The ‘Blockchain’ Technology Behind the Value of ‘Bitcoin’
The ‘Blockchain’ Technology Behind the Value of ‘Bitcoin’ As mentioned in the previous article ‘Bitcoin’ . This is a ufabet system used to transfer value between each other without intermediaries. By having a network of computer users around the world to verify their authenticity through Blockchain technology instead of a specific entity. And will distribute the return in some coins to the verifier.
But before that We were unable to transfer value between them before. Since our world has ‘Internet’ transmission of information became very common. No need to carry documents running back and forth to each other anymore. Because we can easily send information through the Internet network.
The question is, do we still need to bring money to meet each other? Can we transfer money via internet or not?
The answer is absolutely not!
Imagine that when we send data files to others. The master file is still with us. What the other party receives is a copy of the file we send them. Although the Internet allows us to send files quickly. But it allows anyone with the file to be able to modify the data inside. and can also send that file separately. Something of value like silver or gold cannot use the internet system to help transfer between each other because it can cause a problem called ‘Double Spending’ Imagine that The funds in your account are the files you transfer to the other party, that is, a separate copy of your money file. You didn’t hand over the money to the other party.
So what is the money we transfer today?
We have transferred the money and the money is not in the same place.
Need to explain more that really The money that we use to transfer today is A form of ‘cryptocurrency’ as well. It is a currency that is transferred through an intermediary called ‘bank’ that holds our online wallet. and monitor all of our transactions to avoid duplication of transfer of value. This ensures that our upcoming transactions are error-free and reliable. We call this financial system a centralized financial system.
But we have lessons in the past that. How severe has it been to delegate financial power to a group of people in the past? In the past, the state only held our money, but today the bank is aware of our transfer information. Satoshi Nakamoto created ‘Bitcoin’, a value transfer system based on ‘Blockchain’ technology to solve such problems. And liberating people from controlling state money as a warning that ‘You can no longer indulge in our money.’