Who Does Bitcoin Serve?

Digital currencies are constantly on the agenda in recent months. Especially Bitcoin's rise in the last period also took Ethereum out of other currencies. Digital mining requires high-performance computers. Beyond predictions, digital miners who create powerful computers also affect the prices of computer information. Electricity consumed by digital mining has reached incredible dimensions. Bitcoin and Ethereum, the most used digital currencies, consume 14.54 TWh and 4.69 TWh of power. The electricity consumed to produce ethanol is equal to the electricity consumed by Moldova. Electricity consumed for bitcoin is the same level as Turkmenistan. In total, 17 million people have equal electricity consumption. Bitcoin is not associated with any bank, it is a currency used by any official organization, non-affiliated electronic and internet only. The information provided can be broken down into units up to 100 millionth of a penny after the virtual currency.

The bitcoin network passed on January 3, 2009. Manifeston's writing is Satoshi Nakamoto but probably not a real name. The maximum number of bitcoins is currently limited to 21 million. As of July 22, 2013, the total value of the Bitcoins in circulation is at the level of $ 1.2 billion, but since June 4, 2014, this value has reached the level of $ 8.2 billion. Excluding the US dollar in the global world the government will pay as much money to produce all currencies precious metals or stones in the mine. The counter for bitcoin is on computer servers are stored mixed algorithms. Bitcoins, which are not produced from any center, It shows a point-to-point distributed network capability similar to BitTorrent networks. Payments made in this network instantly, so that you can record which adrese It passes. The records collected in this way are contained in the blocks called blocks. It is desirable to apply a hash algorithm, which requires high processing on each block, to find the expression starting with a certain number of zeros. Approximately every 10 minutes, the first user to perform this transaction is awarded 25 BTC awards. So Bitcoins are been into the emissions. Each block contains the hash statement in the last block that precedes it. Thus, a very difficult block chain breaks down occurs. The aim is to prevent double spending and record submissions. The prizes amount is reduced to a half in every 210 thousand block.

Money creation is called mining. Mining is the general name of the process of performing mathematical operations using computing power and power. To do this, the nodes in the BitCoin network, which download the supplied BitCoin software and perform hardware-intensive operations that typically require heavy CPU power on the graphics cards, are called "miners". The name of the first block of the system was named "genesis block" and was produced on 4 January 2009. The first operation in the block like this is a special operation and is initiated by the creator of the new currency block. This is a system of incentives for miners to join the network, where money can be distributed as desired, in a system that does not have a central authority to issue money. In this way, miners are able to generate bitcoins from the system in order to generate and run new bitcoins in the system as well as to perform pending operations. The regular addition of the new money to the system is analogous to the gold miners finding gold in circulation, the mining name comes from here. In the current process, miners are continuing to produce the amount of bitcoin that is going to circulate every year, in a decreasing and predictable proportion. The system will continue production until a total of 21 million bitcoins are circulated, then the production process will continue and the miners will continue to be supported only through transaction costs.

According to experts, it is necessary to open a virtual wallet first to buy this currency. Because there must be a storage area where you can put the values you have accumulated before anything else. Personal storage areas on the Internet are called wallets. So every bitcoin user has a wallet. There are more than one platform selling bitcoin currency. These proven platforms are only accessible via the internet.

There are many theories about who is the creator of Bitcoin. Some says "Bitcoin created by Elon Musk." When people say Elon Musk a lot of things come to mind. Elon Musk, who has been operating in many areas from the auto industry to the space industry, could it be Bitcoin's prodigious Satoshi Nakamoto? Let's take a closer look at this claim and the sources of this claim by an old SpaceX trainee.

Bitcoin, which has recently become increasingly popular and is approaching $ 10,000, is now a crypto money that everyone knows. The crypto money invented by Satoshi Nakamoto was experimentally initiated in 2008. Unknown to anyone, Satoshi Nakamoto was thought to be one of Nick Szabo, Dorian Nakamoto, Hal Finney and Craig Steven Wright. However, according to Crypto Coins News, Sahil Gupta, who studied Computer Engineering at Yale University and spent his internship at SpaceX, added another name: Elon Musk! According to Gupta, Bitcoin could have been created by Elon Musk.
Gupta explains this claim as follows;

