Can I trust the Steemit website
Blockchain Communities: Brave New Crypto World
“How can you trust virtual currencies?” Ask shocked bankers, doubting online shop owners and curious private individuals as the crypto world grows and flourishes. There have long been promising developments to Bitcoin - new coins that are slowly moving out of their niche. They could revolutionize entire industries, slowly and insidiously fundamentally change the economy. This development is made possible by a technology that is repeatedly said to be as revolutionary as the invention of the internet: the blockchain.
If you want to immerse yourself in the world of cryptocurrencies, you must first understand Bitcoin, the mother of all cryptocurrencies. Bitcoin is first and foremost a virtual currency that can be used to pay online, but also in shops. In contrast to conventional currencies, Bitcoin is managed decentrally via the blockchain and controlled by a large network of users, which ensures transparency and security.
The number of bitcoins that can be generated through mining is finite. In total there will be exactly 21 million bitcoins. This number is fixed from the start and cannot be changed. It is estimated that it will be reached around the year 2140. In October 2017 there were 16.6 million Bitcoins in circulation. All participants act anonymously. But all transactions made within the currency are visible to all participants in the network. This relationship between transparency and anonymity enables the creation of completely new organized communities based on completely different rules of trust.
It is unclear who created Bitcoin. Satoshi Nakamoto is the name of the inventor of the technology. Or the inventor. Or the group. Nobody knows who is really behind the pseudonym with which the decisive software was published. All the more astonishing is the success story that Bitcoin can boast as a difficult-to-understand technology of unclear origin. In 2008, the momentous Bitcoin whitepaper appeared on the Internet for the first time. "The core problem with conventional currencies is the level of trust that is necessary for them to work," writes the mysterious Satoshi Nakamoto. And that's exactly what makes Bitcoin so attractive: It works without having to trust a bank - or a state. There is no longer a central authority to which you have to blindly hand over your wealth. You only have to trust the technology. And that seems to be the better alternative to more and more people. Transparency and decentralization are therefore the core values of Bitcoin - nobody stands alone at the interface and can arbitrarily intervene in what is happening.
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