Bitcoin is a cryptocurrency and worldwide
payment system. It is the first decentralized
digital currency, as the system works without
a central bank like FRB or single administrator.
The network is peer-to-peer and transactions
take place between users directly, without
an intermediary. These transactions are verified
by network nodes through the use of cryptography
and recorded in a public distributed ledger
called a blockchain. Bitcoin was invented
by an unknown person or group of people under
the name Satoshi Nakamoto and released as
open-source software in 2009. He is anarchist
that extremely sensitive about somehow being
put at a disadvantage by government. He was
careful enough to contact only the closest
peer via e-mail from first development to
now. The programmer with real name, Satoshi
Nakamoto, was an ordinary programmer who was
completely away from Bitcoin, and the real
developer is still anonymous. we will never
know who has given this grace to mankind.
Hacking is virtually impossible because transaction
books are stored on multiple users servers
across a global range based on block-chain
technology.
As of February 2015, over 100,000 merchants
and vendors accepted bitcoin as payment. Research
produced by the University of Cambridge estimates
that in 2017, there are 2.9 to 5.8 million
unique users using a cryptocurrency wallet,
most of them using bitcoin.
The anarchist developer was right. The US
government has begun to crack down on bitcoin
related personnel and things ,like stock market
and developer, one by one. they are suspected
of tax evasion, money laundering, and terrorist
revenue inflows. But government can't actually
control the market, cryptocurrency jumped
into the biggest speculation bubble in human
history. it is understandable to instinctively
feel rejection in the bitcoin. but economic
experts analysed speculative bubbles to grow
and popularize as money. It can be seen as
a rebellion against past banks, which had
blown up bubbles, disintegrated developing
countries, and eroded capital at low prices.
along with bitcoin, there is popular one,
called ethereum.
bitcoin natually can't programme as government's
intention. It is a thoroughly anarchist currencies
that can not be engaged by a third party.
that is why government hate this system. because
they have owned the history with controlling
currency. but ethereum is quite different.
Etherium is a distributed computing platform
for implementing smart contract functionality
based on block-chain technology. bitcoin,
Etherium both are block chain. Let's look
at its technologic difference. The bit coin
is based on the block chain technique described
above. it is Digital money. If you buy some
bit coin, the record is stored in blocks distributed
to computers. So it can not be hacked, it
can not be controlled by outside interests
like the US government, it is transparent.
Etherium technology provides 'smart contract'.
Unlike bit coin, this is a 'programmable block
chain'. Bitcoin is a virtual currency, but
Etherium is a platform that can realize a
self-certified system of existing bank. In
short, it is easy to understand compare with
vending machine. If you put a dollar in it,
the money will be turned into cola, that is
automatically agreed according to predetermined
conditions and contracts. Bitcoin is a coin,
but Etherium is a programmable platform. Bitcoin
is a payment technology, but Etherium is a
comprehensive system that can be allowed from
government to intercept and trade personal
information at any time. and to tracking personal
information at any time under and can regulate
conditions in the system they called 'Lawful'.
Now, The central bank are making Fedcoin base
on the Etherium technique. they are Planning
To Replace "Bitcoin" with "Fedcoin". Fedcoin
doesn't even exist yet, and yet the Washington
Post is already hyping it as the primary cryptocurrency
that we will be using in the future. Do they
know something that they rest of us do not?
We want cryptocurrencies to stay completely
independent, and we definitely do not want
the Federal Reserve and other global central
banks to start creating their own versions.
Because of course once they create their own
versions they will want to start restricting
the use of any competitors. The one thing
that could derail the cryptocurrency revolution
faster than anything else would be interference
by national governments or global central
banks. Unfortunately, now that Bitcoin and
other cryptocurrencies are getting so much
attention, it is inevitable that the powers
that be will make a move.
the Washington Post published an opinion piece
by Professor Campbell R. Harvey of Duke University
that was entitled "Bitcoin is big. But fedcoin
is bigger." These days, there is an agenda
behind virtually everything that the Washington
Post publishes, and so it is not just a coincidence
that they have published an article with "fedcoin"
in the title. Here is how that article begins...
