Bitcoin isn’t a product, and it is not even a company, it is a thing, an entity so to speak. So can factors that had been used to attribute a former bubble be used on a cryptocurrency?
I really do not think it is that simple. Firstly, let’s answer a question that some individuals are asking which is;
Bitcoin was created by a person or group generally known as Satoshi Nakamoto and it is what’s referred to as a cryptocurrency, it is digital cash and is the first peer-to-peer fee network that’s decentralised. To be decentralised implies that there isn’t any central authority to control the entity. A key factor that has attributed to bitcoins success is the fact that it is totally open.
It makes use of a expertise called blockchain, and lots of people have been asking the query “What’s blockchain?” So enable me to elaborate a bit. The blockchain network is an open ledger that shows every single transaction that’s made, and is incorruptible because there isn’t a ‘one’ location the place all of the records are kept. This prevents any cyber attacker from corrupting the data on the ledger. This is the dream that was thought out from its creator, because the rise of sell bitcoin and blockchain was created out of the mistrust from the banks and monetary institutions during the housing crisis of 2008. So the concept every node (laptop) on the network may see and confirm each transaction that’s being made, brings about a type of trust.
Imagine if 1,000,000 folks every had a replica of the identical directions to build a toy automotive, then somebody came along and had totally different instructions, they might not be able to build the identical automobile because they have completely different instructions. The truth that everybody on the network can see the identical transactions builds strong security defences.
This digital monetary system has opened doorways for a new technique to conduct transactions over the Internet. Particularly for dark web customers who use the cryptocurrency to buy malicious gadgets like weapons, medicine and hit-men. The continuous use of bitcoin for buying items and companies over the internet is what gives it its power in my opinion.