Sunday, March 2, 2014

Now I came to know the reasons and goals of Bitcoin

I came to know bitcoin online sometime in 2010. I am engage in generating income from the web through paid to click, surveys, blogging, marketing and advertising. I don't care about bitcoin but i had encountered  the system.  When i became a member of digital in 2013 that was the time that i came to know "bitcoin" because is earning a lot with bitcoins. Other competitors of coingeneration had also came out with their own site like "EOBOT" the first bitcoin and crypto mining that i had known.  That year is the start of "bitcoins" being so popular and i had know the first crisis related to bitcoin was when "silk road" was shutdown who  was suspected of trading drugs and using bitcoins as the means of payments. Until now the second big "scandal"  is about Mt. Gox whom again was related to bitcoin, where a lot of investors on bitcoin had lost their money.

When i started with bitcoin also in 2013, i was only interested with the earning aspect of the system. I create a blog about bitcoin and post articles about the sites that gives free bitcoin. My idea was to gather many bitcoins that i could through this sites and later exchange it to a fiat currency.  I know also that bitcoin had to be "MINED"  but i prepare to just click on sites that gives free "bitcoins".  And i am also starting with other crypto currencies which i believe are are the same with "bitcoin". Because of  the scandal on Mt. Gox i am studying  more about bitcoins its origin, how it was develop,  what is really the bitcoin, where it is going  and who are behind this?  So through video's on you tube it had given me a wider and deeper orientation about bitcoins, the very popular ANDREAS ANTONOPOLOUS  the Bitcoin Evangelist and security expert of  is the MAN to be consulted , here is a video on one of his DISCUSSION ABOUT BITCOIN;

With this video now i know the reasons and goals of bitcoin system

                                                                Transcript of the Speech

Alex Medina good afternoon Athens thank you for having me today you want disrupt I got disrupt now I've got downright revolution we're going to talk about the most exciting most interesting and probably the most important technological innovation no invention in computer science in the last twenty years
I'm here to talk about that point and perhaps you've heard about that point before let's do a quick check how many have you here have heard a big point before today all alright got a good crowd , how many view own bitcoins even better alright bit calling is digital money but it is so much more than that saying but point is digital money is like saying the internets is a fancy telephone it's like saying that the Internet is all about email money is just the first application bitcoins is a technology it is a currency and it is an international network payments and Exchange that is completely decentralized it doesn't rely on banks it doesn't rely on governments and we have never done this before in the history of humanity this invention is truly revolutionary and when we look back at these moments we will see that this is a historic moment in the evolution of computer science but also a social and political revolution in the making 
so let's get started but going this digital money its money just like euros or dollars only it's not owned by governments and you can send it from any point in the world to any other point in the  world instantaneously securely and for many more on no fees at all two days ago we saw one of the largest transactions ever recorded on the big point at work where someone transferred a hundred and fifty million dollars between two bed point accounts in one second 40 fees and just that allows you to grasp how disruptive this technology is going to be in terms of international payment systems but this is just the beginning between as a digital currency that came into existence in 2008 has an invention by a person calls Toshio Okamoto  
he published a paper where he posited that he had found a way to create a decentralized network that could achieve consensus agreements without any central controlling authority now if you have studied computer science were distributed system this is known as the Byzantine Generals problem it was for spas in 1975 and until 2008 it was announced solve problem but we immediately understood the importance of solving this problem institution a komodo said I have solved it and guess what happened next everybody laughed and ignored him and dismiss them any published this paper and then

