Bitterness called bitcoin; How has Bitcoin survived so far?

If we want to compare bitcoin to an animal, Hani Bajer or the honey-eating gravedigger is the best example. This animal is known for its great strength, resilience and toughness. The honey-eating gorgon, who has not had a good day, aggressively kills hyenas and lions. Bee, snake and hedgehog bites also rarely penetrate the animal’s skin.

Bitcoin fans have dubbed it the Honey Badger of Money, turning it into an online meme, and even produced T-shirts with pictures of the animal and the phrase worn by Bitcoin enthusiasts. Roger Ver, one of the early promoters of Bitcoin, paid $ 1,500 a month for a billboard on Santa Clara’s Lawrence Highway that read “Honey Monkey Grave.”

Now the question arises, what are the characteristics of Bitcoin that can be compared to a honey eater? To find the answer to this question, refer to a note on the website Bitcoin Magazine (Bitcoin Magazine) we went; So follow us to the end of the article and review the reasons mentioned.

1. Do not be afraid of currency

Bitcoin offers a new technical solution to the problem of the Byzantine Generals Problem and many other problems. Bitcoin is a deconstructive technology, and the network and its supporters are not afraid of anything to turn it into the world’s number one currency.

Bitcoin is not afraid of central banking and traditional assets such as gold and stocks that are considered as value reserves, like the honey-eating gravedigger. If we consider gold as a currency that can not be printed, bitcoin is also a currency that does not suffer from corruption and corruption. All transactions in the blockchain are recorded publicly and transparently, and the encryption process is very secure.

Bitcoin Core is an application built on the Bitcoin blockchain rails. Bitcoin Blind It encrypts the base of its wallet using a method called Advanced Encryption Standard (AES). This is the same cryptographic algorithm used by the US National Security Agency (NSA) to classify information.

Nothing can stop bitcoin; Because the principles infrastructure Its cryptography is secure and unchangeable.

Read more: What is Bitcoin Core? Concepts and misinterpretations of bitcoin blind

Bitcoin will not back down in the face of anything that threatens its expansion, even governments. This will create a deadlock for foreign exchange legislation in the future for banks that do not link their coffers to Bitcoin.

2. Distributed

With the advent of the Internet, people became more familiar with the concept of distribution. They observed how the Internet made travel agencies useless as the only channels for buying airline tickets and hotel reservations, and e-commerce allowed manufacturers and buyers to interact directly, eliminating wholesalers and retailers from the cycle. Social media also allowed politicians and political figures to bypass the conventional media and communicate directly with their audiences.

Bitcoin has promised to do so for money, eliminating payment companies and financial institutions and central banks as intermediaries. In fact, like the Internet, which introduced a network of information to the world, Bitcoin is another layer of the Internet that allows millions and soon billions of people to be their own bank and ultimately control their wealth.

Unlike Fiat currencies, which are supplied and distributed by governments, Bitcoin is not controlled by any particular individual, group or organization. People who enter the network of this digital currency must accept the rules of the network. Power in the bitcoin network is distributed among individuals or nodes. This power can be considered as the power of creating and distributing money that has been taken out of the hands of the banks and has now returned to the people.

Based on the trust you have in third parties and intermediaries such as banks in transferring money, it is distributed to all the people who monitor the transactions and so-called you trust a system; A system whose rules are clearly written in the programmed code and you can use it voluntarily.

Bitcoin blockchain does not store any information in one central location; Instead, it distributes them over a network of computers. Each time a new block is added to the China block, each computer on the network updates itself to get the latest version. Disseminating information across the network instead of storing it in a central database makes it difficult to manipulate the Chinese blockchain. If a copy of the blockchain falls into the hands of hackers, only a small portion of the information on the network as a whole is compromised.

