By Pamela Williams
I doubt Bitcoin is a dead end, but it has the potential, just like any investment, to ruin you if you get involved without any understanding. I am interested in delving into the Bitcoin market, so I am researching the enigma for myself. I am sure many of you will think of me as being seriously behind the times, as I have not already stepped into the Bitcoin world.
Bitcoin is a decentralized digital currency, without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. This being said, it is very freeing to us as individuals, but at the same time if one gets into trouble, one has no one to turn to.
I have heard Bitcoin as being described as ‘real estate’, and once all that ‘land’ has been purchased, there will be no more. This is not the way I initially thought of Bitcoin as being. I somehow had it in my mind it will just continue to grow out in cyberspace. (Yeah, I know, crazy thinking.) So when I listened to a video today, I was stunned to hear Bitcoin described as being in ‘short supply.’
It seems one does not have time to loiter when it comes to investing in Bitcoin…that is if one feels that is the way to go. I think that is the way I am going.
One young man stated the only safe path to investing in or buying Bitcoin is to download the ‘Coinbase App’ from Google Play Store. I am getting ready to do that. I will let you know how that goes and how it appears to me when it is done.
I am back, and it took me two hours to download and complete the ‘Coinbase’ Application from Google Play Store. It was a long process, and I ruffled a few feathers. I am thinking about all the details I had to give to become verified. It is done, and I am planning on following up with my investing in Bitcoin; in fact, I have already started.
The following video is excellent in my opinion, and I tend to believe this young man’s advice, as I did follow it.
I think at this point, I want to understand exactly how and why Bitcoin was created to begin with. What was behind that process? What was the original thought of the creator?
I have been doing a lot of thinking about ‘barter’ in the upcoming new ‘reset’ of our society. At least that is what the talking heads are calling it – the great reset – right? Just what does that mean? Are we to be recycled? Are we to live in shipping containers placed on the outskirts of big cities? How are we to be reset?
Whatever they mean, I have my own ideas of how we can create a better society and provide for everyone as equal partners. The barter system has been around since man was born. You fix my porch, and I will cook your dinner. You give me vegetables from your garden to cook for dinner, and I will give you apples from my tree to take back home.
We can do it, because we are thinkers and explorers. We are creators ourselves, and we must do as the great Creator did when He dreamed us here. We were made for glory.
Back to Bitcoin…here is some of the information on the origin of Bitcoin.
Satoshi Nakamoto is the name used by the presumed pseudonymous person or persons who developed bitcoin, authored the bitcoin white paper, and created and deployed bitcoin’s original reference implementation. As part of the implementation, Nakamoto also devised the first blockchain database. In the process, Nakamoto was the first to solve the double-spending problem for digital currency using a peer-to-peer network. Nakamoto was active in the development of bitcoin up until December 2010. Many people have claimed, or have been claimed, to be Nakamoto.
Nakamoto has stated that work on the writing of the code for bitcoin began in 2007. On 18 August 2008, he or a colleague registered the domain name bitcoin.org, and created a web site at that address. On 31 October 2008, Nakamoto published a paper on the cryptography mailing list at metzdowd.com describing a digital cryptocurrency, titled “Bitcoin: A Peer-to-Peer Electronic Cash System”.
On 9 January 2009, Nakamoto released version 0.1 of the bitcoin software on SourceForge, and launched the network by mining the genesis block of bitcoin (block number 0), which had a reward of 50 bitcoins. Embedded in the coinbase transaction of this block was the text: “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks”, referring to a headline in the UK newspaper The Times published on that date. This note has been interpreted as both a timestamp of the genesis date and a derisive comment on the instability caused by fractional-reserve banking.:18
Nakamoto continued to collaborate with other developers on the bitcoin software until mid-2010, making all modifications to the source code himself. He then handed over control of the source code repository and network alert key to Gavin Andresen, transferred several related domains to various prominent members of the bitcoin community, and stopped his recognized involvement in the project.
Nakamoto has never revealed any personal information when discussing technical matters, though has at times provided commentary on banking and fractional-reserve banking. On his P2P Foundation profile As of 2012, Nakamoto claimed to be a 37 year-old male who lived in Japan; however, some speculated he was unlikely to be Japanese due to his native-level use of English and his bitcoin software not being documented or labelled in Japanese.
Some have considered that Nakamoto might be a team of people: Dan Kaminsky, a security researcher who read the bitcoin code, said that Nakamoto could either be a “team of people” or a “genius”; Laszlo Hanyecz, a developer who had emailed Nakamoto, had the feeling the code was too well designed for one person; John McAfee claimed Nakamoto was “a team of eleven people”. Gavin Andresen has said of Nakamoto’s code: “He was a brilliant coder, but it was quirky.”
The use of British English in both source code comments and forum postings – such as the expression “bloody hard”, terms such as “flat” and “maths”, and the spellings “grey” and “colour” – led to speculation that Nakamoto, or at least one individual in the consortium claiming to be him, was of Commonwealth origin. The reference to London’s The Times newspaper in the first bitcoin block mined by Nakamoto suggested to some a particular interest in the British government.:18
Stefan Thomas, a Swiss coder and active community member, graphed the time stamps for each of Nakamoto’s bitcoin forum posts (more than 500); the resulting chart showed a steep decline to almost no posts between the hours of 5 a.m. and 11 a.m. Greenwich Mean Time. This was between 2 p.m. and 8 p.m. Japanese time, suggesting an unusual sleep pattern for someone presumably living in Japan. As this pattern held true even on Saturdays and Sundays, it suggested that Nakamoto was asleep at this time.
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In conclusion, I do believe the ‘reset’ will require society to go back to basics, self-reliance, and networking through means of barter and original thinking. Take your dreams and explore their meaning, as that is the fertile ground on which we plant the seeds for a new society.
I will let you know how the Bitcoin exchange goes on the Coinbase Application forum, as I intend to stick with it until I find it is not working for me. It is a strange new world out there, but we will accept the challenge. Right? Right.
Disclaimer: This information is only for educational purposes. Do not make any investment decisions based on the information in this article. Do you own due diligence or consult your financial professional before making any investment decision.