Searching for a single word in Google i.e. Bitcoin comes up with tens and thousands of results which are at times intimidating for the users that are new to the concept. Understanding the term Bitcoin requires us to take a look at the history of the cryptocurrencies.
The Yap Islands are located east of Philippines and reportedly first ever place where the residents used cryptocurrencies as a trade mechanism. Not much is known by the modern world as these Islands were isolated for centuries. Limestone was the currency that was used as a medium of trade. At that time the large limestone rocks were known as the Rai Stones. This mechanism was highly embedded into their economy.
Nearby Island of Palau was the place where all the Rai stones were quarried.
When such transactions take place the decision was simply made that who is the new owner of the Rai stone traded as cash. There were several instances where the limestone sunk to the bottom of Pacific not reaching the destination. The Palau Island which was nearby was the main source of Rai Stones as plenty of these were quarried there naturally.
Now if you have a question that what Rai Stones have to do with Bitcoin the answer is simple. These Rai stones allow you to understand the system of the token.
The token is a surety that everything goes well if cryptocurrency is involved in transactions.
It is all because of the fact that digital currency is something that no one can hold or even touch. These tokens make sure that the new owner gets for what it traded the bitcoins.
The best part of the Bitcoin is that it can be used to get the work done with ease. There is no need for any added safety. Just keep your wallets safe and secure by always keeping these offline.
Hardware wallets are also highly recommended. Experts are of the view that the bitcoins should be used to determine the credit score of the users.
It means that any person or professional’s financial credibility can be determined by using the number of bitcoin it owns. Especially after the recent financial hype of bitcoin, it is highly recommended to be used for any professional’s financial credibility. There is a need for making sure that new systems are developed to give the professionals and investor’s some credibility.
The safety and security of the bitcoins are one of the things which everyone agrees upon. The investors’ need some credibility that even if the transactions are non-reversible there should be some mechanism that allows the investors to get at least some level of assurance.
Such mechanism should be made that allows the users to ensure that the best and the most advanced tactics are used for bitcoin transaction despite their anonymity.
There is also a need of making this digital currency mainstream. Bitcoins is covered with clouds of misconceptions. These misconceptions can only be cleared if the traditional monetary system is embedded into bitcoin economy.
It is wrong to say that Bitcoins are only used on the dark web. The need is to explore the good deeds done using this currency.