Cryptocurrencies will change the world

Started by jacoblin, Aug 17, 2022, 01:42 AM

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jacoblinTopic starter

Every year, skeptics complain about the possible imminent disappearance of cryptocurrencies, and each time they are disappointed. Even in difficult times of crisis, the cryptocurrency industry is gaining momentum, popularizing and becoming an integral part of our lives.

This topic will present facts confirming that Bitcoin and other altcoins were able to change our planet.

How bitcoin became part of our lives?
The history of the creation of the world-famous cryptocurrency is not known to everybody. Bitcoin was revealed to the world in 2009 by a team of cooperative programmers. Their names, even at the moment, remain unknown, despite attempts by the media to shed light on this case.

At first, very few people knew about the existence of the project, but even then it managed to have a great impact on the planet. The idea was picked up by the developers of other similar algorithms.

A couple of years later, Litecoin was introduced to the market, a year later - Ripple, and in 2015 Buterin's Ethereum was launched. Each project had its own concept and distinctive features regarding the technical side of the issue.

Over time, digital currencies have managed to become an investment tool, and even some states, like Venezuela, have made their own cryptocurrency.

The peak of the development of the cryptocurrency market

Soon usual people learned about cryptocurrencies. The value of coins after that began to grow. The highest BTC price was recorded at the end of 2017. Then the cost of the cryptocurrency equaled $21,000.

From that moment on, the industry began to fill with newly minted investors, who were attracted by the prospect of high earnings. Many experts even put forward such a theory that the market collapse in 2018 was caused by the inexperience of traders and the highest demand.

At one time, the demand for Bitcoin began to fall and reached its historical low, having a critical price of $3,300 per coin. However, things improved in 2019.
Technical side

Bitcoin has really influenced the world, however, it should be noted that this merit mainly belongs to the Blockchain technology, which was introduced into the work of cryptocurrency.

Blockchain is a system by which accounting and distribution are made, and its blocks are a chain that is open to study, but closed to change.

The technology is universal, it simplifies the storage and transfer of data in many areas of life, such as logistics, lending, insurance, medicine and social services. payments. Blockchain has even achieved the fact that many large companies can no longer do without it. And this is just the beginning.

On May 14, there was a halving of the reward for one block of bitcoin, most experts talk about a change in trend and new record levels. On the other hand, Vitalik Buterin and his Ethereum cryptocurrency, which should switch to PoS mining in July.

Legislative status and application features

The acquisition of popularity by digital assets has led to their use in a number of financial transactions. This led to the need to create a legislative framework. In America, the cryptocurrency was even officially legalized.

Today, cryptocurrency is used in each day life. With its help, you can pay for some goods in the catering and entertainment industries. Even some smartphone manufacturers have already rushed to equip new models with a cryptocurrency wallet.

Where are we going
In the current year, the prospects for cryptocurrency are simply huge. although the fact that the situation in the planet is unstable, Bitcoin has shown itself to be a reliable investment. Investors are increasingly recommending buying it.

The future belongs to cryptocurrencies! Yes, and in the present they are already used quite actively.

Now, most traders are actively investing and trading only in tandem with large cryptocurrencies. Most new cryptocurrencies are still young, and their teams need the support of major players in the market. My opinion remains, as always, in favor of the TOP 10 cryptocurrencies, but the growth of new projects cannot be ruled out.


If cryptocurrencies have not changed the world yet, then at least they have taken their niche in the current realities.
Yes, now you know, by the way, in the end, everything tends to be under the control of the state in the end (


Well, what can I say? A rather optimistic view of the prospects of cryptocurrency. The US legislative system, realizing that the development of the cryptocurrency market cannot be stopped, is now actively trying to change the legislative framework (for itself) in such a way as to extract maximum profit from any activity where there are significant flows of cryptocurrencies. ::)


If you imagine a bitcoin blockchain in the form of a database, the structure turns out to be simple and beautiful: there is a "txo", which is determined by tx_in (transit), vout and value (exit number and amount), and tx_out, which can be null.
And this txo has an address, which is determined by the unlocking script (usually standard). If tx_out is null, then it is utxo (unspent tx output). To determine the balance at an address, you need to sum up all txos related to this address, to which tx_out is null, i.e. all utxos.
This is a fast indexed query, you do not need to view all transactions in the blockchain for this. When a new transaction appears, new txos are created, the input of which is associated with existing utxos (and they cease to be utxos), and the output is null, i.e. new utxos appear.
bitcoin-core stores the txo index only for its (imported) addresses, but storing it for everyone is also not a problem if necessary, it does not take up much space.
At first glance, this is not a very intuitive, but a very elegant and effective scheme.

But it won't work that way for ether: you still need to view all transactions and summarize the balance changes.
This is an intuitive, understandable, but inefficient and unmashtable scheme. Especially in combination with internal transactions.