The rise of BITCOIN - A CASHLESS future

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Bitcoin is in the middle of a bull run as we speak and recently surpassed its previous all time high of $20,000. In this video, we discuss the tech of Bitcoin and why it will be the currency of the future.

David Chaum's 1983 research paper:

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The crypto space has been blowing up recently. Bitcoin, the king of all cryptocurrencies, will soon surpass its all time high, which is somewhere around $20000 per Bitcoin. But what makes Bitcoin so valuable? Who manages the supply? And who creates Bitcoins?

Let’s start at the very beginning. While Bitcoin might be the most successful digital currency the world has ever seen, it certainly is not the first. The idea was first coined by a computer science researcher named David Chaum, who published a research paper about the subject in 1983. He also went on to found the first ever digital cash company, DigiCash. It primarily was used as a way to transfer money, using cryptographic algorithms to ensure the security of the funds in transit. The company went bankrupt in 1998.

Since then, there have been numerous other attempts at creating a digital currency. E-Gold, Paypal, Liberty Reserve - all of these projects sought to dominate the online transactionality space, but they were all missing one important key element, a fundamental principle of sound money: decentralized control. This principle was baked into Bitcoin when it was first invented in 2008 by a mysterious researcher named Satoshi Nakamoto, and it is one of the main reasons Bitcoin has seen massive success since its inception.

Who is Satoshi Nakamoto?

The truth is, nobody knows who Satoshi Nakamoto is. It could be a single person or a group of people. Satoshi gifted the world the open source code in 2009 after publishing a white paper back in 2008. There are a few potentials, however, including many of the very early adopters of the cryptocurrency after it was invented. These individuals were very active on forums and even contributed to the project.
What makes Bitcoin different from previous digital currencies?
Decentralization
I touched on this previously, but a huge draw to Bitcoin is its decentralized nature, meaning that no central organization controls the supply of Bitcoins. To understand what I mean, you have to understand how Bitcoin itself works.

All bitcoin transactions are stored on a shared public ledger called the block chain. The block chain is made up of, you guessed itirt, blocks. Each block contains about 3500 transactions, exactly 1MB of data. All transactions in a block are verified using cryptographic mechanisms, and once a block is added to the blockchain, it lives there forever. The block can never be edited, otherwise the validity of the entire blockchain comes crashing down. This process is verified by miners, who have downloaded the entire blockchain and verify transactions.

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