Bitcoin: The Timeliness of the Invisible Coin That Generates Confidence!

The secrets of digital tickets. The impact in Argentina. The blockchain and the creation of a new Internet.

The digital society now goes through the pillar of all economy: the representation of Value. From  the beginning of history, how to represent value was essential and as  solutions were achieved the exchange of trade helped societies to evolve  in an accelerated way. But it was Richard Nixon,  the American president, who in the 1960s struck hard at the concept of  paper money: he established that the dollar was no longer convertible  into gold. Without entering into technical details, the  dollar, the key exchange currency globally, is only a wallpaper that is  not convertible to anything, but sustained in a huge dose of confidence  in the American economy. After the subprime mortgage  crisis, the federal reserve issued billions of dollars and many wondered  how far the monetary party could go.

 

Trust. In  the digital society they understood that the Value needed a new  representative, one that does not depend on the whims of the current  government, a new pattern to represent Value that is available around  the world. That employer should not even be valuable by himself, nor should he care who created him. The crucial thing, however, was to create trust, a trust that does not depend on anyone. And  so, someone whose identity is unknown, in 2008 a white paper (a  technical explanation but easily understood by experts) to the network  giving birth simultaneously to two facts: a technology known as  Blockchain or block chain, and the first Criptomoneda who used it: Bitcoin.

 

The  coin is analogous to a physical ticket, it has to be stored in one  place, it can be in the personal computer or in a service in the cloud  known as wallets. And they have a pair of keys, one public and one private. The  private is known only by the owner and the public is the one that is  made known to the other party to make the transfers, "said Diego  Gutiérrez Zaldivar, president of the NGO Bitcoin Argentina. If the private key is lost or the personal computer is broken or stolen, bitcoins can not be recovered. That's a plus in favor of using cloud services. There  are those who a few years ago lost his notebook with 5,000 BTC and  laughed at the conferences bitcoins telling the story, the market value  at that time were about US $ 2,000, the value of your laptop. Today is $ 200 million dollars. They say that they no longer laugh or tell the story. It  is that bitcoin broke all the forecasts starting to quote for fractions  of penny, in 2009, to the record of the US $ 4,000 reached today.

 In Argentina there is a boil over the issue as it is a country that has always suffered with its monetary policy. Here, the Central Bank often changes market rules in a drastic and arbitrary way, limiting long-term investment appetite. The birth of Bitcoin allows us to think of new forms of investment  that are more independent of our historical pendular policy, "says  Daniel Nofal, shareholder of IPlan.

The  market value and the reputation of bitcoin were growing in such a way  that many businesses accepted it and at present practically anything can  be bought in BTC: from a house to a pet. But  the reality is that the currency is not used so much for those purposes  as a way to protect value, as is done with gold coins. The  transactional use does appear in the darkweb, the hidden web where the  addresses are not public like the one that is accessed from the browser.  There are transactions for drugs, kidnappings, murders and all kinds of illegal services. Also  this modality occupied the headlines with wannacry, a malware that  sequestered thousands of computers around the world encrypting its  information that would only free through the payment of a rescue in  bitcoins. 

 With eight years in the market can no longer be said to be a fad in the style of PókemonGo. However,  the currency experienced its great moment of uncertainty two weeks ago  when it was fragmented into two versions: Bitcoin and Bitcoin Cash. The great success of the currency forced a technological update to be able to make more transactions in less time. But since there is no central authority in this system that authorizes  the change, the different nodes of the network must authorize the  improvement by consensus.

However, there was one group that did not accept the change with which the bitcoin chain was opened in two new currencies. "The  market value of both currencies - the owners started to have the same  amount of BTC and bitcoin cash - instead of lowering as was feared  continued to rise and reached a new historical record. The  rise may be related to the fact that the separation of the currencies  did not alter the operation of Bitcoin and, therefore, disarticulated  markets' fears that the hardfork (the bankruptcy) was a threat to the  continuity of Bitcoin, in Segwit was activated the technological improvement that had taken two years of waiting, "says Gutiérrez Zaldivar. 

 

Ideas. It should be noted that Bitcoin is just a cryptomoneda among many possible. At present there are more than a thousand coins that use their own blockchain implementation. This  technology is conformed by a chain of blocks that can not be modified  once published and that are linked to a previous block. "Blockhain  allows us to build trust within the network at multiple levels whose  uses go beyond what a currency is," said Pablo Junco, director of  business development at Microsoft. In fact, these chains can be used for totally innovative uses. "I'm  surprised by the idea of ​​Smart Contracts or smart contracts: the  possibility of setting a collection / payment algorithm that runs  automatically. It  can serve large companies for internal processes such as intercompany  payments and for small companies can be the way to expand their business  operations lowering costs and risks, "says Nofal. Among  other experimental uses that are being seen is an exps such as  Crowdjury a web platform that allows to resolve disputes quickly,  economically and transparently. For this, it uses a combination of technologies like blockchain, crowdsourcing and artificial intelligence. "If  Julia from Argentina hires Miguel from Guatemala through a freelancers  platform and there is conflict, there is no simple solution. Going to a lawyer in Guatemala is too expensive. Now if the contract originally signed had a clause that says that, in any conflict, it will settle in Crowdjury. The  agreement and the product are automatically sent to a jury of experts  who have the appropriate skills to evaluate the evidence. Each jury analyzes the evidence and votes who is right.

 Jury  selection is done with advanced game theory concepts to ensure that  they are chosen in a completely transparent manner and that they have  the right incentives to vote for who is really right (and not be  bribed). The technology that allows juries to be chosen in a transparent way is  precisely the blockchain, "exemplifies Federico Ast CEO of Crowdjury.

The  new uses that are found since the appearance of Blockchain cause many  are thinking of the emergence of a new Internet that could threaten or  at least change to the central authorities of the Internet at the  moment, that is to say with Google and Facebook in first place. It  is that these companies monetizan the content and the activities that  generates the user without that they receive nothing in return. Many of the new ideas are being thought of in the sense of creating rewards more in line with the value that each brings. The technology is so flexible that every company could create its currency. What's more, each individual user could do it. According  to the value that is contributed that coin will be successful or not  but potentially there can be as many coins as people, something totally  impossible just a few years ago. 

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