three months later he published software that allow people to start building the pic point network but going is not a company it's not an organization it is a standard or protocol just like TCP IP or the internet it's not owned by anyone it operates by simple mathematical rules that everyone who participate in the network agrees I'll in through the simple mechanism and through the invention of Satoshi Nakamoto bit point is able to allow a completely decentralized network of computers to agree on what transactions have occurred on a network essentially agreeing on whole hack currently has the money
so if I send money from my account to somebody else's account in this peer to peer completely decentralized network it's just like sending an email there's no one in the middle it just goes from my computer where the money is stored to the recipient's computer with no intervention and the entire network
every 10 minutes agrees on what transactions have happened without any centralized authority by simple
election that occurs electronically this particular solution this inventiom is far more important than currency currency is just the first app just the first application that you can build on a distributed consensus system other applications include distributed fair voting stock ownership asset registration and notarization and also many other applications we've never thought of before I discovered but points for the first time in 2 and since the Internet I have not felt this feeling are being completely overwhelmed by the possibilities that I saw
I was there at the dawn of the Internet in 1991 when it was pre-commercial and I could see that this was going to change the world but couldn't tell everyone around me cuz no one believes me and I have that exact same feeling about that point now some of you may have heard a pin point as a currency as a system of money that is currently going wildly high in price won the AM wildly low in price the other day
and what I'm here to tell you is to ignore the price and to leap in orbit coin the money and understand bit point the technology the invention and the network creates because if we mess up the money will just reboot another currency the invention and but calling the technology that makes it possible cannot be on invented and it creates the possibility for decentralized organization on a scale never before seen on this planet and here's why it's important to me
today in the world approximately one billion people have access to banking credit an international finance capabilities primarily the upper classes the Western nations six and a half billion people on this planet have no connection to the world of money they operate in cash basis 'it's with very little access to any international resource they don't need banks two billion if these people already on the Internet and with a simple application download they can immediately become participants in an international economy using an international currency that can be transmitted anywhere with no fees and no government controls and they can't connect tall World International Finance that is completely peer to peer so big calling is the money of the people at its center simple mathematical rules that everyone agrees on and no controls the possibility of bringing six and a half billion people into productive society by connecting them to the rest of the world is truly revolutionary

first we're going to start affecting the payment processors these enormous companies that make it more expensive to send money the poorer the destination country it's a situation that is exploitative and corrupt and these organizations make enormous amounts of profits for function that can be done in bed point for free so as the adage if the internet once went
I just replaced your entire industry with a hundred lines a python code and that's exactly what we're doing with that point how can you use but calling today simply speaking that coin can operate as a currency and you can think of it has buying a foreign currency you can connect to an exchange over the web you can wire some what your heroes and then you can use those euros to buy bitcoins at the current exchange rate but that's not really the right way to do it has where entrepreneurs right we want to disrupt so the best way to do it is to find a product or service that you can offer that someone with pat Quinn wants to buy and to start earning that point if you think about starting up a business with in an international environment there are two primary barriers to becoming a global business the first barrier is that it is difficult to transport products and services across borders and with the internet we solve that because we can now create products and services that a virtual that we can sell anywhere in the world so we can't deliver the product but we still had one big problem how do we get paid bitcoins solves that part it now allows us to receive payments from anywhere in the world instantaneously

the big boy network allows any individual to send and a male its that is as small as 100 millionth a bit calling which in today's term is very very tiny amount of money you can't do that with today's money in payment systems credit cards were made in the nineteen fifties and they were most certainly not made for an Internet age but that point is made for the internet age so if you can suddenly send payments that a1 100 for the Euro or 1000 for the Euro

you can sell content you can do my card transactions you can collect payments from millions of people
in tiny amounts and make them in Akkar gets be worth something in all the same network where you can send 1,000 the Euro or even one million for the Euro you can send a billion euros or a trillion euros and the fee will be exactly the same because it depends on the size of the transaction in kilobytes not the content

so let's look back at the internet and see what lessons we can learn about wipe it point to support what are the most important principles on the Internet is neutrality the internet doesn't distinguish between a large organization and a small organization it doesn't know the difference between CNN and an Egyptian blogger  and it gives the possibility for an Egyptian blogger to speak to the world with the same power invoice that CNN has bitcoins is neutral to sender and recipient and also to the value of the transaction and that means that it gives every citizen end-user a big point the ability

to innovate in terms of financial innovations and instruments in terms of payment systems and to use the currencywith exactly the same facility that a bank ass you become Citibank and you can operate on the same level as Citibank and that is truly revolutionary it takes a hierarchical system in international financethat up to now has achieved security by limiting access because that is the main method of trust on our payment systems you can't get in unless you're fat it and it turns that on its head and creates a completely flatand decentralized network for every node is equal where the protocol is neutral for the transactionsand it pushes innovation to the edge into the network allowing exactly the same phenomenon we saw on the Internet
innovation without permission you don't need to ask anyone if your application can be published on the Internet you don't need to ask anyone to completely subverting you industry with your information technology well on big point you don't need to ask anyone to invent a new financial instrument a new payment system a new service you can just do it you can just write the code and you are now part of an international financial network that can run back old and put you in contact with millions of consumers
now it's still early days we don't yet have the polished interfaces it's difficult to use
it's used by criminals it's used by um various organizations around the world and it's not easy to see exactly who is using PetPoint

