Month: May 2021

The Far Reaching Implications of the Bitcoin Protocol

It’s tricky to imagine a world where smart phone technology is ubiquitous, and there are still individuals who don’t have access to ample financial institutions. In these present times there are roughly six billion individuals with limited or perhaps no access to banking facilities. Difficult to fathom, right? Regrettably this is the truth for a lot of people in developing countries. Coupled with corruption, limited modes of transportation, and high transaction fees, bank accounts are a luxury that lots of people can’t afford. Enter Bitcoin into this equation and financial freedom is simply the beginning.
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Bitcoin is not only money for the internet; it’s a programming language that allows for the decentralization of any information system. As said by Andreas Antonopoulos (2014), “Bitcoin is the world wide web of money.” In order to understand this let us use the analogy of the net; which in turn allows any individual admission to a global info and communication network instantaneously. In this same way, Bitcoin is allowing individuals’ instantaneous access to a free global financial network. The implication of a decentralized financial network free of the corruption of third party moderators is overwhelming. Ponder for a moment introducing 6 billion potential consumers to the global marketplace. The possibilities for economic growth and innovation are exponential. This exists because Satoshi Nakamoto, the inventor of Bitcoin, chose to create open source software program that gave all users equal say. The performance of the Bitcoin network is its users, which currently exceeds the combined computing power of the top 600 super computers on Earth. This equates to a network, that is for all intents of purposes, impenetrable. In essence, each individual computer acts as a voting node. These nodes vote on the validity of the current Bitcoin equation, actually known as the block chain. In order for the block chain to be verified, a greater number of the voting nodes must corroborate whether the equation is performed properly. This process happens in nanoseconds, meaning only some voting nodes will participate in every given block chain verification.

Bitcoin is generally thought of in the west as popular, a means along with cutting edge technologies of accruing wealth. Lately, the global acceptance for crypto currencies has grown rapidly within investment circles, hedge funds, and among the technologically inclined due to its rising value. Though Bitcoin is utilized predominantly inside these above mentioned groups, current buzz surrounding Bitcoin millionaires as well as the public hearings in York that is new regarding future regulation have catapulted the currency into the mainstream (NPR). Nonetheless, limiting the Bitcoin protocol to these previously mentioned industries is extremely short sighted given the genius of Satoshi’s underlying goal. Remember, the Bitcoin protocol can be put on to any information system, such as the process of voting. When applied to voting, there’s no longer the need for a third party organization to verify an election as this is done by each individual voting node. This completely eliminates voter fraud and voting machine tampering. Individuals would be ready to vote from the comforts of their own homes, using verifiable identification codes, through a transparent voting system.

We have noticed that the Bitcoin protocol not only has the ability to shape the future of our global financial network, but of our voting, our phones, and the cable television of ours. Any strategy which is based on an unbiased third party mediator can be replaced by implementing the Bitcoin software. As the application is policed by all participating members, the possibility of corruption, or hacking the system is minuscule. Regardless of whether Bitcoin the currency ever blossoms into a genuine mainstream form of financial transaction remains to be seen, however the revolution in software that Nakamoto has unleashed has only just begun.

Guide to Take Up Winches

take up winchesThere are many applications that require you to take up winches and the most common use is for lifting heavy objects. If you plan on building a shed, then there is a need to have the best winch available in order to lift the heaviest and strongest objects safely and securely. However, most people use them for moving their vehicles. If you plan to buy a winch, you should ensure that it will serve your purpose. There are basically two types of winches available in the market today – electric and gas-powered.

Electric take up winches The most common and the most efficient ones are the hydraulic ones. Hydraulic winches (GTU) or gravity take-up winches (GTO) are basically used for lifting and moving heavier things. Hydraulic winches use power transmission for lifting and moving objects. These are usually attached to belt conveyors which is often used in order to move heavy objects around.

Gas-powered winches The gas-powered ones are capable of lifting and moving heavier items as compared to an electric motor. Gas-powered winches (GTVW) are mainly used when you need to lift heavy objects and move them with power transmission. There is a break between the lifting force and the pull force as the gas generator converts the potential energy into kinetic energy. Gas-powered take-up winches usually come equipped with a limit switch that senses the current load cell or the maximum load cell available in order to regulate the speed at which the generator is operating. This function makes sure that the generator does not exceed the maximum load cell capacity.

