Since the creation of Bitcoin in 2009, cryptocurrencies have evolved into a world of their own, with their own tokens, projects, platforms, and communities. However, it all started with the idea of creating a digital currency that no financial institution could control.
What is Bitcoin?
Bitcoin is the most popular digital currency or cryptocurrency that was founded by someone named Satoshi Nakamoto in 2008. Nakamoto designed Bitcoin as a peer-to-peer electronic cash system in a decentralized environment. The potential of this system was only realized later when traditional banking systems became fraudulent to benefit investors rather than users.
Bitcoin is generated through the process of Bitcoin mining which requires specialized mining hardware and software. Mining is the process of solving complex calculations and recording transactions to create new blocks on the blockchain. Blockchain is a public digital ledger where every cryptocurrency transaction is recorded.
Whereas a decade ago the new age of digital currencies was seen as a pointless investment, risk takers back then are rewarded today. Starting at a low of a few cents, Bitcoin today is at $42,223 and reached a high of around $70,000 earlier this year.
Bitcoin has become a name synonymous with cryptocurrencies and is used for various purposes all over the world. Moreover, in an interesting turn of events, El Salvador recently became the first country to accept Bitcoin as legal tender. Bitcoin has integrated itself with the majority of industries around the world.
Bitcoin is still the highest priced and most popular cryptocurrency, but it is not the only one. Its closest competitor is Ether, followed by thousands of cryptocurrencies.
The Bitcoin Proof of Work consensus algorithm has become obsolete today, as the Proof of Stake protocol has emerged as a new, stronger, faster and more secure competitor. To stay relevant, Bitcoin must adapt to new standards set by cryptocurrencies such as Bitcoin Latinum.
Bitcoin Latinum is based on the Bitcoin ecosystem and uses a unique version of the Proof of Stake consensus algorithm, which makes it faster, safer, cheaper and greener than Bitcoin. Bitcoin’s Proof of Work algorithm and mining process requires a large amount of energy which leaves behind a large carbon footprint. Bitcoin Latinum has developed a green initiative to achieve a net zero carbon footprint.
While Bitcoin is still at the top and likely to be there for a long time, it has reached the end of the streak in terms of development. Cryptocurrencies like Bitcoin Latinum will guide the future of cryptocurrency.
To learn more about Bitcoin Latinum, visit https://bitcoinlatinum.com/.