3. Fast transactions

Settlement of bitcoin transactions takes between 10 and 60 minutes. When we talk about transferring large amounts of money worldwide with current mechanisms, this settlement time can be considered very fast. Critics of Bitcoin and Altcoin fans say that Bitcoin is slow and that new digital currencies will eventually overtake Bitcoin in terms of transaction speed. From my point of view, when you look at the settlement time of transactions in the traditional banking system, the view of those who believe that bitcoin is slow in transactions is no longer of much value. Bitcoin is slowly and steadily winning the competition. It all depends on efficiency and innovation. Speeding is a feature that can be easily achieved.

According to Divvy Pay, a well-known credit card company, international direct money transfers take between one and five days. At the same time, transfers based on electronic exchange (ACH) and other types of money transfers take between two and three days. Now compare this time with the speed of bitcoin transactions. In emergencies, minutes and hours can be crucial. Bitcoin, on the other hand, can send millions of dollars worth of value anywhere in the world in minutes and with low fees. It is worth noting that the Lightning network, one of the most reputable second layer solutions for faster transactions in the bitcoin network, has an astonishing speed and can perform transactions of this network very quickly.

4. Without Borders

Bitcoin allows people to live and earn money wherever they want; Thus, limiting money across borders can be seen as the last effort of declining governments. People can cross national borders thanks to the Internet. Bitcoin does not care about borders and is freely and simultaneously transferred. Bitcoin has not even limited itself to the borders of the planet Earth. Yes, you read that phrase correctly! Bitcoin and space travel, if successful, could become a reality in the future.

The center of the bitcoin hash can be imagined beyond the earth and the universe; Because nodes can be set up and executed anywhere, even off the ground. Dhruv Bansal, co-founder of Unchained Capital, has written an excellent article on quantitative hash rate mining in a series entitled Bitcoin Astronomy. In these articles, he discusses broad issues such as the battle over the bitcoin hash between Mars and Earth and the timechain hybrid blockchains and the future convergence of the earth in the Frabitcoin world. I guess this honey-eating gravedigger will go to space soon, and this will be an interesting topic for science-fiction enthusiasts.

5. Bitcoin does not fuel

Governments want to tax bitcoin holders. Do you think the nature of bitcoin matters? Anyone who is aware of the nature of this digital asset agrees that this is not possible. Bitcoin does not fall short of this. If you consider the honey-eating burrower, he is a creature that does almost anything he wants in the animal kingdom; Without being afraid of anyone or anything. The similarities between this creature and bitcoin are amazing. Bitcoin is emotionless; Because it is a technology designed to facilitate peer-to-peer transactions.

Bitcoin does not have a CEO or headquarters building that can be protested against. There is no one and nothing to point the finger at in the event of success or failure and hold it accountable. If there is a failure, it means that we have all failed; Because everything in Bitcoin is based on consensus. Bitcoin is based on its time preference And converts value reserves such as gold into its dominated standard. Another point is that bitcoin has separated itself from the physical and social shortcomings of the communities involved.

Conclusion

If you do a little Google search for the honeysuckle burrower, you will probably see videos that show how this relatively small animal is not afraid of larger animals and stands up to them. The analogy of bitcoin to this black creature may have hints of humor; But a look at the short history of this digital currency shows that there is a reality behind this analogy.

In recent years, bitcoin has defended its existence against governments, hackers, dissenters, fierce critics, and historical crashes, and has survived to this day. In the early years of the digital currency, some miners sought to take control of the bitcoin blockchain by 51%; But they could not. Governments have banned the digital currency, and Wall Street investors such as Warren Buffett have banned it. poison Or rat poison Called; But Bitcoin has withstood all these attacks and resisted anything it wanted to destroy.

Many critics who in the past talked about the worthlessness of bitcoin and announced its destruction in the near future, have now come to terms with the reality of this digital currency. The growing acceptance of this digital currency by the public and institutional investment has made bitcoin a valuable and respected asset, and some countries have even adopted it as legal tender. Finally, the toughness of Bitcoin has given all digital currency investors hope for a bright future and becoming the world’s number one currency. However, only time will tell whether Bitcoin can continue to resist.