What if you were your own central bank? Bitcoin via

What is Bitcoin used for and why was it created?

The bitcoin was created on January 3, 2009 with the instructions of a document published two months earlier entitled Bitcoin P2P e-cash paper. The objectives of this decentralized digital currency at the time of its creation were: to accumulate value, transfer value and create an ecosystem around it. The last two: the accumulation of value and the ecosystem are disabled when each writing that is made in the Bitcoin Network is paid in this currency and today this cryptocurrency costs more than 50,000€. To give us an idea, making a transfer in bitcoin can cost us €30.

Although the Bitcoin is not used to write data or even transfers in its network because it is very expensive, it has proved to be an excellent place to accumulate value; and they have tried to hack it for ten years individuals, groups of companies and even governments but it has always been robust, and it is in the rules of bitcoin is its competitive natureThe more money a Bitcoin is worth, the more computers join as miners and secure the network.

Bitcoin as a safe haven currency

I was convinced nine years ago that the Dollar and the Euro were going to collapse and become stamps as has happened to the Venezuelan bolivar because a lot of currency was being manufactured to keep interest rates low; today we have interest rates at zero and this has not collapsed so I don't even know what I'm convinced of, however if currencies collapsed the Bitcoin would be a refuge from currency devaluation because it is eminently deflationary.

In times of uncertainty such as the 2007 crisis, people took refuge in gold as a safe haven, the price rose and Madrid's Puerta del Sol was filled with people walking around with a "I buy gold" sign hanging from their shoulders. To this day Bitcoin has not been a safe haven but rather a highly speculative investment.

Be your own central bank

Using a Bitcoin wallet today is a risk because most people do not know how to do it and above all because there is no way to reverse a mistake; for example, if you forget your passwords you do not have the bank's phone number to retrieve them, and this is due to the very decentralized nature of Bitcoin, which has made it resist prohibitions and which is, in short, a total change in the rules of the game.

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Also at 50.000€ per unit writing a transaction on the Bitcoin blockchain is slow and above all expensive but your bitcoins could back you up against a Bizum, a Paypal or a Mastercard, you should only show them your wallet and sign a contract that could be a smart contract with them.

In this way you could operate with some limits, as if it were a prepayment, through these Bizum, Paypal or Mastercard and after a while your "balance" would be regularized before them. Your bitcoins do not move but support your expenses and in turn can grow based on your income.

A blockchain, like that of Bitcoin, is a notary in addition to other things; when you buy a house you go to the notary to have it notarized, and that costs you time and money, but then you don't go again when you sign a contract with the painters or when you pay your electricity, gas or Internet connection fees by direct debit.


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