Bitcoin is a useful game changer that need be utilized to gain broader access to more audience in rendering services for financial freedom.
Bitcoin is designed by an unknown Individual(s) and the Governmental System is calling it a scam and discouraging her citizens from participating in her adoption, yet the volume of participants grows. Why is it so? What are some interesting things about Bitcoin and other Crypto Currencies that makes them be alive over a Decade now ? Why then do I call it a Natural Resource from Generated Energy ? Is Bitcoin Living up to his name ? Come with me and view through my perspective.
Looking at why Bitcoin was designed, How it is designed, How it have lived up to her Name, How it is Interwoven with Technologies that are the Building Blocks and Backbone of the Internet, the windows of opportunities that sprang forth due to her presence in the World Financial Scene, the happenings around Bitcoin will clearly show you why Bitcoin is a commodity of high value with rich qualities that need be tapped into.
According to Bitcoin’s whitepaper presented by Satoshi Nakamato (the Satireric Identity of her Inventor (s)), it’s Headline says, “Bitcoin a Peer to Peer Payment System”. Bitcoin was designed with one main goal in mind, as a Peer to Peer Payment System where no one interfere with making payment with it or there is any boundary as to how wide her acceptance can be but left in the hands of the General Public. The General Public are also those who can benefit in Participating in it’s Utilization, Preservation and Maintenance of the Bitcoin Network, no intermediary aside from those who value it. Like every Natural Resource in use , no one prescribed her extraction and usage, the general public decides which material is desiring to be kept safe and valued, used for whatever it is required for. This Feature means Bitcoin places the user as Anonymous lest you dig deeper, this is one main reason why the Inventor(s) of Bitcoin will remain Anonymous or better still remain Anonymous throughout Human History, Bitcoin itself have to be anonymous from Ground Up for it to be really Anonymous like Paper Money which does not carry any trace with the one who used it to purchase lest you dig deeper. As Every Paper Money have who signed it into Circulation, so Bitcoin have the one through whom it was first paid to as an Incentive, Block Reward for Creating a new Block into the Blockchain of the Bitcoin Network.
Like Natural Resources in the Earth Crust which are limited, Bitcoin is also limited till date.
Bitcoin is built on top of Technologies that we can’t stop using so long we continue to rely on Logic to solve problems, the Technologies include, Cryptography, Proof of Work System, Data-Centers and others that can’t really flow into my head as at seating and writing this article. Like all other Solutions invented by Humans, Bitcoin is yet another facet of our heritage that we need to tap into and make good use of.
The way Bitcoin is arrayed in solving the problem of a true Digital Currency to make payment, paves the way for countless person(s) to participate voluntarily in her effectiveness and reap profits in the form of Incentives which makes every participator a Benefactor receiving a commodity of value, just as one who know how to extract precious stones and metals from the earth can get these natural resources without any investment on complex extraction machines but with crude tools and Technical know-how, so too one can receive Bitcoin as an Incentive with her tools and Technical know-how starting from Nothing, only if you know how to utilize her to achieve as the window she opened are enormous and diverse.
Let’s look into why Bitcoin is an Resource from Energy just like the Internet and Telecommunication, although she resides on Platform Internet. Blockchain Technology which is the System introduced by Bitcoin’s Designer can be used to eliminate so many problems that affects various Sectors of our lives that are layered on the Internet today, this Technology though is introduced via the Financial Sector which is a very Crucial Sector for Humanity in our Civilization, it relies solely on Logic which is beyond Mathematics ( Logic to my understanding is Both Arithmetic/Mathematics and Philosophy Combined).
Proof of work system was invented by someone to control the mass sending of Emails but could not be widely accepted as other means was preferred and now it’s been used to secure the Bitcoin Network of Information. Banks and Record Keeping Institutions can tap into such Proof or Work and Decentralized System to secure Records and Data from been Compromised either by Loss or Modification of Information by dubious intentions.
With the Aid of Cryptography and Decentralization, it is near Impossible for Any Data that have been logged into the Bitcoin Network with over 6 Blocks on-top it to be modified, at least for over a decade, it has not happened, even when there are hacks and penetration of other Data-center, no records have been heard about the Bitcoin to the best of my Knowledge.
The Bitcoin Network can be accessed by anyone from anywhere so long you can understand and use the Bitcoin Explorer Interface to view Transactions that was done with Bitcoin via the Bitcoin Network of Blockchains, there are Bitcoins in other Crypto Currency Network outside the Bitcoin Network, the Bitcoins in those Networks can also be viewed in Bitcoin Network of Blockchains as a Wallet.
Bitcoin have elevated some many people from Nothing to something, in various ways by Building apps to solve some problems, Participating in the Bitcoin High Volatility Risky Exchange Market , Spot Trading, Staking Bitcoin for high Profit return in Crypto Exchanges ( Yield Farming), Staking Bitcoin in Decentralized Platform for Purpose of Loan to Yield Return for her Usage. Advertisement and many more.
As a Bitcoin Node Operator, one receives incentive for block Creation. This Block Reward is presently the only Method through which Bitcoin is Minted into Circulation which makes every Bitcoin in circulation have an Origin of Who, When and Where it is Minted from into Circulation in the Bitcoin Network of Decentralized Blockchain of Data-Centers called nodes. This Person Secure the Network in Participating in an Activity to Validate and Confirm Transactions in the Bitcoin Network, there by making the Network Safe.
