Why Bitcoin is created? Spend a dollar and make a million.
At the current price, Bitcoin is in a bubble and it is waiting to burst at any single day. It is possible that the price of a Bitcoin can be equal to zero. As speculation of the cryptocurrency that caused the Bitcoin price from $1000 to $20000 between early and end of 2017.
Bitcoin is based on a new technology that we all called Blockchain. It is a peer-to-peer and decentralize ledger system that the blockchain itself doesn’t control by any single entity. Up until now we don’t know who is the Bitcoin founder is and if you attend to find out, you probably able to google it. And surely it come out as the name of “Satoshi Nakamoto”. Who is “Satoshi Nakamoto”.
Could “Satoshi Nakamoto” be a good of people in China?
I am really doubt about it, but if you realized that China is controlled 71% of all Bitcoin mining operations. And, China is also controlled the most mining pools for Bitcoin and altcoin mining. Undoubtedly, China is also controlled and manufactured the first mining machine that specifically designed to mine bitcoin or altcoins. In that sense, it seems more and more like the Chinese are controlling the bitcoin market and cryptocurrency in general.
Can the Chinese want to get out of the US dollar dominant by creating Bitcoin as the alternative currency?
It is possible that the purpose of the cryptocurrency or digital currency is created to get out of the US dollar dominant and US government. And what is the benefit of digital currency like Bitcoin for the Chinese in general.
- Controlled the bitcoin mining, which produce more job opportunities
- Generate more business or employment from cryptocurrency related
- Reduce the US dollar dominant
- More global trading currency
- Control the future of the world finance system
Controlled the bitcoin mining, which produce more job opportunities
Bitcoin mining is a very profitable when it is a free electricity or cheaper electricity and a cheap labor. Bitcoin mining is essential for Bitcoin ecosystem. As it is the only way how Bitcoin is created by the process of mining. When you control bitcoin mining, you are controlled the bitcoin market.
Generate more business and employment from cryptocurrency related
As Bitcoin price go up, the one who owned the most bitcoin is getting richer. Chinese bitcoin miner control the mining market and controlled most of the bitcoin that are available. This way it can generate more revenue to prosper the local economic. As Chinese company is not only controlled the bitcoin mining market, and it is also built a specific machine for mining bitcoin and all other crypto. The factory produces more jobs for people which is good for the local.
Reduce the US dollar dominant
The purpose of cryptocurrency like Bitcoin is used to reduce or eliminate the central bank and the government. It is thus produced the hybrid of the opportunity to reduce the control of the US dollar and the US government.
More global trading currency
Bitcoin can be used for stored value and global trading. As bitcoin is no longer control by the central government and bank. It will be easier to move the bitcoin around.
Control the future of the world finance system
When bitcoin becomes the main currency for trading and many countries accepted bitcoin as a payment. The one who called “Satoshi Nakamoto” and the one who controlled most of the bitcoin market will control the future financial system.
To sum up,
I am surely bitcoin and blockchain itself is a new evolution technology. It can be good and bad. Bitcoin could be burst and value drop to nothing but the blockchain technology is here to stay. And, again thank for the creator or maybe the Chinese who may have created it.
What do you think?