Bitcoin | The currency of the future or the fraud of the present?

I always say that when it comes to technology, the hardest thing for a normal person to do is guess what the future holds. That future is even more uncertain when technology is added to the economy and from this operation bitcoin appears.

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But what is bitcoin?

Bitcoin is one of the many " virtual currencies " that exist (litecoin, peercoin, dogecoin, namecoin) and that of all of them is the one that is gaining the most fame at the moment.

This virtual currency was born in 2009, its creator Satoshi Nakamoto (it is not even known who he is) creates a decentralized, anonymous and "safe" monetary system (I will comment on this for sure later), independent of governments and banks (nobody is independent) and with a P2P circulation system.

Its creator Nakamoto traced the entire monetary system: periodic creation of currency up to 21 million bitcoins in the year 2140 , with rewards for computer scientists who validate transactions with extremely complicated mathematical operations on thousands of computers and that prevent the same bitcoin from being used in more than one operation.

In a later pot I will explain in more detail the characteristics and use of this virtual currency

Is this Bitcoin safe?

What is certain is that it exists, it can be bought and sold and, moreover, it can be used as currency. In theory, its mathematical algorithm is indecipherable, it cannot be cloned, duplicated, falsified, stolen or anything like that. Independent of governments, speculation, the stock market, oil or any other factor that affects the economy. In principle it is safe and it works.

What is MTGox?

MTGox was one of the largest bitcoin virtual currency exchange platforms out there. Overnight it has closed due to unusual activities in the use of this currency, which at one point affects its price up to $ 500, 20% less. A theft of 7 50,000 bitcoins have been the trigger, this figure is equivalent to 6% of all the currency in circulation, which is 12.4 million units with a capitalization of 4,690 million.

Doubts and questions?

So this is where my doubts arise.

  1. Where was that highly acclaimed security?

  2. If it is so independent, why does it depend so much on virtual platforms?

Another question that arises to me is to date which users and in which countries this currency can be accessed. It must be taken into account that many of the countries, if not the majority, are controlled by their external debt and their future depends entirely on the payment of that debt.Do you think that governments will let the control of payments and taxes escape by the use of virtual currencies ?

Will we be exempt from the appearance of applecoins , googlecoins or amazoncoins ? If we bet on bitcoin, will its competitors respect its price?

There are too many doubts regarding the future of this currency, always be cautious and wait for a real settlement of it.

I will tell the following story that can serve as an example.

On Friday April 15, 2011 it has already passed into the history of the Internet gaming industry and, especially, that of online poker with the nickname Poker Black Friday ; the Black Friday of Poker.

If you do not know, to play poker in 2011 dollars were used, you entered money in your user account through ukas cards, paysfcard, paypal, visa etc. The profits were not taxed, the property did not control your profits. You could send them to a Portuguese, a Chinese or whoever you wanted, all in virtual transaction until the US government said STOP.

On Friday, April 15, all Internet access to gambling houses closes and all existing money is confiscated or disappears. This fact reflects for those who do not know that the Internet has been created by a government and although it may not seem like it, it is the governments that control how far you can go and how you should go.

By this I mean that all the attempts made to change governments or interfere with their internal economy via the Internet have an uncertain future.

Now visionaries will appear who can compare these situations with those experienced with preferred ones, corralitos or bankrupt banks. The only difference is that some are real situations and the others are virtual situations. You choose which situation you like best.


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