Today crypto currency has become a popular word. Everybody knows what crypto is – unless
they’ve been living under a rock for the last decade. It’s easy to forget that before 2008 crypto
currencies didn’t even exist. Today hundreds of different digital currencies are being traded
online. But the very first of these currencies was Bitcoin.
The Origins of Bitcoin
The first Bitcoin was created in August 2008 by Satoshi Nakamoto. But here’s the thing – no one
knows who Satoshi Nakamoto is. It has been over a decade since the inception of Bitcoin and
still the true identity of Bitcoin’s creator remains unknown. Netizens have created hundreds of
threads on online boards dedicated to unraveling this mystery. But all have them failed to come
up with a final answer.
Binance is one of the leading digital currency trading platforms. It has a dedicated phone
helpline for users. And one of the most common questions that users ask on the binance
support number is this – who is Satoshi Nakamoto? Unfortunately no customer service
representative has been able to give a satisfactory answer to this question.
The Philosophy of Bitcoin
The philosophy that drove Nakamoto to create Bitcoin is far too remote from the current role that
Bitcoin is playing in the world. Today Bitcoin is seen as a sound investment as well as a quick
way to get rich. People are investing in Bitcoin and other digital currencies in what can only be
described as a frenzy to get rich as fast as possible.
However Nakamoto had something very different in mind when he created Bitcoin. In a paper
published on a crypto currency forum Nakamoto wrote “people must place their trust in a central
bank that issues the currency for conventional currency to work”. But throughout history central
banks have violated this trust in the interests of the elite.
When currencies were based on the gold standard things were different. But now we have fiat
currency which means that governments can issue currency without adherence to a real
standard like gold. So fiat currency has allowed governments to exploit their citizens and
maintain the financial power of the elite.
Nakamoto created Bitcoin to circumvent this central role that governments played through their
central banks. He theorized that a digital currency would be independent of any government and
subject to none of the manipulations as conventional currency. As a result financial power could
be restored to the people. So the invention of Bitcoin was intended as nothing less than a
financial revolution by its creators.
However there are downsides to this model of currency. When a citizen uses conventional
currency to make a transaction they have the backing of the government. If they have any
problems using currency then they can get help from their government. And the government is
obliged by law to help them.
In the case of crypto currencies however, there is no such backing authority. If a user has
problems using a digital currency then they can try to ask their trading platform for assistance.
But trading platforms like Binance are not obligated by law to help users in such situations. So
you can call the binance support number but they are not legally obliged to respond.
Bitcoin’s Role in the Crypto Currency Market
But moving on from the philosophical underpinnings of Bitcoin let’s take a look at its role in the
digital currency market. Bitcoin is just one of the hundreds of other digital currencies but it
powerfully influences all the other crypto currencies. Financial analysts have noted that the price
of other digital currency stocks is tied strongly to the rise and fall of Bitcoin’s stock.
When China banned crypto currency for the tenth time in September 2021 Bitcoin was the first
stock to plummet. However as analysts had predicted value of other digital currency stocks
soon followed suit. This devaluation led to a sharp decline in the digital currency market as a
whole. Perhaps in the future other stocks will be able to remove themselves from Bitcoin’s
influence. But at present Bitcoin seems to be the main player in the crypto market.
Investing in Bitcoin
At present the value of Bitcoin stock is skyrocketing. If financial analysts are to be believed, this
trend will continue for the foreseeable future. If you want to become a part of Bitcoin’s success
story you can easily invest in Bitcoin stock. If you want to invest in the conventional stock
market then you need to get in touch with a broker. Investing in Bitcoin isn’t that different.
Many online companies provide secure trading platforms for digital currencies. One of the
largest of these online brokers is Binance. All you have to do is go to the company’s website
and sign up as a user. If you have any queries then you can call the binance support number.
Their customer services representatives will be happy to help you.
Binance and other online trading platforms provide you with a range of services to support your
investment. You can track the moment-to-moment price fluctuations in Bitcoin stock and other
digital currencies too. You can also buy and sell your Bitcoin stock whenever you think it will be
best. Platforms are offering loans as well now if you can meet their criterion.
Bitcoin: The Verdict
In this article we have explored the mysterious beginning of Bitcoin, the philosophy behind its
creation and Nakamoto. In addition we have discussed the political controversy that Bitcoin has
caused and why governments are opposed to it. We have also identified the central role that
Bitcoin plays in the crypto currency market. As well as Bitcoin’s influence on other digital
currencies. Finally we discussed how you could invest in Bitcoin if you wanted to.
The future of Bitcoin is not certain at the moment but most financial experts agree that Bitcoin
will continue to increase in value over time. As a result of which investment advisers are urging
people to invest their assets in Bitcoin as soon as possible. But it is important to keep in mind
that crypto currency is a relatively new phenomenon. So no one can predict with certainty if Bitcoin will continue to be a good investment in the long term.