Unfiltered

The Big Bang, FIFA World Cup and Laws That Make Bitcoin Risk Completely Normal!

Bitcoin Isn’t Completely Anonymous, We can catch the Culprits

Because all Bitcoin transactions are stored on a public ledger known as the blockchain, people might be able to link your identity to a transaction over time. We lack the hindsight to foresee what technology could do in the future, it is a good thing that law is not retrospective, but then, the technology could be, especially with blockchain.

Some companies offer various tools such as Bitcoin mixers to help achieve greater privacy, but it takes a huge amount of effort to use Bitcoin anonymously. You may want to follow your country’s tax regulations regarding Bitcoin in order to avoid trouble with the law, but you have the power not to should you choose to take that risk. Tumblers help you really get into the blockchain world despite your illegal activity or shady history. But, this does not free you of any future changes and policies that come to bite you in the ass.

The BIG BANG

Bitcoin transactions are seen by the entire network within a few seconds and are usually recorded into Bitcoin’s worldwide ledger called the blockchain, in the next block. Unlike traditional payment systems, Bitcoin transactions are lightning fast and can be sent globally. Bitcoin is quickly gaining the love and respect it deserves. But, the system may crash anytime, while the chances of this happening are really absent, so were the big bang’s. Each month people transact hundreds of millions of dollars worth of Bitcoin. They would vanish if this happened.

World Cup Footballs

Like everything else,  like all commodities Bitcoin’s price is determined by the laws of supply and demand. Because the supply is limited to 21 million bitcoins, as more people use Bitcoin the increased demand, combined with the fixed supply, will force the price to go up.

The fixed supply means that when all of it has been mined and traded, the demand for bitcoin will really accelerate and the price will touch skies. For example, in early 2011 one Bitcoin was worth less than one USD, but in 2015 one Bitcoin is worth hundreds of USD. In the future, if Bitcoin becomes truly popular, every single Bitcoin will have to be worth at least hundreds of thousands of dollars in order to accommodate this additional demand. Also, as the time comes close bitcoin will really become a collector’s thing, or a prized possession, more prized than it is right now. This is kind of like baseball cards and world cup footballs.

 

Khunsha Javed

A Filmmaker, PR enthusiast & Editor of BlockPublisher-Unfiltered. I like things that make my brain tingle. Email: khunsha@blockpublisher.com or editor.unfiltered@blockpublisher.com

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.