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BY AYIN DREAM D. APLASCA
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NO DOUBT everyone wants a better and free world. There are so many ways to make this world a better place that anyone can take part of. Of course, it starts with us as individuals.
This feeling is shared by many including the Chief Executive Officer (CEO) of Bitcoin.com. According to him, one of the ways includes acquiring a bitcoin wallet. But what is a bitcoin?
I’ve been reading news article about bitcoins and lately I got curious because the first-ever bitcoin future jumped after it began trading Sunday as the increasingly popular virtual currency made its debut on a major US exchange.
You might get interested on this so here are a few things to know about bitcoin. It is different compared to any other currency we have used before. It can be inflated at will especially that the supply of this is mathematically limited to 21 million bitcoins and that it can never be changed.
A bitcoin is a cryptocurrency. It is also a decentralized digital currency which works without a central bank or any administrator. Bitcoin transaction takes place between users who use cryptography without in-betweens. It means that the transactions are made with no middle men or banks. There are no transaction fees and no need to give your real name.
It works through a verified network which is called nodes and recorded in a public distributed ledger. This ledger is called the blockchain.
Bitcoins also have wallets that keep a secret piece of data called a private key or seed, which is used to sign transactions, providing mathematical proof that they have come from the owner of the wallet.
Bitcoins can be exchanged for other currencies, products, and services. Other vendors accept bitcoins as payment.
Individuals and companies who own the governing computing power and participate in the Bitcoin network are known as “miners.” They are motivated by rewards through the release of new bitcoin and transaction fees. New bitcoin is being released to the miners at a fixed, but periodically declining rate, such that the total supply of bitcoins approaches 21 million.
Another process is bitcoin mining where bitcoins are released to come into circulation. Usually, it involves solving a computationally difficult puzzle to discover a new block, which is added to the blockchain, and receiving a reward in the form of few bitcoins.
The good thing about this is that it is anonymous and private. There is freedom in payment, low or minimal fees, fewer risks, non-inflationary and, of course, the central government can’t take away your money.
However, a lot of people are still unaware of bitcoin and this may result to lower degree of acceptance especially among businessmen. The prices are volatile and unpredictable. It could result to black market and money laundering.
To sum up, bitcoins may have many advantages and disadvantages. It may be the beginning of a better world, but it is up to people in what ways they want to use it. Remember, no one knows what will become of bitcoin. Be aware and beware.
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(Atty. Ayin Dream D. Aplasca practices her profession in Iloilo City. She may be reached thru ayindream.aplasca@gmail.com/PN)
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