The world is in a constant state of evolution and nothing escapes this change. For example, the world never had a currency in 12000BC when civilization started in the Levant. Then the people living in or near cities and towns started to batter their wares. They would exchange food, livestock, and clothing materials. In 2000BC, the world had its first currencies in form of a receipt and metals. That was in ancient Mesopotamia and Egypt. Other parts of the world used cowrie shells, salt, beads, and ivory among other items as money. Soon the entire world adopted coins as money before moving on to paper money. The modern times, the world relies on fiat money comprised of coins and paper. However, the world is changing once again with invention of Bitcoin, a revolutionary crypto-currency. Here is a comprehensive review of the future of Bitcoin.
Why is Bitcoin revolutionary?
The most astonishing fact about this currency is that it is not under the control of any sovereign power. That means that a few individuals cannot manipulate it based on what they want. It also means that big banks and financial institutions cannot monopolize access to funds. This aspect of Bitcoin scares most government agencies and big corporations because they always want to control everything in the economy. A good example of the importance of Bitcoins in contemporary society is that it can support individuals or institutions that are fighting against powerful people. Wikileaks, a whistle-blower website that exposes government corruption, turned to Bitcoins as a source of donations after the big banks refused to transfer money to it.
What is the source of Bitcoins?
Unlike a paper currency today, Bitcoins are the results of mining activities. However, this mining takes place in a computer system as opposed to an underground mine. Experts in this process generate Bitcoins by solving complex algorithms. Generating this crypto-currency is an open source process verified by various network nodes recorded in a public ledger that is easily available. Blockchain is a common term used to refer to this ledger. Some researchers say that the power of this Bitcoin network is almost 7500 times higher than the combined power of 500 of the world’s top supercomputers. That kind of power is not going away anytime soon.
Will Bitcoin Mining Last Forever?
No, it will not. Bitcoins are finite. That means there will be no more Bitcoins to mine at a certain point in future. Remember, only 21 million Bitcoins can exist. Researchers estimate that the mining of the last Bitcoin will take place in 2140 i.e. a hundred and twenty four years from now. This statistics means that people mining and using Bitcoins can rest easy knowing that nothing will disturb their trade for at least 100 years. The question is what will happen when miners mine the last Bitcoin, will the entire system collapse? No, it will not. In fact, the value of a Bitcoin increases as the possibility of mining new ones decreases. That means your Bitcoin today will be of an even higher value tomorrow.
What should you do?
You should get in on the action when Bitcoins are still affordable. Remember, the world is moving towards an information age where everything will be online. Paper money and coins will cease to exist or their use will become negligible. It is time for you to become part of the future. Remember, you can purchase Bitcoins using your national currency and then place these coins in a Bitcoin wallet. You can access this wallet through your smart phone or computer. Bitcoins are also good for business. For example, did you know that the person who used the first Bitcoin used it to purchase pizza? That shows you that the idea behind this digital currency is business as was the idea behind every other currency before it.
What is the future of Bitcoins?
The future of this currency looks bright. First, its value increases with every Bitcoin mined. That means people holding Bitcoins today will be extremely rich in future. This type of currency is also the next step in the evolution of transactions between people. Paper and coins are no longer feasible in this global world. Instead, the world is in need of a digital currency that is free of government control and manipulation. You should start trading with Bitcoin today because as you can now tell, the future of Bitcoin is undeniably bright.