Cryptocurrency is a digital form of currency that uses a technology called blockchain, which is decentralized and records transactions on a network of computers. The network of computers are working together to complete the transactions that people are currently making with Bitcoin in the real world. Once the computers are finished relaying the transactions they receive a reward which is a very small amount of bitcoin. A well performing crypto miner can make roughly $10 a day but it costs $1,695. It depends on energy costs but with it in consideration your $10 a day profit turns into $2.50 a day in profit. If you take all of this into consideration, it would take you 678 days to completely pay off your $1,695 crypto miner.
Bitcoin was started in January 2009 by a group of programmers using the pseudonym Satoshi Nakamoto. Nakamoto’s true identity is still a mystery and in a 2008 paper, Bitcoin’s fake creators introduced the blockchain system, which is the very essence of the cryptocurrency market. The first price of Bitcoin was determined at $0.00099 when someone on the BitcoinTalk forum traded 5,050 bitcoins for $5.02 through Paypal. Throughout the years when Bitcoins price was low people would trade Bitcoin for funny stupid things and the craziest example is a man trading someone 10,000 bitcoin for a pizza. In 2011 Bitcoin had been in existence for two years and was worth a dollar and by 2013 Bitcoin reached 100 dollars and later on that year 1 thousand. Bitcoins price today sits at 61,000 dollars and shows no signs of its growth slowing.
Although Bitcoin is a real legal currency it has been used in very illegal ways. The most popular illegal use of bitcoin is on the dark web to trade for goods and services. Bitcoin offers a completely anonymous transaction that stops police from catching criminals that should be locked up and although this isn’t right, if Bitcoin didn’t exist people would just conduct illegal activity using another currency. Bitcoin does however offer a universal way to pay anyone in the world that bridges the gaps between very unstable forms of currency. In conclusion, Bitcoin can show us the creativity of humans and our ability to give value to something that doesn’t exist even in our physical world.
