{"id":33705,"date":"2018-10-30T14:04:42","date_gmt":"2018-10-30T08:34:42","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=33705"},"modified":"2018-10-30T14:04:42","modified_gmt":"2018-10-30T08:34:42","slug":"understanding-bitcoin-fraud-or-the-future-of-money","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/understanding-bitcoin-fraud-or-the-future-of-money\/","title":{"rendered":"Understanding Bitcoin: fraud, or the future of money?\u00a0"},"content":{"rendered":"<p><a href=\"http:\/\/indianexpress.com\/article\/explained\/understanding-bitcoin-fraud-or-the-future-of-money-digital-currency-4956047\/\"><span style=\"font-weight: 400;\">Understanding Bitcoin: fraud, or the future of money?<\/span><\/a><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><b>Context:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">In 2009, the first block of that currency, known as Bitcoin, went online.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">To this day, it <\/span><b>has undergone a wide range of changes<\/b><span style=\"font-weight: 400;\">.<\/span><\/li>\n<\/ul>\n<p><b>Change in opinion about Bitcoin:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Opinion on Bitcoin is divided on:<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"> whether its value is a <\/span><b>sign of a growing rebellion against a monetary system controlled by corrupt, predatory governments, or, alternately whether it is providing a haven for criminals<\/b><span style=\"font-weight: 400;\">.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">There are also those who believe that <\/span><b>Bitcoin and other digital currencies that have since emerged are simply a giant, collective delusion.<\/b><\/li>\n<\/ul>\n<p><b>Changes in Bitcoin over eight years:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The principles underlying Bitcoin make it a <\/span><b>democratic alternative to the commercial banking network, and even central banks.<\/b><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Bitcoin appealed to a spectrum of libertarians and anarchists, whose value would be determined <\/span><b>purely by demand and supply, not by the actions of central banks.<\/b><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Bitcoin uses <\/span><b>cryptography to securely conduct a transaction between a sender and a recipient<\/b><span style=\"font-weight: 400;\">.<\/span><\/li>\n<\/ul>\n<p><b>What is Blockchain?<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><b>Each confirmed \u00a0transaction is recorded on a public ledger<\/b><span style=\"font-weight: 400;\">, called a blockchain.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The blockchain is <\/span><b>shared between all users of the Bitcoin network, and updated<\/b><span style=\"font-weight: 400;\"> in real time.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"> The underlying mathematics makes it impossible to make duplicate copies of Bitcoin, or use it for more than one transaction at a time.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Each time a new block or set of transactions is consolidated into a blok, it verifies all those before it. In general, six verifications mean a transaction is 99.99% likely to be genuine.<\/span><\/li>\n<\/ul>\n<p><b>What is Bitcoin?<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Bitcoin is a worldwide cryptocurrency and digital payment system<\/span> <span style=\"font-weight: 400;\">called the first decentralized digital currency, as the system works without a central repository or single administrator.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">It was invented by an unknown person or group of people under the name <\/span><b>Satoshi Nakamoto and released as open-source software in 2009. \u00a0<\/b><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The system is peer-to-peer, and transactions take place between users directly, without an intermediary.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">These transactions are verified by network nodes and recorded in a public distributed ledger called a blockchain.<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Understanding Bitcoin: fraud, or the future of money?\u00a0 Context: In 2009, the first block of that currency, known as Bitcoin, went online. To this day, it has undergone a wide range of changes. Change in opinion about Bitcoin: Opinion on Bitcoin is divided on: whether its value is a sign of a growing rebellion against&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/understanding-bitcoin-fraud-or-the-future-of-money\/\">Continue reading <span class=\"screen-reader-text\">Understanding Bitcoin: fraud, or the future of money?\u00a0<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[555],"tags":[],"class_list":["post-33705","post","type-post","status-publish","format-standard","hentry","category-test-1","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704904070},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/33705","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=33705"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/33705\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=33705"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=33705"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=33705"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}