What is the future of Bitcoin? What are the prospects for this cryptocurrency? Let’s talk about it in this article
Although there is always up-to-date information on the web, it is never really easy to establish what the future of Bitcoin may be and, consequently, the prospects for this cryptocurrency. Buying and selling Bitcoin, in fact, is equivalent to facing the complex and articulated universe of cryptocurrencies. A theme that, also following the coronavirus, has become particularly topical.
Of course, it is not easy to dominate the complex events that see Bitcoin as the absolute protagonist, just as it is not easy to closely observe and understand this market which, apparently, will not stop growing, at least in the near future. Generally speaking, investing in Bitcoin is considered a good idea by several and distinguished experts.
The future of Bitcoin: what are the prospects?
But what are the prospects of this cryptocurrency for those who don’t have that much money to invest in and want to find a way to escape the enormous inflation that has plagued our country in recent years? answer some of the questions related to Bitcoin and cryptocurrencies.
For simplicity, let’s start with the simplest, but indicative, of the questions, namely what is Bitcoin. Bitcoin is a cryptocurrency created by Satoshi Nakamoto in 2009 and is described by him as a peer-to-peer electronic money system. According to the Bitcoin Foundation itself, this is the simplest and most accurate definition of the idea that drives the Bitcoin market, being a safe, fast and interference-free way to conduct financial transactions.
In trading, we can say that Bitcoin was conceived as an element to revolutionize the way people use and view money. In fact, it is sufficient to analyze the entire idea of centralized management and transmitted to the users themselves, to be able to understand how each Bitcoin and cryptocurrency transaction is carried out directly between the subjects involved without the need for all the bureaucracy as happens, instead, with credit cards.
Each transaction is then analyzed by the miners and p2p network nodes themselves and, if approved, released. Something that happens in about 10 minutes. The next step, also done by miners and network nodes, is to archive this transaction alongside the others in the blockchain chain, where all participants have free access to prevent any type of fraud.
This is probably the most transparent method in the world. In all of this, BitIQ appears to be of fundamental importance.
As expected, miners are rewarded for their work, as the computational cost of storing each transaction in the chain is enormous, and consequently the energy expenditure is by no means insignificant. Therefore, Bitcoins are randomly distributed every hour to the participants in the mining program and the possibility of being rewarded is equivalent to the computational power of your system.
In addition to this, miners are also responsible for the “creation” of new Bitcoins and the coins are generated based on the closure of the blockchains, so that the total amount of available coins can always remain at the desired level. beginning of Bitcoin, where most of the miners were home computers, we currently have a scenario consisting of large and robust servers mainly focused on unlocking the cryptography needed to authenticate Bitcoin transactions, and this makes them more inclined to receive rewards during the day .
As demonstrated by its entire long history, Bitcoin is based on three main pillars of technological freedom, namely decentralization, the open source system and the peer-to-peer connection. Thanks to this, the security of the platform is guaranteed and based on mathematical logic and algorithms studied by millions of people around the world.
Going to conclude, on the subject of how safe it can be to invest in Bitcoin, it must be emphasized that it will be possible to rely on full transparency for all transactions carried out since its creation.