Bitcoin – The Past, Present and Future

Since the inception of Bitcoin in 2009, cryptocurrencies have evolved into a universe of their own, with their own tokens, projects, platforms and communities. However, it all started with the idea of creating a digital currency that no financial institution could control.

What is Bitcoin?

Bitcoin is the most popular digital currency or cryptocurrency founded by someone named Satoshi Nakamoto in 2008. Nakamoto designed Bitcoin as a peer-to-peer electronic cash system in a decentralized environment. The potential of this system was only realized later when traditional banking systems became rigged to benefit the investors rather than the users.

Bitcoin is created through a process of Bitcoin mining which requires specialized mining hardware and software. Mining is a process of solving complex computations and registering transactions to create new blocks on the blockchain. Blockchain is a public digital ledger where every cryptocurrency transaction is recorded.

The present

While the new era of digital currencies a decade ago was considered to be a futile investment, the risk-takers back then are rewarded today. Starting from the low price of a few cents, Bitcoin today is priced at $42.223 and reached the highest of around $70,000 earlier this year.

Bitcoin has become a name synonymous with cryptocurrencies and is used for various purposes all around the world. Moreover, in an exciting turn of events, El Salvador recently became the first country to accept Bitcoin as a legal tender. Bitcoin has integrated itself with the majority of industries all over the world.

Bitcoin is still the highest-priced and most popular cryptocurrency, but it is not the only one. Its nearest competitor is Ether, followed by thousands of cryptos.

The Future

Bitcoin’s Proof of Work consensus algorithm has become obsolete today, where a new, stronger, faster and safer competitor Proof of Stake protocol has emerged. To stay relevant, Bitcoin must adapt to the new standards set by cryptocurrencies such as Bitcoin Latinum.

Bitcoin Latinum is based on Bitcoin’s ecosystem and utilizes a unique version of the Proof of Stake consensus algorithm, making it faster, safer, cheaper and greener than Bitcoin. Bitcoin’s Proof of Work algorithm and mining process requires an extensive amount of energy which leaves behind a significant carbon footprint. Bitcoin Latinum has developed a green initiative to achieve a net-zero carbon footprint.

While Bitcoin is still at the top and will probably remain there for a long time, it has reached the end of the line in terms of development. Cryptocurrencies such as Bitcoin Latinum are what will guide the future of cryptocurrencies.

To learn more about Bitcoin Latinum, visit https://ift.tt/3m6t6wH.

 

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