins? It’ s simple; all humans are of equal importance before the Bitcoin system. No one is more special than the other one. The existence of such a system is something the Earth controllers would be opposed to. A system where they are equal to peasants? Wouldn’t this be a threat to the god status they’ve acquired over their lifetime? I suspect that governments are looking at the options they have to control the digital currency. I can almost picture their puppets running around with their stinky asses trying to hack into the digital currency so that the big brother can find a way to control us as god intended. Of course, their efforts will amount to nothing.
- What’s The Future Of Bitcoin?
The big brother is quite a vicious animal. He’s always on the prowl, looking for someone to sodomize, and if we appear afore him, with our little weapons, he might make us run for dear life. The only way to score global appeal for digital currency is first to make the big brother an ally. You can’t just take his power and assume he’ll let you alone. So, the big brother needs to be made an ally, through giving him the illusion that he controls the system when we know too well he doesn’t. Time will come when our strength (and courage) will match his and we’ll make war on him and we’ll de-penis him.
Yah, if you’ve never figured out what’s wrong with this world: FINANCE