The Beautiful mind of Bitcoin
by Kay Hare
Imagine a mind that has no judgments, no history, no future, and is fair at all times. A mind that knows nothing of jealousy, greed, or ambition. Holds no grudges and has no doubts or fear. This is the beautiful computer mind behind Bitcoin and the reason why so many people are attracted to this new form of world currency. Bitcoin is not regulated in the traditional sense but holds its own rules and regulations through impartial, nondiscriminatory sequences of codes that are hard-wired into its DNA. Although not alive physically it is, however, energy moving through different miners all over the world.
Investing in Bitcoin is safer and less stressful than many stocks. Buying Bitcoin for the future is not just an investment action but a demonstration of faith for a fairer society. Banks and investment funds are failing. They do not save you money, nor do they make you money. Most banks charge for the simplest of transactions and then leverage that charge accordingly with the amount being transacted. It is normal now that you have to pay an administration fee just to open a bank account and there are limits to the amounts. Opening a bank account is not straightforward, there is a time delay as the paperwork has to be processed and checked as well as the individual’s personal references and identification. Once the formalities are over it is still not a given that the bank will take your money. Other issues can come to light such as a geographical address, social status, and employment status.
Bitcoin is decentralized, which means it does not answer to a political figure or a government. It has no regulated body other than its inherent natural building of blockchains. The miners run it, and the Bitcoin investors and users are the marketing agents. The people effectively run it for the people who use the bitcoins and anonymously trade them. The more bought bitcoins and transactions the more powerful it becomes, and most bitcoiners understand this and therefore are not primarily short traders. They are investing for the grandchildren. Most investors and certainly the earlier cyberpunks who embraced digital currency are libertarians.
Bitcoin is beautiful because it stands for revolution. Created by an academic who preferred animosity as he knew the power that Bitcoin in the future holds. He also understood the art of curiosity and social behavior towards anonymity. ‘I had to write all the code before I could convince myself that I could solve every problem, then I wrote the paper.’ Satoshi Nakamoto. If Nakamoto had kept his identity and was known Bitcoin would be open to speculation, the possible attempt of theft and perhaps slower to evolve as many would naively see it as ‘owned’. More explanation would have been demanded and personal, emotional views obstructing the goal of creating a new world currency.
There are only 21 million bitcoins. Once this number is mined, the date suggested is 2170 transactions will be the key for miners. Bitcoins will have currency and this currency will need documenting. ‘In a few decades when the reward gets too small, the transaction fee becomes the main compensation for (miners).’ Satoshi Nakamoto. Nakamoto understood the power of limiting the number of bitcoins, creating a time loop for bitcoin to grow and mature into a secure and trusted currency. A new bitcoin block is created every ten minutes allowing Bitcoin to generate automatically. Simultaneously a transaction is also initiated, and the seller, the coin buyer, pays fees, termed ‘a block reward.’
Satoshi built an encrypted, organic system of codes called a cryptographic hash. Once started, this code becomes a complicated program of algorithms, or blocks wholly neutral and not understanding profit or loss, just mathematical correctness within the programme, and the beauty of Bitcoin being free of any manipulation or emotional behavior. Computer software is running 24 hours a day, devising new blocks that take the history from the previous block and the block before that. Imagine trying to hack this system without the programme recognizing the smallest of change. It won’t work, it is fixed, and no one and no system can interrupt it. It is indestructible from human tampering and is a beautiful digital mind.
Bitcoin has been in circulation for over ten years and, as of today, is increasing in value. Major institutions are starting to understand Bitcoins’ importance and long-term investment over fiat currencies. Cutting out the middle man, having no political outcomes of waiting for or paying dividends. It is a fair and honest way to buy and sell goods as well as somewhere safe to hold your money. The crypto world is growing and has a beautiful, natural way of attracting only the people that understand the broader good implications Bitcoin can bring to society.