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Will Bitcoin replace the US Dollar in our lifetime?
While some think that Bitcoin is just a highly speculative asset, a group of strong believers termed “maximalists” project that Bitcoin will become a dominant global currency that overthrows the dollar one day.
Bitcoin was invented in 2008 (in the throes of the housing crisis market crash) by a figure named Satoshi Nakamoto whose real identity is unknown. Satoshi open-sourced the code to Bitcoin after publishing a white paper about it, and as more people started adopting it, Satoshi vanished mysteriously.
To the layman, Bitcoin is currently just like any other stock or asset that you can exchange dollars for. To use Bitcoin, all that is needed is a wallet that gives the user a public address that others can transact with, and a private key that acts as a password. Bitcoin can be bought at cryptocurrency exchanges or mined (will be explained shortly). This is then stored in software or hardware wallets, and exchanged for products or services with other users. There is no central authority over Bitcoin.
Each Bitcoin is divisible into 100 million units called Satoshis for convenience.
Since 2008, Bitcoin has grown in leaps and bounds to become a dominant force in the market and people's imagination. But...
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旧牛 : need chunk of it
Machiavellis3rdEye : In our lifetime? I’d say More like within the decade, and likely sooner than that.
BitcoIn may end up Having no real everyday use case other than it’s being the first, and then acting like Gold as a reliable & scarce store of value as well as symbol of social status.