Why Bitcoin Is Valuable
Bitcoin can be described as a digital currency like Dollar or Euro. The reason for the value of the last two is the belief of the people to them. As well as the governments have agreed to trade goods and payments with them. Hence, when a large amount of people believe that Bitcoin is valuable, it is valuable.
It is also called as “digital gold”, and for a good reason. At the moment when the essay is being written, the total market cap of Bitcoin (BTC or XBT) is 154,116,412,860 USD. The reason behind Bitcoin’s valuable lays on its finite supply. There are only 21 million Bitcoins in the network. Once the last coin was mined, the world will share 21 million coins for more than half billion of people. By that means, it will push the price of …show more content…
The people would no longer wait for days to receive the money from others. The fee is cut down nearly to zero (the fee for transacting in blockchain is counted by cent). Eliminating the procedures, regulation requirements and the probability of leaking personal data.
Secondly, the security of the entire network is guaranteed. Mostly hacking attacks often aim for large centralized company such as banks. However, it is impossible for hackers to perform an attack to blockchain. For instances, one individual or organization want to hack into a certain block to steal the money, they will not only need to hack into that block, but also the entire on-going and preceding blocks that were stamped into blockchain from the beginning. Therefore, transactions become more and more secured with time.
Thirdly, besides the purpose of recording digital transactions, blockchain technology is beyond that. From smart contracts, electronic voting and patient health records to property assets management, etc. Blockchain is leading the new age, the 4th industrial revolution. Here are some examples of how blockchain technology can be …show more content…
However, it remains some risks. In my opinion, one of the best characteristics of blockchain is the anonymity has become a difficulty for the governments themselves to control the criminal exchanges. As well as the feature of opened access (anyone can access and see the information stored on blockchain to avoid fraud and cheat) is also a matter to be observed. Everyone has information on blockchain may concern about their privacy.
It is inevitable that blockchain will become a trend technology in the new ages. Its potentials are not fully discovered. Nonetheless, it will probably face the regulations and restriction from large companies and governments. In order to persuade people to believe blockchain is the key to a better future, it is a must that it has to perfect its infrastructure first, so the people would invest their trust into this new
It is also called as “digital gold”, and for a good reason. At the moment when the essay is being written, the total market cap of Bitcoin (BTC or XBT) is 154,116,412,860 USD. The reason behind Bitcoin’s valuable lays on its finite supply. There are only 21 million Bitcoins in the network. Once the last coin was mined, the world will share 21 million coins for more than half billion of people. By that means, it will push the price of …show more content…
The people would no longer wait for days to receive the money from others. The fee is cut down nearly to zero (the fee for transacting in blockchain is counted by cent). Eliminating the procedures, regulation requirements and the probability of leaking personal data.
Secondly, the security of the entire network is guaranteed. Mostly hacking attacks often aim for large centralized company such as banks. However, it is impossible for hackers to perform an attack to blockchain. For instances, one individual or organization want to hack into a certain block to steal the money, they will not only need to hack into that block, but also the entire on-going and preceding blocks that were stamped into blockchain from the beginning. Therefore, transactions become more and more secured with time.
Thirdly, besides the purpose of recording digital transactions, blockchain technology is beyond that. From smart contracts, electronic voting and patient health records to property assets management, etc. Blockchain is leading the new age, the 4th industrial revolution. Here are some examples of how blockchain technology can be …show more content…
However, it remains some risks. In my opinion, one of the best characteristics of blockchain is the anonymity has become a difficulty for the governments themselves to control the criminal exchanges. As well as the feature of opened access (anyone can access and see the information stored on blockchain to avoid fraud and cheat) is also a matter to be observed. Everyone has information on blockchain may concern about their privacy.
It is inevitable that blockchain will become a trend technology in the new ages. Its potentials are not fully discovered. Nonetheless, it will probably face the regulations and restriction from large companies and governments. In order to persuade people to believe blockchain is the key to a better future, it is a must that it has to perfect its infrastructure first, so the people would invest their trust into this new