We’re going to keep hearing about cryptocurrencies and blockchain technology for years to come. The entire sector is revolutionary, and it all started with a single anonymous programmer. Of course, there were plenty of attempts to make a fully decentralized and functional digital currency, but they couldn’t solve the double-spend problem.
Anything that’s on a computer or a phone can be copied and pasted, which makes it extremely difficult to keep something scarce and limited. The answer to that was a ledger that multiple people adjusted by solving complex algorithms and tasks. Follow this page for more info https://www.livemint.com/opinion/columns/underlying-value-of-crypto-is-real-world-utility-11648056004109.html.
When Bitcoin was first introduced, it was the first electronic cash system that worked on a fully peer-to-peer basis without the need of a third party. If you solved the puzzle first, you needed to use processing power, and you got a reward.
The start was not revolutionary, and the project interested only a dozen computer geeks who wanted to see how far it could go. For a few months, only a few dozen programmers were messing around with the network, but everything changed a while down the road. T
he first time that Bitcoin received a price was in October of 2009 when an exchange sold more than 5000 bitcoins for five bucks, which was the electricity cost to produce them. After that, a person traded 10 000 bitcoins for two pizzas that were worth 25 dollars. Those two events made this cryptocurrency a medium of exchange and a market good. The rest is history.
How is this technology connected to the future?
When Bill Gates was talking about computers and Microsoft, very few people listened. Even Warren Buffet, who is the best investor, missed out on the opportunity at that time. There were late-night talk shows that were mocking computers, and now each one of us carries such a device in our pockets. Click on this link to read more.
The same thing is happening with Bitcoin. There are loads of people who are mocking the technology, saying that it’s not even as good as gold, and we already have money that works. Furthermore, there are some who say that it’s the biggest pyramid scheme in the world.
However, this is not the case at all. This technology is essentially software that allows people to transfer value without the danger of inflation or trusted third parties. If you want to send money to someone via PayPal, you need to trust the service that they’re not going to steal the money.
Plus, every time you send money, there is a notification to the bank that money is taken from your account and transferred to another. The IRS keeps a keen eye on suspicious transactions. The only way out of this loophole is to use cash.
But think of how it would feel like to carry thousands of dollars in your pockets. The chances of you getting robbed increase with each passing step. However, when all of your money is in cryptocurrencies, you can be in every corner of the globe and use money at your disposal.
All of the functions of a modern central bank get automated, and inflation becomes predictable. You can head to PKT Pal to find out how. Every service can get programmed, and thousands of network members will validate the transactions without the need for a single party. That’s what’s so powerful about the blockchain.
How does PKT Cash come into the mix?
PKT Cash is based on the same underlying principle. Actual work needs to be done in order for a new monetary unit to get created. In the case of Bitcoin, a processor needs to solve a complex equation. In the case of PKT Cash, an amount of bandwidth needs to be taken and stored.
By sharing the data that you’re not using, you can become a part of the decentralized web of the future. When no single authority has control over a network, there’s no censorship. It’s going to feel like the internet space in 2013 when the web wasn’t a giant shopping mall.
These new digital currencies will shape the future by bringing solutions that are ahead of their time. Holders will experience the benefits of keeping an asset for a long time and watching it rise in value.