1. QiAi QuestsHome
  2. Metaverse & Beyond

Why is Bitcoin the most famous (why is Bitcoin so famous)

• Metaverse & Beyond • 47 views

Why is Bitcoin the most famous (why is Bitcoin so famous)

Why is Bitcoin the most famous? Why is Bitcoin the most famous? What is Bitcoin? What is the use of Bitcoin? Bitcoin is decentralized and there is no currency that can be controlled by any central authority. It has its own consensus mechanism and is used to validate transactions. Its operation is also similar to other blockchain networks and protocols

According to Coinmarketcap data, the current price of Bitcoin is about $9500, while that of Ethereum is more than $7800. If we compare Bitcoin with gold, then Bitcoin is the first type in the encrypted digital world. But the core technology behind Bitcoin is the point-to-point Electronic cash system. Therefore, people call it “payment” because it can convert Fiat money into a new virtual currency or another means of value storage

Although theoretically, Bitcoin is a currency without borders, it achieves this goal by using Cryptography algorithms. The Proof of Work (POW) consensus mechanism of Bitcoin makes its workload more concentrated and difficult to scale, and since this happens every time a block contains a transaction, it cannot efficiently execute transactions like Bitcoin. At the same time, in order to ensure transaction speed, transparency, and traceability, this solution is also one of the solutions proposed after strict review. (Image source: https://bitcointreasuries.org/ ）

It is also worth noting that Bitcoin, as the world’s first decentralized network, has gained the support of many well-known figures, such as former US President Trump, Musk, Tracy Cameron, and former CFTC presidential candidate Gary Gensler. However, this is not to say that BTC is only providing a secure and fast way to solve this problem, but to make people believe that it is a more user-friendly encrypted asset. Why is Bitcoin so popular? BitPay, the issuer of Bitcoin, recently announced plans to launch Bitcoin services to customers and is seeking assistance in building more financial infrastructure worldwide. In addition to supporting legal currency, BitPay will also accept payments from PayPal; In addition, some projects based on Ethereum are also under development, such as RippleLabs Despite these concerns, Bitcoin still has numerous advantages and disadvantages. They are: low transaction costs, high transaction speed, extreme volatility and volatility, zero gas costs; The characteristics of anonymity and high dispersion; It has the characteristics of security and unforgeability What does Bitcoin rely on to support its price According to the Wall Street Journal, the market value of Bitcoin has exceeded $2 billion. This means that it completed a huge round of growth in a short period of time. Technically speaking, this new digital currency can be seen as a storage of value, a medium of exchange, and a means of payment. But based on the current market situation, this estimate may take several more years to achieve. So, what exactly is’ Bitcoin ‘? Why is’ Bitcoin ‘a big direction? We can analyze it from the following perspectives: the progress of blockchain technology is based on the technical foundation of Cryptography; Bitcoin is a Cryptocurrency – a special type of asset or commodity generated by a specific algorithm; Ethereum is a Open-source software platform for storing digital records (such as Hash table). By using blockchain technology, users can verify transactions and transfer them to their own computers. Therefore, the name “Bitcoin” has also been widely used. Since February 1, 2020, the number of active addresses on the Ethereum network has more than tripled to about 50000. But most of these active addresses are controlled by unmanaged wallets, rather than centralized exchanges or just anonymous wallets. However, due to the immutability and difficulty in tracking of blockchain technology, people still believe that Bitcoin is more secure and reliable than ever before. (Chain Tower Data Laboratory)

This article and pictures are from the Internet and do not represent qiAiAi's position. If you infringe, please contact us to delete:https://www.qiaiai.com/metaverse/22548.html

It is strongly recommended that you study, review, analyze and verify the content independently, use the relevant data and content carefully, and bear all risks arising therefrom.

Like (0)
Previous 08/07/2023 01:04
Next 08/07/2023 01:26

Related recommendations