As a Trader of Bitcoin, ( Speculative Market ) one tap into the High Risk Volatility Market to make High Gains over a very Short Time-frame compared to regular Foreign Exchange of Fiat Currencies. The High Risk Volatility Market which will be decreasing as Bitcoin gain maturity will Linger for a short while and later reduce to near Equilibrium like a stable Fiat currency. There is still time to study and participate in such high risk business though, little by little Bitcoin will be taking Grounds in Payment of Goods and Services in a more robust and wide range of ways.
As a Bitcoin owner who Staked his Bitcoin to enable Trading in Platforms (Yield Farming), This is another means of making money while sleeping, Though Bitcoin as a network does not participate in transactions of the sort that require staking Bitcoins into the Network to make profits, Anyone who wish to tap into the Exchange and Market Trading Sphere of the Bitcoin Network Opportunities need to have some substantial amount of CryptoCurrency made accessible to anyone who wishes to Exchange Bitcoin for another Crypto-Currency including Fiat, the Vault in which makes the Crypto Available for such an activity is called a LiquidityPool as there is a pool of a particular Crypto or Cluster of CryptoCurrencies that can be exchanged at any time desired for another Crypto or Fiat Currency. These Pools are mostly not owned by the Exchange platform who maintains the liquiditypool but by individuals that deposit their CryptoCurrencies for such a service so they can have a share in the charges received during the usage of the LiquidityPool for Trading as an Exchange Platform. Some also deposit their CryptoCurrencies in Loan Platform so their coin can be loaned out, in that way receive a share in the Interest Acquired from the activities carried out with it while with the Loan Company. Some of these Companies are Aave, DyDx, Uniswap, Binance, these Institute are categorized by how they operate as Decentralized and Centralized Layer II Platforms , some have Blockchains that execute Smart Contracts while some are just CryptoCurrency Wallet Issuers.
Having a Node as a Node Service Provider
Bitcoin Nodes are a collection of Bitcoin Software in various locations in the world interconnected, updating each other with recent updates over transactions that have been carried out via the Bitcoin Network of Nodes ( Computers Running the Bitcoin Core Software). These nodes are also been used to input Transaction into the Unspent Transaction Pool of Bitcoin Network Blockchain for Validators to confirm the transactions into the Blockchain network as authentic and spent, as an Individual, one can own a node and lease it out to small business owner or CryptoCurrency Wallet Startup for a fee so that any who wish to post their transaction via a more secure and private node but don’t have enough Capital yet to own a node for such an operation can call for a space, for an institute that acts as a medium for people to exchange Bitcoin and other CryptoCurrencies, she need to own her own private maintained Bitcoin Node(s) or the CryptoCurrencies she wish to utilize, Ethereum have the RocketPool for such a venture by individual or cooperate investors.
Having Bitcoin Node as an E-commerce Provider.
E-Commerce is one of the main sector that will shape Bitcoin into been used as a currency both in the internet and face to face over very little payments, Bitcoin’s primary goal is to be used as a currency to make payment for goods and services, Bitcoin as a Network for such an activity in making little purchases is too expensive due to the amount required to input transaction into the Blockchain Network as the network does not make the transaction due to the amount been transferred but how much data is been computed into the Decentralized Blockchain Network of Bitcoin Nodes, this makes the higher the amount of Bitcoin involved in the Transaction, the lower the cost for the transaction. For the E commerce to succeed, they need to make the fee for payment so low and charge as per amount been issued for payment to enable the usage of Bitcoin to Flourish in day to day purchases of small stuffs like Candies and Chocolate Bars, Sticks of Cigars and Tots of Whiskeys over the bar. Bottle of water and Soft Drinks, not just for the speculative market which is flourishing today..
In this way one can easily use bitcoin to make purchases in local places provided the Platform Wallet in use for cheaper or free transactions is involved but payment incurred by external Wallet users who wish to make purchases in the platforms shop will pay higher as they will be affecting the Bitcoin Network Blockchain Directly instead of via the E commerce Blockchain keeping the Bitcoin Transaction record for her activities as the Bitcoin Network keeps a record of the entire Bitcoin in circulation. With this Bitcoin Node, Bitcoin E commerce Operator can transfer Bitcoin to and from her network in a secure way without fear of Transaction been altered before it is confirmed by any Bitcoin Network Transaction Validator.
Accepting Bitcoin as a Currency for Payment
Bitcoin was born for the sake of the unbanked, where most of them do no qualify in owning a bank account as they are not eligible to own Identification due to one requirement or another which makes them ineligible. Receiving Bitcoin for payment will give you a wider range of patronage as your acceptance of Bitcoin for payment will wake-up those unbanked to own a Bitcoin wallet as they require no identification or qualification to own a Decentralized Wallet, which at the present is not easy to fund without a credit card or via some decentralized wallet, but with the availability of a Decentralized E-commerce Platform these unbanked can enjoy unbiased purchasing of goods and services online without restrictions or boundary.
Receiving Bitcoin as means of payment will allow the payment system to become easy to make purchases, right now without one having one of Credit Card or a well known payment system which involves strict Registration of individuals Regulated by Government placing Restrictions making some people ineligible to make online purchases but these people really want to purchase items genuinely like myself.
Bitcoin have come to stay and it is shaping lives and making living better by enhancing the financial freedom of those who participate in her usage. Join the league and enjoy freedom to invest your time and resources in a game changer platform.
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