I've heard of that before when I was on the Internet in 1991 it was a den of thieves pornographers pirates and criminals right but it didn't matter and it doesn't matter now and the reason it doesn't matter is because the same power the technology that can be used by a criminal to promote their criminal
activities can be used by all of the rest the bus to do good to do incredible things all across the world
and as more bus so big coin creates this environment that is right for innovation because it's not a currency

it's a technology a network and the currency I can tell you today I'm very happy that but points
prices climbing very high cuz I own some big points into feels kinda nice but I don't care about the price if pat Quinn crash tomorrow morning the technology is still revolutionary just like if a website fails on the Internet or an application fails on the Internet the internet doesn't go away so if you understand that but Queen as a technology not a currency you can truly grasp the importance it has but again it's not about us it is about the other six and a half billion it is about the ability to bring to the world a level a financial integration that the world has never seen before and from our perspective

 it's a great technology we can do some disruptive innovation we can build some interesting services
but if you're a Kenyan farmer who's trying to raise money in order to buy seed and now you could do decentralized peer to peer lending and reach out to lenders all across the globe this is not technology right this is truly life-changing so understanding the impact but going hires on the vast majority of the world that lives under repressive and corrupt regimes was central banks that in polls hyper-inflation a 30 percent a month it's much more important to see be how pat Quinn can affect all of those people there are two billion people on the internet only one billion of them have bank accounts and we can change that and it's not going to be easy make no mistake about it when you throw a disruptive technology into the middle of the most powerful organizations and the planet they don't like it and

right now we're still in the early stages to use the trite expression first they ignore us then they laugh at us then they fight s then we win we're still at the laughing at a stage and that's quite alright because by the time they get to fighting us they've already lost because this technology just one global with the introduction of more than two and a half billion dollars from Chinese investors who discovered a counterbalance the world domination of the global reserve currency if the US dollar

they're all 193 currencies in the world but there's only one international currency their 193 currencies controlled by central banks and governments but that is only one mathematical currency today and that's but point and we are going to build more for them cryptographic currencies are going to be up mainstay of our financial future they are going to be part up the future of this planet because they have been invented and it is as simple as that you cannot on infant that technology you cannot turn that on let's back into eggsso understanding that we already have more than a hundred competing currencies in that space shows how quickly innovation has exploded and even beyond but calling the currency there are many other
alt coins alternative coins as they're known that use the very same basic technology up a decentralized assets ledger using consensus in the network with that or she's all grown them in order to achieve other forms of currency currencies that are inflationary currencies that a deflationary currencies that use Demel rosh or negative interest rates currencies that a charitable and redistributable portion up the income to charitable organizations we can invent money nonstop and create new forms of money Mb instruments at the end of the day bitcoins is programmable money and once you have programmable money the possibilities are
truly endless

we can take many of the basic concepts our current system the dependent on legal contracts and we can convert these into algorithmic contracts into mathematical transactions that can be enforced on the pit point network and as I said before there is no third party there is no counterparty if I choose to send value from one part of the network to another part of the network is Pierre to appear with no one in between
and if I invent a new form of money I can deploy it to the entire world and invite others to come and join me
and soul if you see that but point has the possibility to introduce not money for the Internet because yes it is money for the Internet it perfect money for the internet its instant it's safe its free yes it is money for the Internet but it's so much more bit calling is the Internet %uh money and currency is only the first application
so if you grasp that you can look beyond the price you can look beyond the volatility you can look beyond the fat and understand that at its core is a revolutionary technology that will change
world for ever thank you joining this revolution

 Start now to gain bitcoins  visit a list of bitcoin sites  HERE ;

No comments:

Post a Comment