Bitcoin Thrives Against All Odds

Because it’s currently en vogue right now, I’d like to announce I am launching my own cryptocurrency next week.

Let’s call it “kingcoin.”

Nah, that is far too self-serving.

How about “muttcoin”? I’ve always had a soft spot for mixed breeds.

Yeah, that is perfect – everybody loves dogs.

This’s going to be the biggest thing since fidget spinners.

Congrats! Everyone reading this is likely to receive one muttcoin when my new coin launches next week.

I’m going to evenly distribute 1 million muttcoins. Feel free to spend them anywhere you like (or anywhere anyone will accept them!).

What’s that? The cashier at Target said they would not accept our muttcoin?

Tell those doubters that muttcoin has scarcity value – there’ll only ever be 1 million muttcoins in existence. Furthermore, it’s backed by the full credit and faith of my desktop computer’s eight GB of RAM.

Also, remind them that a decade ago, a bitcoin could not even buy you a pack of chewing gum. Now one bitcoin can buy a lifetime supply.

And, like bitcoin, you can store muttcoin safely offline off hackers and thieves.

It is basically an exact replica of bitcoin’s properties. Muttcoin has a decentralized ledger with impossible-to-crack cryptography, and most transactions are immutable.

Still not convinced our muttcoins will be worth billions in the future?

Effectively, it is understandable. The point is, launching a new cryptocurrency is significantly tougher than it appears, if not downright impossible.

That’s why I believe bitcoin has reached these heights against all odds. And due to its unique user network, it will continue to do so.

Sure, there have been setbacks. But each one of these setbacks has subsequently resulted in increased prices. The latest sixty % plunge is going to be no different.
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The Miracle of Bitcoin

Bitcoin’s success rests in its potential to create an international network of users that are either prepared to transact with it now or put it for later on. Future prices will be influenced by the pace that the system grows.

Even in the face of wild price swings, bitcoin adoption continues to grow at an exponential rate. There are actually 23 million wallets open globally, chasing twenty one million bitcoins. In a few years, the number of wallets are able to rise to include the 5 billion folks on the planet connected to the web.

Sometimes the new crypto converts’ motivation was speculative; other times they had been looking for a store of value away from their own domestic currency. In the last year, new applications like Coinbase have made it even simpler to onboard new users.

Should you have not noticed, when people buy bitcoin, they talk about it. We have that friend who bought bitcoin after which would not shut up about it. Indeed, I’m responsible for this – and I am certain quite several readers are too.

Perhaps subconsciously, holders become crypto-evangelists since convincing others to buy serves their own self interest of increasing the value of their holdings.

Bitcoin evangelizing – spreading the good word – is what miraculously resulted in a price ascent from $0.001 to a current price of $10,000.

Who could have imagined that its pseudonymous creator, fed up with the global banking oligopoly, launched an intangible digital resource that rivaled the value of the world’s largest currencies in less than a decade?

No religion, political movement or technology has ever witnessed these growth rates. Then again, humanity has never been as connected.

The Idea of Money

As an idea was started by Bitcoin. To be clear, all money – whether it’s shell money used by primitive islanders, a bar of gold or a U.S. dollar – started as an idea. It’s the thought that a network of users value it equally and would be willing to part with something of equal value for the form of yours of money.

Money has no intrinsic value; its value is purely extrinsic – just what others think it is worth.

Have a look at the dollar in your wallet – it’s a fancy piece of paper with an one eyed pyramid, a stipple portrait and signatures of men and women that are important.

To be able to be handy, society must view it as a unit of account, and merchants must be happy to accept it as payment for goods and services.

Bitcoin has demonstrated an uncanny ability to reach and connect a system of millions of users.

One bitcoin is worth what the following person is willing pay for it. But if the community continues to grow at an exponential rate, the limited supply argues that prices are only allowed to move in one direction… higher.

The Bottom Line

Bitcoin’s nine year ascent has been marked with enormous bouts of volatility. Therewas an 85 % correction in January 2015, plus several others more than 60 %, including a colossal 93 % drawdown in 2011.

Through each one of these corrections, nonetheless, the network (as measured by number of wallets) went on to expand at a fast speed. As some speculators saw their value decimated, new investors on the margin saw value and became buyers.

The abnormal amounts of volatility are actually what helped the bitcoin network grow to 23 million users.

Hey, maybe we simply need a little price volatility in muttcoin to attract new users…