✅ History of Bitcoin: how it was born and what it has become 💥【FREE!!!】 3w1c48

History of Bitcoin: how it was born and what it has become Born in 2008 to decentralize transactions, Bitcoin has become more of a speculative instrument. Here is its genesis and its ... Born in 2008 to decentralize transactions, Bitcoin has become more of a speculative instrument. Here is its genesis and its future In 2008, Satoshi Nakamoto, an inventor whose identity is still unknown, featured the project for the first cryptocurrency, Bitcoin, on a mailing list of crypto experts. Just over two months later, the system was already operational . Bitcoin and the hundreds of other cryptocurrencies that have come to the fore in recent years have seen dizzying development: ten years after the launch of the first cryptocurrency, the market was worth more than $ 110 billion. More or less the same as the GDP of Morocco. After the first 10 years, some critical problems arose. But let's start the story from the beginning. Environment FINANCE Bitcoin: the financial bubble is the least of the problems (in Italian) What are cryptocurrencies? Cryptocurrencies are tools that, based on the principles of cryptography, allow a network of people who do not know each other to generate money and circulate it, in the absence of a central authority to validate their transactions. To understand the scope of this innovation, it is useful to how digital currency transactions are currently carried out: when we pay 1 euro for a loaf of bread with our debit card, we simply send a message to our bank, giving the order to transfer a a certain amount from our to the bakery. In the linked to our current it will be marked "-1 euro" while in the one of the bakery, "+1 euro". In this type of transaction, the banks act as guarantors, since they and update the databases where the balances of the current s of all citizens are ed. Bitcoin was invented to carry out this same type of transaction without the need for the intermediation of banks . In cryptocurrency systems, individual bank databases are replaced by a single ledger, a record of all transactions, updated minute by minute by a network of thousands of anonymous contributors around the world. But how is it possible to coordinate the work of thousands of unknown people? How to avoid mistakes and scams? How to get each employee to record exactly the same transactions in the same order? Cryptocurrencies ETHICAL FINANCE Environment, use the blockchain to reduce the impact of… blockchain (in Italian) What is the blockchain ? The technology that allows the circulation of cryptocurrencies is called blockchain (chain of blocks). The digital ledger created by Satoshi Nakamoto is the result of the combination of the most advanced cryptographic studies, of P2P technology ( peer-to-peer , that is, a network in which the connected computers are client and server at the same time and thus s can access each other's computers by sharing files) and a precise system of incentives for action. This digital ledger is made up of transaction blocks validated by so-called miners . Miners are people who make your computer's hardware available to perform complex mathematical calculations in order to confirm transactions and ensure their security . As a reward for their service, miners can charge transaction fees and obtain newly created Bitcoins. In fact, every time you move from one block in the chain to the next, Bitcoins are issued and immediately distributed to the fastest miners to solve the provided mathematical calculations. A major limitation of the Bitcoin mining system is its enormous environmental cost . Computers that process data to validate cryptocurrency transactions consume more energy than a country like Chile in a year . A catastrophic environmental impact, compounded by the fact that most of those who have launched into the mining race reside in China, where a large part of electricity is still produced by coal Is Bitcoin a real decentralized monetary system? Not quite. According to economic theory, money has three functions: it is at the same time a medium of exchange, a measure of value and a store of wealth . In recent years, the exchange value of cryptocurrencies has experienced incredible and sudden fluctuations , on the order of thousands of euros. How would it be possible to use Bitcoin in the bakery as a medium of exchange if its value changes minute by minute? Also, how can a digital object that has no intrinsic value be a measure of value? What if it is not recognized as a means of payment by a central authority (for example, a central bank)? It was probably not in the plans of the mysterious inventor Satoshi Nakamoto, but today Bitcoin and other cryptocurrencies are not means of exchange but unregulated speculative instruments . Hundreds of thousands of people buy and sell cryptocurrencies every day with the sole objective of benefiting from its growth in value; the speculative bubble in which they were the protagonists between the end of 2017 and the beginning of 2018 is clear proof of this. That being said, cryptocurrencies have shown some resilience surviving the bursting of the bubble. In any case, they are instruments that need further development if they aspire to become true monetary systems. What is the potential of blockchain technology ? Blockchain is the technology that Bitcoin is based on, but it could prove very useful in other contexts . In the case of cryptocurrencies, it has been used to track transactions in digital currencies. But it could also be used to contracts or property rights , to generate and sell clean electricity independently, among other possibilities. At the same time, however, we must be wary of those who say that blockchain can solve any kind of problem, as if it were a universal panacea. Can cryptocurrencies play a role in the Solidarity Economy? Currently, cryptocurrencies are presented as speculative tools, but by perfecting their operation and hybridizing them with other innovations in the field of alternative finance and the collaborative economy, they could give rise to systems with a strong social impact. The first issue to be addressed is environmental, we need to study solutions to reduce the environmental impact of blockchains by making mining less energy intensive. Social currency COVID-19 Monetary policy proposals for the Covid-19 crisis An economic recession is already announced due to the coronavirus crisis that will overcome that of 2008. The first macroeconomic estimates foresee that the ... Once this obstacle has been overcome, a possible line of development is the one derived from the combination of blockchain technology and local and complementary monetary systems, in order to generate large networks of trust . Similarly, blockchain could be used to create decentralized cooperative networks of gig economy workers. In direct competition with large lucrative platforms such as Uber or Foodora. What is Europe's position on cryptocurrencies? The European Central Bank last October launched a study on the possibility of issuing a digital euro together with the issuance of paper money. It is a direct response to the multiplication of private currencies and, in particular, to the Facebook project called Libra. The goal is to ensure that the euro is not overwhelmed by this sea of ​​unregulated cryptocurrencies . The digital euro would be based on blockchain technology that would allow to accelerate exchanges while guaranteeing reliability. But at the same time, according to the ECB, the digital euro would remain a guaranteed currency and controlled by the central bank. 1y6d67