Over the past few weeks, investors have been
flocking to bitcoin, the digital currency
whose value has soared by about 2,000 percent
in the past year alone. And while many economists
are cautioning against excitement about bitcoin
-- which is caught up in what may be one of
the biggest speculative bubbles in history
-- it's important to note just how revolutionary
the technology may be.
Indeed, the technology underlying bitcoin
could fundamentally change the way we think
of money.
Professor Harvey goes on to explain that it
is "only a matter of time before paper money
is phased out", and that some version of "fedcoin"
is inevitable.
But it doesn't have to be. The Federal Reserve
and other global central banks could just
leave us alone and allow us to create our
own currencies. The cryptocurrency revolution
is moving along just fine, and there is no
need for any sort of interference.
But we have a feeling that the powers that
be will eventually manufacture some sort of
a "cryptocurrency crisis" if one does not
happen naturally. In the aftermath, they will
attempt to introduce some version of "fedcoin",
and many in the general public will be very
thankful for the "solution" that the government
has provided. And that day may be closer than
we think. In fact, the U.S. government has
already invested millions into cryptocurrency
research... To add fuel to the fire, the U.S.
government has been rigorously studying Bitcoin
for about two years now... and instead of
fighting Bitcoin, the Feds seem poised to
wipe out the U.S. dollar by creating their
own digital currency.
The National Science Foundation, a U.S. government
agency that supports and funds research...
has awarded $3 million to three U.S. universities
for wide-ranging cryptocurrency research.
Cornell, the University of Maryland and the
University of California Berkeley will focus
on developing new cryptocurrency systems that,
according to principal investigator Elaine
Shi, will address "pain points" attributed
to Bitcoin and other existing networks.
The Federal Reserve is far from alone. Other
global central banks are doing their own research,
and the Bank for International Settlements
says that "all central banks" may eventually
need their own cryptocurrencies. The following
comes from CNBC...
Central banks may one day need to issue their
own cryptocurrencies, the Bank for International
Settlements said in its latest quarterly review.
"Whether or not a central bank should provide
a digital alternative to cash is most pressing
in countries, such as Sweden, where cash usage
is rapidly declining," the Sunday report said.
"But all central banks may eventually have
to decide whether issuing retail or wholesale
[central bank cryptocurrencies] makes sense
in their own context."
This is going to be a critical phase for the
cryptocurrency revolution, because the people
of the world are going to have to make it
exceedingly clear that they do not want central
bank cryptocurrencies.
Central bank cryptocurrencies would simply
be an extension of the current debt-based
system that is systematically enslaving humanity.
The thing that makes cryptocurrencies so great
is the fact that they are not debt-based and
they are allowing humanity to express independence
from the current system.
As existing fiat currencies fail, we want
there to be independent cryptocurrencies that
people can use as an alternative. And we don't
have to just imagine what that would look
like. In fact, it is already happening in
Venezuela...
But in Venezuela, the collapse of the bolivar
has forced locals to turn to alternatives
like bitcoin and local community-issued currencies
with fixed exchange rates. The rapid erosion
of the bolivar's value made everyday transactions
like buying groceries and paying cabbies untenable
- customers had to pay with large, cumbersome
stacks of bolivars that were difficult to
transport.
Patricia Laya, a Venezuela-based reporter,
tweeted a photo of the 5,000 bolivars - the
maximum amount - she was able to withdraw
from an ATM in Caracas. They're worth around
$0.05. Laya stated that she had waited 20
minutes in line to obtain $0.05 in hyperinflated
currency worth little to no value, according
to CCN.
Even though bitcoin transactions can take
hours - even days - to settle, local merchants
have readily embraced the digital currency.
This is a revolution that has the potential
to completely change the global financial
system, but we have a feeling that global
central banks will never let it get that far.
The current system funnels literally trillions
of dollars to the very top of the food chain,
and the elite are going to jealously guard
their golden goose.
