Is It Still Possible to Mine Bitcoin and Cryptocurrencies at Home? As? This is a question that many crypto enthusiasts have. We will answer that question in this post and also give you some solutions!
What is Bitcoin? See Our Dummies Handbook
09/04/2023
What is Bitcoin? This is the most famous Cryptocurrency on the Market (in addition to being created for a very beautiful purpose by Satoshi Nakamoto), BTC has many powerful enemies. Understand!
What is Bitcoin? See Our Dummies Handbook
What is Bitcoin?
Bitcoin is a famous digital currency that is used all over the world, but it wasn't always like that, back in early 2008, when Satoshi Nakamoto developed Cryptocurrency and published his White Paper on internet forums, he said that in 20 years, either Bitcoin would have a staggering value, or it would be zero.
As we know, today bitcoin has an extremely high Price - its last historical peak was close to 73 thousand dollars per unit and there are those who say that this virtual currency could one day reach U$10,000,000 per unit... sounds good enough for you, dear reader?
What few know about bitcoin is that this asset is much more than a simple Cryptocurrency (which is not even that simple). Bitcoin is a Decentralized Network practically impossible to be Hacked - because the computational power that exists in the Mining of this asset is very extremely high.
There are millions of machines around the world that Mine BTC, which is why it is a Decentralized asset, as it is not subject to the hands of a single person, but of a community! We don't even know who Satoshi Nakamoto is (whether it's a group or a single person).
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How Did Bitcoin Come About?
Bitcoin emerged in 2008 and was only officially published in 2009, and the most interesting point about the emergence of this digital currency is that it was created in the midst of the 2008 real estate crisis in the USA - a crisis that affected the whole world and even today countries like Greece and Spain did not recover from the event.
Satoshi realized that power (or money to be more exact) was very centralized in the hands of a few billionaires and they managed to manipulate the entire global economy - it is said that these billionaires held (and still have) even more power than governments.
Because as you know: 99% of all money and assets in circulation is in the hands of only 1% of the world's population. An extremely fragile, delicate and centralized system. One day, Satoshi Namamoto is expected to be the richest man in the world, as he owns a cryptocurrency wallet with approximately 1 million bitcoins.
Assuming that Satoshi saw what was going on in Wall Street, he made the decision to create Bitcoin: money made from person to person - that did not depend on governments or banks to "intermediate" the shipments and that was more efficient.
Only those who have already sent or received Money from abroad know how long a process is. Not to mention the amount of fees to be paid: be it exchange rate, income tax to be paid to the government and so on...
Is there a difference between Bitcoin and other Cryptocurrencies?
Yes, there is this difference! We like to say that Bitcoin is one thing, Ethereum is another thing and the rest of Cryptocurrencies are yet another thing. Bitcoin is the only truly decentralized asset! As much as other cryptocurrencies seem to have this idea: they truly are not.
Litecoin for example has the same idea as bitcoin, but we all know its creator: Charlie Lee. The same happens with Ethereum, Solana, Cardano... with that, as much as DeFi (decentralized finance market) exists, both systems have a bit of centralization; but it is undeniable that they are much more democratic and efficient than traditional systems, therefore, they also have their value. In addition to consuming less energy.
To simplify things, we like to say that Bitcoin is the decentralization of money and Ethereum and a few other cryptocurrencies are the decentralization of the internet: allowing the creation of decentralized applications where the users are the ones who govern them and make the decisions based on ownership. of the desired Ecosystem Tokens.
Another important point to say is that bitcoin is a store of value (compared to gold) and it is the only cryptocurrency with this feature! As a result, it is inevitable that it will only gain value over the years - regardless of price fluctuations in the short term.
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Lucas Lippe
The idea of freedom is fascinating and Bitcoin gives us that in many ways. Explaining ideas of a decentralized web on the Bitcoin Lovers website.
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