Anyone joins the bitcoin network can mine Bitcoin and the coins are distributed to everyone by this process. Satoshi finds a way to distribute the coins by a method called “mining”. To become a global currency it is necessary to see how fairly the currency is distributed. I think this is the first time we’re trying a decentralized, non-trust-based system. I hope it’s obvious it was only the centrally controlled nature of those systems that doomed them. However, all of these products fail because companies want to control everything from their hands.Ī lot of people automatically dismiss e-currency as a lost cause because of all the companies that failed since the 1990’s. Bitcoin supply will increase with time with a predefined mathematic formula.īitcoin is not the first digital currency, there are many companies that designed its own digital currency and launched in the market. Nakamoto makes Bitcoin (BTC) fully decentralized and gives everyone the ability to verify the transaction instead of a central authority. The power is in the hands of a few people and corruption increased with the time that leads to the failure of all fiat currencies. The root cause behind the failure of fiat currencies is centralization. Satoshi Nakamoto did a lot of research before creating Bitcoin and he knows the root cause behind the fiat currency failure.
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