The on going well concerted assault on Crypto Currency in general and on the Bitcoin in particular has been intensified by governments and banking industry taking advantage on the “internal debate” about the scale-ability of the Coin. Will they succeed?
First and foremost Bitcoin is a medium of exchange which comes to existence out of “statist wedlock” with no nation-state boundary- and has come to this far because people choose to use it of their own volition. Bitcoin has given its users total freedom and full responsibility of their “coins”. Bitcoin is itself the medium of exchange, payment networks, and self-banking. It is an all in one system which is in the users hand. This all in one feature, like peace and liberty, make Bitcoin an arch-enemy of the State and the Banksters of course. Thus total assault is always expected and must be well prepared for. Bitcoin by its nature takes away the Statist power of total control of people wealth and economic activity. The end game is the total control of not only money but people activities.
The pretexts? Fighting criminals and anarchists!
The ongoing war on cash has pushed liberty lover people further into bitcoin which in turn intensifies the assault on Bitcoin itself, which is the only alternative route to economic freedom and privacy.
The fact is Bitcoin users have slowed down their bitcoin activity in waiting for the outcome of the “hardfork” couple with the push for Ethereum , have made Bitcoin “look” weaker. Bitcoin will come up and higher no matter what, unless its users has found a better, freer, cheaper, faster, more private medium of exchange and payment network than Bitcoin, and abandon it.
Don’t be confused! Bitcoin and Ethereum are different, each serves crypto-users in different fields, capabilities, and purposes.
Bitcoin, an all in one open monetary and payment network, a cash system, a pure medium of exchange if you prefer as Satoshi white paper clearly stated. Where as Ethereum, apart from tradeable like currency, offers application developers (users) running the programming code of any decentralized application, and to pay for transaction fees and services on the Ethereum network. So you, the user decide which one to use or both for your own convenience and interest. But THEY ARE NOT RIVALS.
Now, Let’s talk about the “danger”, the “destructive effects” of Bitcoin and Anarchists
Since when anarchists are criminals? Have anarchists made war after war destroying countries and murdering millions including women and children? Have anarchists created and funded terrorists around the world i.e Al Qaeda, ISIS, Mossad, CIA? Have Anarchists committed democide throughout history? Who have done all that? Please answer by yourselves honestly.
Has bitcoin enslaved billion people with forced un-payable debts? Has Bitcoin been used in financing weapon of mass destruction, and ISIS? Which currency has been used in all these crimes and atrocities? Which currency the crooks and criminals in Governments and Banking Industry used to destroy people lives around the world in 2008 that gave the ground to the birth of Bitcoin in 2009? Please answer by yourselves honestly.
China “control” 50% of blockchain power? So what? Bitcoin is an ALL IN ONE open NETWORK of medium of exchange (cash), self-banking and payment records. Thus. as matter of fact “control” is a misleading word. In an open network as blockchain, every node counts. Thus the more you have the more you share and the more you contribute, not the more you control. NO ONE has control over this bitcoin blockchain network.
Nevertheless, What about the other 50%? Who stops the people or group of people outside of China setting up more nodes joining in the network? Bitcoin is a blockchain which consists the whole network of nodes (users)-The block chain is a shared public ledger on which the entire Bitcoin network relies. As a matter of fact the more users join in, the better the network. It is desirable that if the whole China, India join in with large servers, they will share more of and CONTRIBUTE MORE to blockchain power NOT CONTROL MORE.
In this coming scenario that more people around the world joining Bitcoin It’s the governments and the banks who will loose. They will sure loose their monopoly of power controlling over people lives. That’s why THEY have been tried hard to scare you away from Bitcoin, which is your liberty, your privacy.
Let’s join the Global community of Bitcoin now. Let’s buy Bitcoin while it is cheap ( as of today 1BTC=2020USD) and invest before it goes up in September and onward. The entry level will be higher and higher in term of fiat paper while you wait.
How does Bitcoin work?
This is a question that often causes confusion. Here’s a quick explanation!
The basics for a new user
As a new user, you can get started with Bitcoin without understanding the technical details. Once you have installed a Bitcoin wallet on your computer or mobile phone, it will generate your first Bitcoin address and you can create more whenever you need one. You can disclose your addresses to your friends so that they can pay you or vice versa. In fact, this is pretty similar to how email works, except that Bitcoin addresses should only be used once.
Balances – block chain
The block chain is a shared public ledger on which the entire Bitcoin network relies. All confirmed transactions are included in the block chain. This way, Bitcoin wallets can calculate their spendable balance and new transactions can be verified to be spending bitcoins that are actually owned by the spender. The integrity and the chronological order of the block chain are enforced with cryptography.
Transactions – private keys
A transaction is a transfer of value between Bitcoin wallets that gets included in the block chain. Bitcoin wallets keep a secret piece of data called a private key or seed, which is used to sign transactions, providing a mathematical proof that they have come from the owner of the wallet. The signature also prevents the transaction from being altered by anybody once it has been issued. All transactions are broadcast between users and usually begin to be confirmed by the network in the following 10 minutes, through a process called mining.
Processing – mining
Mining is a distributed consensus system that is used to confirm waiting transactions by including them in the block chain. It enforces a chronological order in the block chain, protects the neutrality of the network, and allows different computers to agree on the state of the system. To be confirmed, transactions must be packed in a block that fits very strict cryptographic rules that will be verified by the network. These rules prevent previous blocks from being modified because doing so would invalidate all following blocks. Mining also creates the equivalent of a competitive lottery that prevents any individual from easily adding new blocks consecutively in the block chain. This way, no individuals can control what is included in the block chain or replace parts of the block chain to roll back their own spends.
Going down the rabbit hole
This is only a very short and concise summary of the system. If you want to get into the details, you can read the original paper that describes the system’s design, read the developer documentation, and explore the Bitcoin wiki.