Coronavirus News Asia

Bitcoin is weathering the financial storm


If you’ve been in bitcoin (BTC) for any length of time, you have most likely heard about the Genesis Block. If not, the image below should be self-explanatory.

Bitcoin Genesis Block RAW data. Source: UnB

It doesn’t really matter if people consider bitcoin as a store of value competing with gold and real estate, a medium of exchange for uncensored transactions, or a potential unit of account due to its non-inflationary model. As the digital currency supporters say, “honeybadger doesn’t care” and they’re right in that sense. Most likely there will never be a consensus on what bitcoin’s main usage is and some would argue that there is no need for one, wrote Marcel Pechman in an opinion piece for Cointelegraph..

Bitcoin was designed to work on a standalone basis, without the need of banks, governments, international currencies or whatever system is needed for traditional fiat money. Satellite and mesh network communication systems are currently in use in order to keep the bitcoin blockchain alive even during an internet outage. One does not need to imagine a catastrophic scenario in order to put bitcoin usage to the test as people from North Korea and Iran are already using it to bypass international sanctions.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *