I don’t believe in money conspiracies. However, I do think that these issues have always existed and have been the downfall of empires in the past, said James Altucher. So far, the United States has proven to be superior to other fallen empires, but hopefully, that won’t always be the case. We don’t know when, where, why, or how things will happen, but we do know that direction is the philosophy of cryptocurrencies.
Watch the full episode of The Philosophy of Cryptocurrency Explained | Why Crypto Emerged? | James Altucher
The Philosophy of Cryptocurrency Explained | Why Crypto Emerged? | James Altucher
What makes bitcoin for example secured?
Bitcoin’s blockchain technology allows for a distributed network of computers to validate transactions, instead of relying on a central authority like a bank. This not only eliminates the need for a central bank, but also for human intermediaries. With thousands of copies of the blockchain running all around the world, anyone with a copy can validate transactions. This provides a more secure and efficient way of handling transactions than traditional methods.
What are the 5 main philosophies of Cryptocurrency:
- Security: When James sends money to Joe, Joe should receive it with no problems.
- Decentralization: There are no physical boundaries when it comes to cryptocurrency – it can be used anywhere in the world.
- Anonymity: Nobody needs to know the details of my transaction.
- Forgery-Proof: This is related to security, in that if James sends money to Joe and Joe sends it to Bob, Bob can trust that the money has not been tampered with or duplicated by anyone along the way.
- Having a controlled supply is critical. Every party needs to be aware of how much supply is available as well as under what conditions it would run out. In most cases, there should be a maximum limit set. For example, the maximum number of bitcoins that will ever be mined is 21 million bitcoins.
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