The text is innovative in that it was written in 2014. At the same time, it’s one of the masterpieces for anyone studying blockchain to read, as it describes the underlying value of Bitcoin.
Bitcoin represents the system, and bitcoin represents the currency. Since this article talks about Bitcoin, you didn’t dare translate it into foreign countries. Also, in the text, Bitcoin was used for both currency and system, but in the context, the translator partially replaced it with bitcoin.
Although there is a description of Bitcoin transactions in this article, as of 2018, fees are not negligible. Few people say Bitcoin is an unexposed topic. But there’s a big gap between what Bitcoin thinks the press people and many of the general public think, and Bitcoin that many critical technologists think.
Bitcoin gives us the results of a working solution to this problem. Initially, one Internet user sends a unique digital asset to another Internet user. Everyone makes the transmission, and no one can subvert the legitimacy of the transmission.
How does this work
You can update the ledger by cashing the value fixed in the ledger’s slot or buying goods and services with bitcoin. If you want to sell, you can sell the ledger slot to those who want bitcoin. Anyone in the world can operate the ledger to buy and sell at their timing. No approval, no fees or almost no. The Bitcoin coins themselves are simply slots listed on the ledger. Some close to the stock exchange. Except that it can be applied to a broader area of the real world.
The last part is essential. Bitcoin is the world’s first internet payment system with no or meagre fees for remittance. Existing payment systems in developed countries charge about 2-3% of fees. In other areas, there are no modern payment systems or fees are higher. Click at bc bitcoin cycle and know how to use bitcoin.
They would like to say that it is a tool for managing owners digitally. It functions as a method of exchanging money and assets between participants who have not built trust in advance. In the simple case, it’s like sending characters via email or text message. The reverse is also true. There is no chargeback associated with it. This is brand new in the digital realm. This mechanism did not exist before this. Its value is directly based on two indicators. Today’s payment system-the the speed and volume of payments made through this ledger and its potential as a future payment system. As a result of bitcoin having an arbitrary value, people can use bitcoin as a medium of exchange, trade with bitcoin anywhere, without fraud, and with zero or almost no commission, bitcoin has value.
At this stage, it may be correct to say that bitcoin’s price is based on future expectations rather than its actual value. But, to the same extent, the expectations have indeed enabled bitcoin payments to be practically possible. Bitcoin must be valuable before it can withstand the volume of real-world payment transactions. This is a typical new technology chicken and egg problem. In short, new technology is not so valuable until it is worth it. And the fact that Bitcoin’s value has risen, in part because of expectations, will enjoy its benefits much faster than otherwise.
General consumers and merchants have criticized the limited use of Bitcoin. However, similar criticisms existed on PC buy, sell and use bitcoin worldwide. The total number is still small, but the number is rapidly increasing. And as Bitcoin’s tools and technology have improved, Bitcoin’s difficulty of use has fallen sharply.
Consider selling appliances online. The profit margin for this business is usually less than 5%. This means that the traditional 2.5% settlement fee accounts for half of the margin. Money to be reinvested can be returned to the consumer or taxed by the government, of which the worst option is to bring 2.5% of the money to the bank. Another difficulty that comes up is the difficulty of international payments: if you wonder why your favourite product or service isn’t available in your country, the answer is often payments. It’s a problem.