Bitcoin isn’t a product, and it is not even an organization, it’s a thing, an entity so to speak. So can factors that were used to attribute a former bubble be used on a cryptocurrency?
I really do not think it’s that simple. Firstly, let’s reply a query that some persons are asking which is;
Bitcoin was created by an individual or group often called Satoshi Nakamoto and it is what’s often known as a cryptocurrency, it is digital money and is the primary peer-to-peer fee network that is decentralised. To be decentralised means that there is no central authority to manage the entity. A key factor that has attributed to bitcoins success is the fact that it is totally open.
It uses a know-how called blockchain, and lots of people have been asking the query “What is blockchain?” So enable me to elaborate a bit. The blockchain network is an open ledger that shows each single transaction that’s made, and is incorruptible because there is no such thing as a ‘one’ location where all the records are kept. This prevents any cyber attacker from corrupting the knowledge on the ledger. This is the dream that was thought out from its creator, because the rise of bitcoin to dollar and blockchain was created out of the distrust from the banks and monetary institutions during the housing disaster of 2008. So the concept that every node (computer) on the network could see and confirm each transaction that’s being made, brings a couple of type of trust.
Imagine if a million folks every had a replica of the identical instructions to build a toy automotive, then someone came along and had totally different directions, they’d not be able to build the same car because they have totally different instructions. The fact that everybody on the network can see the identical transactions builds robust safety defences.
This digital monetary system has opened doorways for a new approach to conduct transactions over the Internet. Particularly for darkish internet customers who use the cryptocurrency to purchase malicious objects like weapons, drugs and hit-men. The continuous use of bitcoin for purchasing goods and providers over the internet is what provides it its energy in my opinion.