Bitcoin isn’t something, and it isn’t even a company, it is a thing, an entity so to speak. So can factors that were used to attribute a former bubble be used on a cryptocurrency?
I must say i don’t think it’s that simple. Firstly, let’s answer the question that some individuals are asking which is;
Bitcoin was produced by a person or group referred to as Satoshi Nakamoto and it’s what’s referred to as a cryptocurrency, it’s digital money and is the first peer-to-peer payment network that is decentralized. To be decentralized means that there’s no central authority to regulate the entity. A vital factor that has caused by bitcoins success is the fact it’s totally open.
It works on the technology called blockchain, and plenty of people have already been asking the question “What’s blockchain?” So permit me to elaborate a bit. The blockchain network is an open ledger that displays every single transaction that is made, and is incorruptible while there is no’one’location where most of the records are kept. This prevents any cyber attacker from corrupting the data on the ledger. Here is the dream which was planned from its creator because the rise of bitcoin and blockchain was created out of the distrust from the banks and financial institutions throughout the housing crisis of 2008. So the idea that every node (computer) on the network could see and verify every transaction that is being made, brings about an application of trust.
Imagine in case a million people each had a copy of exactly the same instructions to create 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. Monero The truth that everyone on the network can see exactly the same transactions builds strong security defenses.
This digital monetary system has opened doors for a brand new way to conduct transactions within the Internet. Especially for dark web users who use the cryptocurrency to get malicious items like weapons, drugs, and hit-men. The continuous usage of bitcoin for purchasing goods and services on the internet is what gives it its power in my opinion.