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.