1- Technical Capabilities: Bitcoin is created by someone who is competent in the C ++ program language that Elon Musk often uses in SpaceX.
2- Passion for solving global problems: Bitcoin emerged in 2008 just like we said before. Bitcoin, which emerged during the period of a global financial crisis, was put on the market at the best possible time to generate money without the intervention of banks.
3- Not to comment on Bitcoin: Musk, who did not comment on Bitcoin on everyone's agenda, gave a rather interesting answer to a question that came to him. The answer to the question about the crypto money was that "We know who is Satoshi Nakamoto and now the subject was closed", Gupta's claim was strengthened.
4- Elon Musk's does not need money: Bitcoin's value was thought to be $ 719 in June 2016, while Satoshi had Bitcoin worth $ 700 million. When we look at the present value, it is more than 8 billion dollars. This is less than half of the $ 19.7 billion fortune that Elon Musk is supposed to have.
5- Paypal: Another detail that reinforces this claim in PayPal, the pioneer of the digital currency concept that Musk sold to eBay.

He claims to be silent about his role in Bitcoin because Musk is subject to competition ban. He also claimed that Gupta Elon Musk invented Bitcoin for use on Mars in the future.

To sum up, the actual identity of Bitcoin's prodigal Satoshi Nakamoto is still unknown, but when looked at in detail, it seems possible that this person is Elon Musk. Another claim came from a business man. Australian business man Craig Wright announced that he was the person who found the virtual money and used the nickname Nakamoto long. Leading users of Bitcoin and software developers who have developed virtual money also confirm that Craig Wright is the person who found Bitcoin. According to the BBC, while explaining his identity, Craig Wright shared technical data about Bitcoins known to belong to Bitcoin's creator and proved to be the creator of virtual money. Simultaneously explaining his identity to the BBC, Economist and GQ broadcasters, Wright also showed digital documentation of the first Bitcoin money transfer to the BBC. Craig Wright, inventor of Bitcoin by explaining the identity of who said he wanted to put an end to that debate. Craig Wright, who stated that he did not want to be Bitcoin's face, said, "I have explained my identity because there has been a growing pressure on me in recent times. I did not want the people I love to be negatively affected by non-original rumors. " Officials said they disclosed Wright's identity because of an ongoing tax investigation.

It is obvious that no one is a secret hand after a big organization like that, no matter who is thrown in front of the media. Since there is no power or center to which this virtual currency is connected, the supply and demand conditions determine the price. Demand is increasing as demand is in normal economic conditions, while demand is decreasing in price.

Another effect that has a positive effect is to reduce the number of bitcoins awarded to the miners at any time. For BitCoin, which is often used in illegal purchases, the official request was sent by the US court to share user information with Coinbase, one of the largest Bitcoin buying platforms. The decision involves users who trade over $ 20,000 between 2013 and 2015 using this service. Bitcoin can also be used as a very dangerous weapon. It can be taken out of the country in hours by purchasing the assets of an individual country like every inn and turning it into bitcoin without any notice. So the economy of the target country disappears. Likewise, tax evaders and bitcoins that are far from any control in money laundering are a blessing. However, even though this has caused a serious decline in the currency in recent years, we can easily say that it has risen again.

"The move appears to be based on retail use," said BKCM CEO Brian Kelly, who runs the digital asset strategy. In a survey conducted among CNBC's chief financial officers at the Global CFO Council, 27.9 percent of 43 respondents thought BitCoin was "realistic but a balloon", while 27.9 percent thought the cryptocracy was "fraud". Only 14 percent of the managers said bitcoin is "true and rising". Bitcoin rose to 9 thousand 600 after 9 hours of record time with 9 thousand dollars. Some economists are looking at Bitcoin positively while others are looking suspiciously. François R. Velde, a senior economist at the Chicago Fed, described BitCoin as "an elegant method of creating digital money." Paul Krugman and Brad DeLong have found mistakes on why Bitcoin should be determined and grounded. Economist John Quiggin criticized BitCoin as "the ultimate mess of the productive market hypothesis." PayPal President David A. Marcus calls BitCoin "the perfect place to put savings," but claimed that the imbalance in its value could not be as much money as the decline.

In an interview with Bloomberg LP, Bill Gates said: "Bitcoin is exciting because it shows how cheap it can be." Brazil, Isle of Man, Jersey, the United Kingdom, and the United States of America recognize the ability of BitCoin to provide financial services. When Bitcoins are used properly, they are attracting politicians and national officials in the financial arena to be able to prevent fraud, facilitate shopping transactions and ensure transparency.

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