Bitcoins: A Look at What the Digital Currency has Achieved

It may be cliché, but perhaps no single word sums up bitcoin quite as well as “disruptive”. Computer scientists have been trying to create secure and sustainable digital cash since the earliest days of the Internet, and until Satoshi Nakamoto’s white paper introducing bitcoin was published in 2008, their efforts were in vain.

While the public may still be polarized by the digital currency, most people who take the time to learn about bitcoin and the block chain come to realize the significance of a decentralized, trustless network and the impacts it could potentially have in many areas of everyday life.

The use cases of such a technology are only beginning to be explored, but the bitcoin protocol has already proven to be a game-changer, allowing its users to do things that had previously been thought impractical or even impossible.

News on Bitcoins

Previous forays into online-based currencies have resulted in failures like e-Gold or centralized currencies often found in gaming communities, but bitcoin is the first digital-only currency that is completely decentralized to gain significant traction. There are many implications of this, but one key value of a decentralized digital currency is that anyone can create a bitcoin wallet to hold their money, without needing to rely on a bank’s approval or their government’s issued currency.

It’s no secret that money transfer services like Western Union and Moneygram are flawed. These companies often take days to transfer money across the globe, and they charge a hefty service fee for their work. Bitcoin, on the other hand, allows anybody with Internet access to send any amount of money anywhere in the world. The notion of smart contracts—contracts that can be digitally created and verified—has been around for years, but is now being approached in a whole new light in the face of bitcoin.

Bitcoin News Video

Watch this video for more “News on Bitcoin”.

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Bitcoin Financial News

Society has seen many of our traditional institutions and operations move from analog to digital, and this shift shows no signs of slowing down. As more innovators continue to explore all of the use cases of the bitcoin protocol, there’s no doubt that we can expect the list of things made possible by the digital currency to expand.

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