Features of a Good Cryptocurrency

As most of us look for digital solutions online, it’s not far from that security around finance and cryptocurrencies would need consideration.

Cryptocurrencies are held in a digital wallet. A wallet is identified by a long set of letters and numbers that are random. This is referred to as a private key, which grants them permission to the owner to withdraw coins from the wallet. The private key should be secured to maintain the security of digital funds.

About $21 billion of funds are stored in the cryptocurrency wallets with lost access, according to the Forbes analytics
A public key is a shorter version of the private key. A public key is mathematically tied to the private key and used to accept deposits.

There’s an increased level of security, by avoiding a central authority, Cryptocurrency users also have a level of assurance that the coin’s value is almost strong to get manipulated or corrupted by any group or government.
Many people lost trust in central banks after the role banks played in the 2008 financial crisis.
Many cryptocurrency platforms work with a Proof-of-Work system to achieve decentralization. This is one system where users use their computational power to solve mathematical puzzles that allows them to do transactions. The transactions, which are added to a ledger from blocks, are known as a blockchain. The blockchain record-keeping is distributed worldwide and keeps the network visible to others.

The scalability of the cryptocurrency is the number of transactions that can be made or confirmed per second. Transactions must be settled between two parties very quickly. This is one of the most important roles of cryptocurrencies.
For example, there’s a delay when a currency passes a political border or is converted to another currency.

4-Solve Problems
The use of a cryptocurrency varies from one person to another. Each project and platform tries to solve a different aspect not addressed in other projects or in the real world.
For example, developers created Bitcoin Cash to address the expandability problems with Bitcoin. At the same time, other coins, or altcoins may focus on accessibility.

A good cryptocurrency should be easy to use. Using a cryptocurrency can be intimidating. A private key, public key, block size, confirmation consensus, can all be very confusing to teach users or those that are less tech-savvy. The best blockchain technology gives developers a lot of flexibility to handle all the cryptocurrency difficulties for users and expose an easy-to-use application.

The demand for cryptocurrency has the same economic principles as any other goods or services. The higher demand goes, the more expensive the product becomes. The market needs to show a high interest in cryptocurrency to create value for the buyers and increase the coin price over time.
Factors that affect demand for cryptocurrency include media coverage, potential, safety, regulation, industry competition.

7-Limited Supply
All of the world’s famous currencies are now increasing at a good rate. The national central banks can print more units of their money, without having that worth.
Starting at the US Federal Reserve’s founding, the dollar has lost 95% of its purchasing power over 100 years between 1913 and 2013. The primary causes of this value loss are the separation from gold and the increase in the number of dollars in circulation.

Satoshi Nakamoto, The Founder of Bitcoin

No one comprehends who Satoshi Nakamoto really was, but we do know he was the inventor of Bitcoin, ushering in the age of cryptocurrency.

While we may not understand who Satoshi Nakamoto was, we know what he accomplished.  Satoshi Nakamoto was the developer of the Bitcoin protocol, publishing a paper via the Cryptography Mailing List in (Nov)2008.

Satoshi Nakamoto then released the first version of the Bitcoin software customer in 2009, participating with others on the task via mailing lists, until he finally began to fade from the community toward the last of 2010.

Nakamoto worked with other people on the open-source team but never took care to reveal anything personal about himself, and the last anyone heard from him was in the jump of 2011. 

Was Satoshi Nakamoto Japanese?

Don’t judge a book by its cover. Or in fact, maybe we should.

“Satoshi” means “clear thought, quick-witted; intelligent.” “Naka” can mean “medium, relationship, or inside.” “Moto” can mean “foundation” or “origin.”

Does anyone know who Satoshi Nakamoto was?

No, but the operative techniques that people use when imagining are sometimes even more intriguing than the answer. The New Yorker’s Joshua Davis thought that Satoshi Nakamoto was Michael Clear, a graduate cryptography student at Dublin’s Trinity College.

He reached this conclusion by analyzing 80,000 words of Satoshi Nakamoto’s online searching and writing for linguistic clues. He also doubted Finnish economic sociologist and former games developer Vili Lehdonvirta.

So what do we know about Satoshi Nakamoto?

One thing we know, based on people with interviews that were involved with him at an early stage in the growth of bitcoin, is that he considers the system very thoroughly.

His coding wasn’t traditional, according to core developer Jeff Garzik, in that he didn’t apply the same strict testing that you would expect from a professional software engineer.

How rich is Satoshi Nakamoto?

Research by Sergio Lerner, an authority on bitcoin and cryptography, suggests 

Satoshi Nakamoto mined many of the earlier blocks in the Bitcoin (BTC)network, and he had built up the luck of around 1 million unspent bitcoins. That stock would be worth $18.4 billion U.S. dollars as of last year.

Did Satoshi Nakamoto work for the government?

There are hearsays, of course. People have to decode his name as meaning “central intelligence,” but people will see whatever they like to see. Such is the nature of conspiracy ideas.

The apparent question would be why one of the three-letter agencies would be interested in developing a cryptocurrency that would subsequently be used as an anonymous trading mechanism, causing the FBI  and the senators alike to wring their hands about potential criminal and other terrorism endeavors. It doesn’t matter what conspiracy theories people have, everyone has their own theories. In the end, Bitcoin is now much bigger than Satoshi Nakamoto.

The History of Bitcoin

From its beginnings in 2008 to its peak price in 2021, Bitcoin has taken investors and the world for a ride. Over a decade, Bitcoin has spiked and crashed and reassembled and fallen again, on the way to a price in the tens of thousands.
Bitcoin is a peer-to-peer electronic exchange. This means people can send money directly to anyone without a bank or third party. The invention of bitcoin was to make sure that people don’t rely on government or financial institutions to make transactions. Bitcoin allows users to send or receive bitcoin amongst themselves using the Bitcoin blockchain, which depends on a proof-of-work method for tracking and verification of transactions.

Bitcoin is the world’s most popular cryptocurrency today and some advocates believe that it could replace physical cash. Bitcoin growth has reunited a passionate community that is excited about cryptocurrency’s rise and its opportunities. The development of thousands of other cryptocurrencies is also inspired by bitcoin.

When did Bitcoin start?

Bitcoin was created out of the confusion of the 2008 Great Recession as distrust of banks and their role in the financial system grew. An individual or a group of people by the name of Satoshi Nakamoto issued a white paper to address the centralized control of money and the trust required in handling citizens’ cash.

In the traditional financial system, transactions can be reversed with third parties, and transaction costs can add up. Bitcoin was presented as a way to make transactions without using a third party. Rather, the Bitcoin system uses cryptographic proof to maintain the honesty of the network instead of relying on third-party banks and other institutions.

The blockchain was launched on 3rd Jan 2009 when the first block was mined. The first test transaction took place after one week. Bitcoin became available on exchanges in 2010 and it became easier to buy, sell, trade and store. With the help of these exchanges, Bitcoin gained a reliable price against the U.S. dollar. It has now been officially adopted as legal tender in El Salvador alongside the dollar.

Bitcoin Today

Today, one Bitcoin is worth about $42000. It’s a long way from its all-time high but also a long way from its post-peak bottom in 2018 of just over $3,000.

To this day, no one knows who Satoshi Nakamoto is or was, an organization or a person? it is a mystery till today.

While Bitcoin is still growing its role as a store of value and unit of account, cryptocurrencies have largely disrupted the “idea that money somehow isn’t money unless it is accepted as payment for taxes”.