Welcome to the Bitcoin Street Journal. Stay ahead
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for daily Bitcoin news and stay updated on all
things Bitcoin. In today's episode, we'll cover
the advantages of Bitcoin as the true digital
currency, its decentralization preventing control
by rogue players and guaranteeing lasting value,
usability, and scalability ensured by Lightning
Network, the features of blockchain technology
that enable peer -to -peer transactions worldwide
and without central authority, and the rise of
privacy coins and the introduction of privacy
features in Bitcoin. Excitement around cryptocurrencies
is at an all -time high, with many people looking
for the next Bitcoin as a way to get rich quick.
However, with little understanding of digital
money, it's easy for newbie investors to fall
prey to scams. In fact, out of the thousands
of different cryptocurrencies currently on the
market, only Bitcoin has potential as true digital
currency. So how can you navigate the complex
world of digital money? This user's guide to
understanding Bitcoin, SH, asterisk, T -coins
and privacy coins can help. When it comes to
digital money, there are a few important features
a cryptocurrency should have in order to compete
with traditional money. For example, a limited
supply of monetary units is necessary to avoid
inflation and the devaluation of the currency
itself. The paper money used around the world
is fiat, meaning it's backed by nothing and can
be printed into oblivion. Similarly, Coins based
off an infinite system have no value and will
eventually fall victim to inflation or hyperinflation.
When researching cryptocurrencies, it's important
to find out if there's a coin limit. Those coins
with an infinite supply are simply extensions
of the current fiat scheme and should be avoided.
Instead, focus on Bitcoin and other coins with
finite supplies to give yourself the best chance
of success in the world of digital money. Wow,
Bitcoin is pretty impressive, isn't it? I mean,
think about it. The entire system is decentralized
and thousands of servers all over the world are
constantly running to maintain the blockchain.
Even if one computer turns off, the entire system
remains untouched. If a country's Bitcoin servers
are taken offline, it won't matter because the
system is running in millions of other places,
ready to take over. This is a major advantage
of Bitcoin over centralized systems because it
means that no rogue player or government can
control it. And if a cryptocurrency is going
to be used as true digital money, decentralization
is key. It's the only way to ensure that scammers
can't steal coins or governments can't manipulate
the currency. Now let's talk about usability.
People won't use technology that's confusing
or difficult to use. Since cryptocurrencies are
meant to be used as money, they have to be user
-friendly. So any crypto worth its salt will
have developers who focus on usability. That
means fast, easy apps, website payment plugins,
and easy transactional ability. But that's not
all. A cryptocurrency also needs to be scalable.
Think about payment processors like Venmo and
PayPal. They can process payments within seconds,
which is why they're so popular. For any cryptocurrency
to compete with fiat money and payment processors
like these, it needs to be scalable too. That
means it must be able to process transactions
extremely quickly, under three seconds or less.
And guess what? Lightning Network is making scalability
a non -issue for Bitcoin. Lightning makes Bitcoin
transactions fast, convenient, and easy. So there
you have it. Decentralization, usability, and
scalability are all key factors in creating a
valuable cryptocurrency. And it looks like Bitcoin
has definitely got what it takes to make an impact
in the world of digital money. Bitcoin, the OG
of cryptocurrency. Bitcoin is widely recognized
as the first digital currency that successfully
operates through blockchain technology. It was
released in 2009 by Satoshi Nakamoto, a pseudonymous
cypherpunk. So how does Bitcoin work? The Bitcoin
blockchain is essentially a chain of blocks with
each block containing important data such as
timestamps, digital signatures, and every single
transaction ever made on the blockchain. Each
block depends on every previous block on the
chain, and this makes it impossible to make any
retroactive changes on the blockchain. It's a
completely transparent and decentralized worldwide
system that doesn't rely on centralized banks
or governmental institutions to carry out transactions
and cannot be defrauded. Bitcoin is often referred
to as digital gold. It holds a secure store of
value, enables peer -to -peer direct transactions
worldwide, and helps people bypass the traditional
banking system and inflation. In fact, it forms
the basis of all other cryptocurrencies that
have come after it. For an in -depth understanding
of Bitcoin, you can read the Bitcoin white paper,
written by Satoshi Nakamoto, available at bitcoin
.org .Identifying Schach asterisk T coins. According
to Bitcoin maximalists, Schach asterisk T coins
refer to all other cryptocurrencies apart from
Bitcoin. These coins are known to be more scam
than currency and lack scarcity and decentralization.
One example of a SH asterisk T coin gone wrong
is the Squid Game coin created in 2021 by two
crypto developers. It was based on the popular
Netflix series Squid Game and investor money
poured in, pushing the coin's price from zero
to $2 ,800 within a matter of weeks. Unfortunately,
the coin creators pulled the rug from underbuyers
by disappearing with $3 .3 million within three
weeks. It left investors with nothing but an
empty pocketbook. Dogecoin. Another Shach asterisk
T coin was created solely to humor its investors.
It has an unlimited supply of coins, which makes
it highly inflationary and no other discernible
function apart from giving investors a good laugh.
However, when famous billionaire Elon Musk endorsed
it on Twitter, the coin's price shot up by 22
% within 24 hours. This gave the coin some credibility
in the market. and it's still being used as payment
by small shops and online retailers. The downside
of investing in SH asterisk T coins is that they
can fall to zero at any moment. So if you're
interested in cryptocurrencies, it's always best
to conduct thorough research and consult experts
before making any investments. Have you ever
wondered if your cryptocurrency transactions
are really anonymous? Contrary to popular belief,
Bitcoin and most other cryptocurrencies are not
truly anonymous. If a coin's transactions are
visible on its blockchain, it's considered a
transparent coin, or in some circles, surveillance
coins. This means that the entire transaction
history, wallets, and amount of coins are visible
at any given time. While this is a great tool
for government spending transparency, it can
also be quickly turned into a massive surveillance
apparatus that invades personal privacy. To maintain
user anonymity, privacy coins have come into
the picture. They protect user identity by obfuscating
wallet addresses and transactions, enabling personal
freedom and autonomy in a surveillance state.
Privacy coin advocates argue that these coins
are essential to the crypto space. As without
them, Users are vulnerable to corrupt governments,
institutions, and bad actors. However, many Bitcoin
-only developers or devs are working on making
Bitcoin transactions private without using SH
asterisk T coins. One solution developed are
coin mixers, which allow Bitcoin users to obfuscate
identifying data and wallet addresses, anonymizing
transaction information. While privacy coins
provide a solution to user anonymity concerns
in the short run, Privacy features are being
built for Bitcoin, making privacy coins unnecessary
in the long run. Keep in mind that a coin should
have a finite supply, be decentralized, usable
and scalable to have real potential as digital
currency. If a coin lacks these features, it's
worthless at best and a scam at worst. Before
investing in any cryptocurrency, it's crucial
to research and analyze the coin first. Don't
just blindly throw money at the next Dogecoin
or other trendy coin. Enter the realm of digital
money with responsibility and awareness. In today's
episode, we covered the true potential of Bitcoin
as a decentralized finite currency with lasting
value while exposing potential scams and esh
asterisk T coins lacking both scarcity and purpose.
We also discussed scalability solutions and the
importance of privacy for users with privacy
features being built for Bitcoin. Thanks for
listening to today's episode. I'll see you guys
at the next one and don't forget to subscribe.