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Can you put your faith in Bitcoin?

by , 17 September 2014

Bitcoin is really starting to take the world by storm. It's displaying all the signs of going mainstream.

As more people adopt it, this will lead to even more people using it. Bitcoin has the potential to change the banking system and the way regulatory authorities conduct their business.

But the question is, can you trust it?

Let's take a closer look…


The advantages of Bitcoin


There are a growing number of people who have faith in Bitcoin. They believe that Bitcoin is better than the current financial system.

These Bitcoin believers believe it’s a superior currency system because of block chain. This is the code that Bitcoin uses it.


What is block chain?


Block chain is an encrypted message that includes a register of the current owners and the past owners of Bitcoin.

As you can imagine, this log is very big and complex, Bengt Saelensminde in The Right Side explains.

This is one of the reasons the creation (mining) of a new Bitcoin takes so long. It takes a significant amount of computer processing time, and energy, to include all this information.

And so far, it’s been impossible to fake a Bitcoin.


How Bitcoin registration works


A Bitcoin connects back to its owner. This registration includes you as the owner and everyone else too with Bitcoins.

This makes the registration system of Bitcoin the largest supercomputer network in the world. To put it in perspective, that’s eight times more powerful that the top 500 supercomputers put together!

The more Bitcoin that are created means it is more difficult to create more.

The block chain that is the basis of Bitcoin means security and a stable digital currency.

So there you have it, why you can put faith in Bitcoin.

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