“Bitcoin’s value is falling dramatically. The estimated losses are tremendous.” I hear a lot of Bitcoin news, and many people around me have intensely been adopting Bitcoins in recent years. So let me explain to you what Bitcoin is and its relevance to modern science.
Bitcoin
Without a physical presence, it is a money system that is produced and transacted online. Unlike the regular paper money currency, Bitcoin is not controlled by a central government. Instead, it is transacted under highly sophisticated technological means.
How do people make Bitcoins?
People can earn Bitcoins through a process called “mining.” Not physical mining, obviously; the mining process is a highly technological process that is hard to describe. To explain briefly, nonetheless, you can earn Bitcoins by solving complicated problems on specific computer sites that grant Bitcoins for exchange. For this to happen, the meticulously ordered scientific mechanism is crucial since many people try to earn Bitcoin in many ways.
How do people buy Bitcoins?
First of all, Bitcoins are highly volatile that can fluctuate widely, at least thousands of dollars per year. Therefore, I first warn you not to buy Bitcoins too much. However, you can buy Bitcoins online through many means. Bitcoins site, Bitcoin ATM, or mining are all examples of purchasing and using them. Good news, also! If you play a game where it grants Bitcoins for exchange, this is another way of earning Bitcoins.
Where can we use Bitcoin?
It is almost impossible to find places that use Bitcoins for transactions. Obviously, it is sporadic for a local restaurant or shopping mall to utilize Bitcoin. Nevertheless, Bitcoins are dominantly used throughout the investment and mining industry: people use digital money systems to invest and profit from each other.
Relevance to Science
Bitcoin is a recent exchange system that allows smooth financial transactions between online users. When I first learned about Bitcoin, I was marveled at how far people have come regarding the computerized system and the developments of ITs (information technology). Bitcoin reflects remarkable scientific progress in many ways. For example, people who use Bitcoin can transfer money directly through the digital wallet system. Since people don’t go to the bank anymore, exchanging money from one bank requires an intense scientific security system. Moreover, all the customers’ data and the engines for money transaction requires critical analysis, which science highly underscores. In brief, all technological transactions involve scientific study. Without scientific progress, none of our daily online activities would have been possible. Therefore, we should recognize the value of science when examining technological advances.
By: Minji Kwon