Bitcoin is a digital currency that aims to solve all of the problems we have paying for things online. You would think that the system we have now is pretty good, but anything we buy now has to go through a bank or credit card company, which takes a cut of the transaction and relies on our confidence that they'll do everything right. After a while, those payments start to add up and are added to our credit card balance.
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Many people have tried to figure out how to have a payment system without the middleman, but then there's another issue: how do you prove that you've paid for something or even that you have that money at all without someone vouching for you? It's so serious that it's been dubbed the double spending problem, and in 2008, an anonymous programmer by the name of Satoshi offered a solution.
Instead of a bank or credit card company tracking every transaction in one central ledger, all users would report all transactions at the same time. As a result, any effort to deceive the group would be detected and the payment would be refused. No single person, government, or bank could impose a charge or monitor the flow of a payment.
As a result, money can be spent more cheaply, more quickly, and more easily, even across national boundaries.
Instead of a bank or credit card company tracking every transaction in one central ledger, all users would report all transactions at the same time, ensuring that any effort to deceive the community would be detected and the payment denied. No single person, government, or bank would be able to impose a fee or monitor the flow of a payment.
As a result, even across national boundaries, spending money is cheaper, faster, and simpler.
So this is Bitcoin, and it's already having an impact on people's lives. Within months of the proposal, it was being used to buy and sell goods, albeit not always by the most scrupulous of traders. But it's not just shady businesses; some shopping sites accept it; you can buy pints in London; you can even pay for your university tuition. As you might have heard, there are some issues, and some people are using it to buy and sell goods.
So this is Bitcoin, and it's already having an impact on people's lives. Within months of the proposal, it was being used to buy and sell goods, albeit not always from the most scrupulous of traders. But it's not just shady businesses; some shopping sites accept it; you can buy pints in London; you can even pay for your university tuition. As you might have heard, there are issues, and some people are using it to buy and sell goods.
People are being found in businesses buying up large amounts of bitcoins, but since it's built to have a small amount of circulation, it could create problems down the road. There's a lot of speculation about Bitcoin; some people honestly believe it's the future, while others are afraid it'll kill our economy, and several are salivating.
agree that if we can get Bitcoin or anything similar to work, if we can trust a digital currency to work without the middlemen, the way the world economy works might be changed for the better. We all know Stephen Hawking has succeeded on some of the most important issues regarding our universe, but what are those ideas?