Bitcoin Brings Economic Freedom
The feature story headlined, “Despite Murky Picture, Bitcoin Hatches” [Vol 19, No 966, November 4, 2018]. The goal of the replay is to indicate that Bitcoin is paving the global commercial way of the future and that the local Bitclub-Network is a vehicle.
Bitcoin, as termed by its creator Satoshi Nakamoto, is a combination of two measurement units. “Bit” is a unit of data, and “Coin” is a unit of money. In the fintech sector, Bitcoin is the emergence of dynamic technology into the delicate and vulnerable financial data management system.
Informaton technology and the internet revolutionised the world, catapulting humanity to unprecedented levels. Free access to information positively affected human endeavours in the arts, sciences and sports. Yet valuable information in intellectual property and privacy was simultaneously negatively affected. This cyber insecurity intensified resistance around the sensitive financial sector.
However, the primary reason that the financial sector is resistant to the value revolution of fintech is because it is the last monopoly protected by law. Logically, money is a commodity. In a free market, quantity demanded determines the best price offered by a supplier.
In 1913, US regulators granted their Federal Reserve, the central bank of all central banks in the US, exclusive rights to print dollar bills and pump the currency to run the global economy through the monopolised money supply. Thus, any nation that would not comply suffers financial constraints by the status quo. Ethiopia, for instance, has been forced to devalue its currency multiple times amid shortages of hard currency for medicine.
Satoshi Nakamoto defined Bitcoin as “a purely peer-to-peer version of electronic cash that would allow online payments to be sent directly from one party to another without going through a financial institution.”
Ending the monopoly by creating an alternative financial system.
Simultaneously, the infinite duplication and devaluation of personal and valuable information was resolved with Bitcoin’s proposition “to the double-spending problem using a peer-to-peer network.” The information would be time-stamped and digitally signed into an ongoing chain by “hash-based proof-of-work, forming a record that cannot be changed.”
Simply, Bitcoin is a decentralized electronic ledger where data is digitized, recorded immutably and secured forever.
The instantaneous emergence of value to both the IT and fintech industries is realised by an open source software and economically incentivised “mining” hardware.
In Bitcoin, mining means to digitally record and store data in a decentralized immutable electronic ledger and recover the payment in virtual money, bitcoins. Anyone with a compatible computer, internet and electricity can mine bitcoins. These days the initial investment is upwards of 100 million dollars.
Founded in 2014 by 500 founders, Bitclub-Network (BCN) is a global public mining operation that offers individuals with low investment capital to own a mining computer that participates in a mining pool, reaping the optimum benefits of collaboration.
Public records, such as blockcain.com, verify that BCN has since mined almost 80,000 bitcoins. With almost a million shareholders in over 110 countries and in addition to over 600 million dollars paid in advance, BCN operates equipment worth more than 750 million dollars in Iceland, Norway, Georgia, China and the US state of Montana.
Against all odds, BCN offers people in remote economies, such as Ethiopia, the opportunity to own infrastructure capital at infancy as the globe embraces Bitcoin, an avant-garde decentralized – no central point of failure – financial technology allowing a peer-to-peer, fast, cheap and reliable e-cash payment platform.
Since its inception in 2009, Bitcoin has empirically executed every transaction at any given time, from all over the world, within a few minutes, for less than a penny, regardless of the amount.
As the natural economic codes of the free market breed massive adoption in global commerce with more economic freedom, mining computers will be highly compensated for serving the decentralised automated payment system. BCN is a vehicle to own a mining computer.