Today as we modernize some of the aspects in the economy like in the production wherein pneumatic machinery are being introduce. Thus, innovation has already prove its efficiency in the production which lowered the production cost. In the areas of transportation, there are cars also being introduced that run by a battery and efficient also and economy in terms of expenses maintenance compared to gasoline powered cars. Other than that there are already other inventions that promote the comfort of living in life. Thus, digital currency is another innovations. Could you consider bitcoin as the new innovations for fiat money? The answer will be used in my research term paper for the adaptation of unified digital currency that could be used by the people around the world.
Bitcoin is based on the beautiful blockchain technology. The blockchain network lives in a state of consensus, one that automatically checks in with itself every ten minutes. A kind of self-auditing ecosystem of a digital value. The network reconciles every transaction that happens in ten-minute intervals. Each group of these transactions is referred to as a block. This means transparency data is embedded within the network as a whole, by definition it is public. Also, it cannot be corrupted by altering any unit of information on the blockchain which cab only happen through using a huge amount of computing power to override the entire network. These attributes make makes bitcoin phenominal.