#bitcoinfail: Top 10 Failures in Bitcoin History
5 stars based on
In view of the surge in Bitcoin BTC price, I decided to craft an article to analyse the current cryptocurrency situation. Is the price of BTC going to continue rising?
Is it going to tumble in value? Is it driven more by speculation rather than sheep bitcoin exchange rate There are many questions about BTC that we have, both as fellow consumers and as traders and investors. Yet the rising trend of possession of BTC by the general public worries me.
Fear-of-missing-out FOMOa term which refers to people who frantically join the shepherd's herd in hopes of riding the next big financial wave. Majority of these sheep have no idea what they are actually investing into. They call a 10min Google search on BTC research. They are ever so confident that BTC prices will continuously go up, just like in past trends.
Ladies and gents, the "HODL" meme cannot be taken as a joke anymore. People uneducated about the technology and market of BTC are rushing into the cryptocurrency space at an ever-increasing pace. In this article, I'll voice my opinions, in hopes of straightening our facts on BTC. Because I ultimately believe in the potential of this space too. You may choose to sheep bitcoin exchange rate the first 2 sections, but I highly discourage you skipping the remainder of the sections.
To send money from Sheep bitcoin exchange rate to B, the transaction will be sent to the network for verification via the POW consensus. This is superior to the current remittance system that we currently have. Let's say you have to remit money from China to your Aunt in America. You will have sheep bitcoin exchange rate go through your bank, issue an overseas remittance that could take days, and even have to pay a high fee. The bank in America will receive it, then it will take an even longer time before the money finally reaches your aunt.
There are so many ways that BTC can be adopted in our financial world. We wouldn't have to pay sheep bitcoin exchange rate fees on Amazon. It is harder Theoretically possible to have sheep bitcoin exchange rate money hacked due to the nature of the blockchain.
We would have a more secure form of financial storage! In fact, countries like Singapore are working on adopting the blockchain technology for Fintech applications. Next, BTC transactions are anonymous To a certain extent. Referring back to the aunt illustration, there must be a sending and receiving address in order for a transaction to replace. Now the flow would look like this:. People who support the network are "responsible" sheep bitcoin exchange rate verifying the transaction.
Once verification is complete, the BTC will eventually end up with your aunt as illustrated above. To date, no such computing power can realistically do that. Hence, this is also what sheep bitcoin exchange rate BTC pseudo-anonymous.
There are ways and means to track people behind BTC addresses, and it has been done before. This has also led to BTC being a widely adopted currency by the darknet markets A part of the internet only accessible via the TOR browser. To further reinforce anonymity, a BTC tumbling service is used, jumbling sheep bitcoin exchange rate BTC addresses to sheep bitcoin exchange rate it even harder for authorities to track a specific address.
Reasons for wanting anonymity are diverse and are completely up to the individual. Regardless of intentions, it does give us a certain sense of freedom from the prying-eyes of the government.
Finally, what I believe to be the most important yet overlooked point. BTC sheep bitcoin exchange rate a far better "Form of Valuation". Bitcoin is finite by nature, similar to gold. However we know that there can only be 21million BTC in existence, but we are still unsure of the amount of gold that is still to be mined. The rate at which we mine BTC will increasingly decrease. This is because of the nature of the SHA Hash where the "puzzles" will get harder and harder to solve.
In a sense this stabilises the economy as we finally have a currency with a stable and accountable supply. Inflation would never be an issue since the supply will eventually come to a constant. Fiat money, the dollar note you have in your wallet, the well-accepted alternative to gold, a way to value objects. Fiat money has certainly served us well, seeing how it had replaced the archaic bartering system. Sheep bitcoin exchange rate there are instances whereby fiat has failed us. The notorious Zimbabwean hyper-inflation, Japanese banana notes from World War II, they left people with notes worth even less than a piece of paper.
Supply could be manipulated, causing these financial crises. Furthermore, all transaction records are kept on the blockchain as an electronic ledger. Financial frauds, embezzlements and other pertinent money-based issues can be avoided if the blockchain were to be adopted by the global economy. Age-old economic sheep bitcoin exchange rate like inflation, instability, unfavorable exchange rates can be reduced with the adoption of a "One-True-Currency".
The only obvious disadvantage would be that BTC is virtual, whereas gold and fiat are physical objects. The issue now would be convincing the general public to be comfortable converting to such a system. Looking at all these points. Everyone would of course think of BTC as the true sheep bitcoin exchange rate to our economic woes. Of course there could be other advantages of adopting cryptocurrency which I have missed out, the list is not exhaustive.
In fact, the points above can easily be sheep bitcoin exchange rate with a simple Google search. However what I'm going to be providing you in the next section are things which people choose not to know off. On subreddits, online forums and blogs who brazenly promote the "perfect" system of BTC, sheep are misguided to believe that they are investing into the "Next Big Thing". Sheep think they are solely investing into "technology", that this is the next tech-revolution. The worst of the sheep hop on the bandwagon in hopes of becoming another BTC-millionaire.
They brush aside all advice or warnings that cryptocurrency is in a bubble. Arguments like "It has always been rising in price" and "It is the next big thing" are simply a means to neglect the many glaring issues that the cryptocurrency world is now in. However, convincing people like this would never work. Instead I am going to spoon-feed you sheep bitcoin exchange rate there is to know and leave you to decide on your own.
Inventions are as full of flaws as the ones who made them. Quoted from an article on Sciencemag: Many illegal users of sheep bitcoin exchange rate bazaars have been caught through their BTC address. Sites like AlphaBay and Hansa sheep bitcoin exchange rate already been taken down, proving that this shield of anonymity is nothing more than a glass screen.
The blockchain itself is why such a system will never be anonymous. Currently, authorities exploit this fact to hunt down darknet criminals. Think of it this way. Every time you make a transaction, it leaves behind a digital breadcrumb. After multiple months you would have left behind a digital trail amongst the many other trails. Now all that is left to do is to link this trail to your Sheep bitcoin exchange rate Protocol Address IP Addressthere goes your anonymity!
For people who have intentions of purchasing something illegal through the darknet, my advice, don't. The only way of purchasing BTC now is from online brokerages or exchanges. They are the "middle-men" we all have to sheep bitcoin exchange rate pass before we get into possession of our BTC.
Now I'll introduce three types of investors. Either they are completely unaware of the risks involved or they chose to disregard it. Yes you read that right. Although unlikely due to legislative regulations, owners of the brokerage and exchanges can still run off with YOUR BTC since they own the private sheep bitcoin exchange rate to it as well.
What is more likely is for the brokerage to be hacked. Shockingly, this was the second time a huge exchange like Mt Gox was hacked, being its first incident. What became of Mt Gox? The company eventually fell into debt and was liquidated. Poor patronesses of Mt Gox were forced to sit by the sidelines, still waiting to be refunded of their BTC.
Hence, I strongly encourage for investors to invest in a cold storage. Which brings me to my next example. I personally use a Nano Ledger S, but you can also try other brands like Trezor. Of course there are risks like forgetting of passwords, but depending on the wallets you have they may have certain backup protocols. Now let us focus on the risks of cold storage. As you all are aware, BTC is notorious for its voltaility and its spectacular crashes.
It takes time for you to transfer your cryproassets from your storage to the brokerage. Sheep bitcoin exchange rate then the price might have already tumbled down to abysmal levels. After all, there is no economic tool affixed onto BTC to indicate a price floor Now let us move on to the last type.