I truly don’t think it’s that simple. Firstly, let’s answer the question that some people are asking that will be;
What is bitcoin?
Bitcoin was created by a person or group referred to as Satoshi Nakamoto and it is what’s referred to as a cryptocurrency, it’s digital money and is the initial peer-to-peer payment network that is decentralized. To be decentralized means that there surely is no central authority to regulate the entity. A vital factor that has attributed to bitcoins success is the truth that it’s totally open.
It works on the technology called blockchain, and a lot of people have already been asking the question “What is blockchain?” So allow me to elaborate a bit. The blockchain network is definitely an open ledger that displays every single transaction that is made, and is incorruptible because there is no’one’location where all of the records are kept. This prevents any cyber attacker from corrupting the information on the ledger. This is actually the dream which was thought out from its creator because the rise of bitcoin and blockchain was created out of the distrust from the banks and financial institutions during the housing crisis of 2008. Therefore the idea that every node (computer) on the network could see and verify every transaction that is being made, brings about a questionnaire of trust.
Imagine in case a million people each had a copy of exactly the same instructions to construct a model car, then someone came along and had different instructions, they’d not manage to build exactly the same car because they’ve different instructions. Finance The fact that everyone on the network could see exactly the same transactions builds strong security defenses.
This digital monetary system has opened doors for a brand new solution to conduct transactions within the Internet. Specifically for dark web users who use the cryptocurrency to get malicious items like weapons, drugs, and hit-men. The continuous utilization of bitcoin for purchasing goods and services over the internet is what gives it its power in my opinion.