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Friday, October 4, 2019

Things to Take into account if you are talking #Crypto, @GbtTechnologies


Things to Take into account if you are talking #Crypto, @GbtTechnologies

So you consider yourself a bitcoin (or any kind of crypto for that matter). When it comes to Bitcoin and Blockchain technology there are certain things that one has to know. We are now talking about money, transactions and online identity, so you have to know your money:

You should know where Bitcoin comes from, the mystery of Satoshi Nakamoto, who delivered to us the first proof of concept for Bitcoin technology. To this day he has not been traced or identified, much like a digital Banksy, he or she remains the invisible creator of Bitcoin.

Bitcoin has been put as “blockchain [and Bitcoin] technology facilitates peer-to-peer transactions without any intermediary such as a bank or governing body”.

The project was abandoned by Satoshi 2010 and hungry developers took it over. It was released as open-source code and can be modified and viewed by anyone. After the financial crash in 2008, the Bitcoin movement created the option of an independent decentralized coin.


What are Bitcoins?
Bitcoins were created as units of accounting for anything you program them to be. One Bitcoin is equivalent to 100,000,000 individual pieces, each programmable into specific units of currency, stock  or almost anything else you can imagine. There is a published ledger of Bitcoin transactions that are published to a distributed network of participating computers. Once every minute or so a batch of transactions are released in a block to be validated by the network and added to the blockchain.

And then, how does the Blockchain work?
Blockchain is the technology behind bitcoin. However, recently blockchain is used for new kinds of purposes and other initiatives; it was born to manage cryptocurrency. Blockchain is an interconnected web of  decentralized computers and servers which runs transactions against a single, public ledger. A copy of this ledger resides in every node of the blockchain network, so it means that if any transaction is to occur, all the other nodes have to agree for it to happen.

These transactions are verified randomly; miners are awarded permissions to add a block to the chin and verify a transaction to redeem the Bitcoin transaction fee. It is a safe combination made up of decentralization and public transparency which makes the blockchain the most secure and accurate financial system to this date.

And now that you know how it is and how secure your money would be, you want to invest. To put it simply, investing in Bitcoin is similar to investing in the stock market. At the beggining the network needed to grow and the computing power needed to solve this complex operations was relatively low. A decent investment put into “computing power” to “mine” Bitcoins would earn you a great return. As the systems to mine Bitcoins were demanded to overperform, and greater complex systems were built to the point where you can now buy server space on a massive network to mine, the amount of investment potential for individuals without access to servers farms has diminished.

There is something to note though, these circumstances have helped Bitcoin to rise above expectations. Compared to the US dollar it has continued to climb, but the potential to mine for Bitcoin and make a profit has fallen.

Little by little, Bitcoin has gained acceptance, and blockchain, as commented above is now being used as a valid business platform for very forward-looking and groundbreaking companies.  Among that list are Nasdaq LINK, OpenBazaar and Ujo.

Next week we’ll talk about the impact of Blockchain in the world.



About GBT TECHNOLOGIES, S.A
GBT Technologies, S.A., a private Costa Rican corporation (GBT - http://gbttechnologies.com) is a development-stage company in the business of the strategic management of BPO (Business Process Outsourcing) digital communications processing for enterprises and startups; distributed ledger technology development, AI development and fintech software development and applications. 

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