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Bitcoin turul superkangelased
If you ask techies, they will tell you bitcoin is emerging for many reasons beyond its function as a universal currency and investable asset. This comes as economists are predicting a bubble similar to the dot-com crash of and the real estate market collapse that triggered the Great Recession in In order to understand bitcoin or any other cryptocurrency — of which there are several legitimate types, including ethereum, litecoin and dogecoin — one has to consider the technology that underpins it.
Chris Boden, founder of Grand Rapids-based The Geek Group, teaches classes in how to buy, sell and spend cryptocurrencies. He said bitcoin operates without a central bank or administrator, and transactions are conducted and verified over secure networks and recorded in a digital ledger called blockchain. You can very easily go on the internet and see the life of every bitcoin from the moment of its existence. Each user owns a unique address they can keep secret or share with individuals in order to receive bitcoin from them.
The founders of bitcoin in — a group of entrepreneurs operating under the pseudonym Satoshi Nakamoto — determined that like gold, the digital currency would have a finite amount, and set that limit at 21 million bitcoins. Unlike cash currency, a single bitcoin has no set value like a quarter or a dollar; the valuation can fluctuate, which is what is happening now.
The process takes special hardware, and many of the companies making the equipment are unable to keep up with the demand. Not everyone needs to mine; anyone can buy and sell bitcoin, relying on others to do the mining. Boden said those who mine benefit themselves and others. Bitcoins cannot be duplicated. Jeff Wheeler, director of technology at ArtPrize, has been using bitcoin for about three years.
He said it is safe from data breaches that have plagued the digital world in recent years. If I want to hack million people, I just need to hack you. He said the technology brings math, science and community together to skirt digital risks and create value. Boden is particularly passionate about bitcoin in currency transactions. Boden and Wheeler agree that while the monetary rewards of bitcoin are attractive, the blockchain technology has far more potential beyond its use in powering currency.
He cited possibilities — including eliminating credit card and banking fees, using the chain for real estate transactions instead of securing loans, holding and verifying the authenticity of art, or verifying age and other aspects of identification without paperwork.
Boden added it could be applied to medical record-keeping systems to make them more secure. Wheeler said he tries not to get into speculation about the economics of bitcoin, but he believes the market will correct itself as it goes along, similar to how the dollar righted itself after the gold standard was removed in With the doomsday theorists, the world has ended times already. Is it going down to a dollar tomorrow? But with blockchain, in , I believe we will start to see organizations heavily investing in it.
Boden echoed that corrections will be inevitable. A lot of people made millions and a lot lost millions. But in the end, it worked out. This is dangerous, the Wild West of finance. Green Well rebranded as Rockford Riverside Grille.
More Events Submit An Event. Event venues hear parking complaints. Gallery and studio owners find their footing. Techies talk cryptocurrency advances in as economists fear bubble. Related Articles Real estate execs dismiss bitcoin frenzy. West Michigan billionaires rank among Forbes' 'wealthiest in America'. West Michigan financial advisors rank among Forbes' 'best in state'. Unlike cash currency, a single bitcoin has no set value like a quarter or a dollar; the valuation can fluctuate daily and even hourly.
Rachel Watson Rachel Watson is a Grand Rapids Business Journal staff reporter who covers food, manufacturing, small business, banking and finance, HR and diversity and sustainability. Email Rachel at rachelw at grbj dot com. Follow her on Twitter RachelWatson Grand Rapids is No. Brewery CEO stepping down. Office tech dealer acquires company. Restricted Content You must have JavaScript enabled to enjoy a limited number of articles over the next 7 days.
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