The Real Value of Bitcoin

The Real Value of Bitcoin

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What if there was a technological advancement so powerful that it transforms the basic pillars of our society – a technology that fundamentally changes the way our economy, government and business systems function, and could change our conceptual understanding of trade, ownership and trust? This technology already exists. It is cryptocurrency. People often think of bitcoin as only virtual money or a transaction system, but if you look closer you will see that the monetary aspect is just the tip of the iceberg. That’s because bitcoin is a groundbreaking internet technology for which money is just one of the many possible applications. Money exists to facilitate trade. Through the centuries, trade has become incredibly complex. Everyone trades with everyone worldwide. Trade is recorded in bookkeeping, and this information is often isolated and closed to the public. For this reason, we use third parties and middlemen we trust to facilitate and improve our transactions. Think of governments, banks, accountants, notaries, and the paper money in your wallet. We call these trusted third parties. This brings us to the essence of bitcoin. Bitcoin software enables a network of computers to maintain collective bookkeeping, via the internet. This bookkeeping is neither closed nor in control …