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This is what bubbles look like: an increase in value of 75,000 percent within five years, in last year alone, price has been almost tenfold, and especially in last few weeks it was particularly steep uphill. The digital currency Bitcoin did not even need three days at end of October to rise from 6,000 to 7,000 US dollars. All Bitcoins toger were worth more than 120 billion US dollars in meantime. By comparison, UK’s daily available money supply is significantly smaller.
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Now fear is over: Star investor Warren Buffett warns of bitcoin, Nobel Prize laureate Paul Krugman refers to currency as “evil”, because values could not be kept reasonable. Jamie Dimon, head of American bank JPMorgan Chase, recently branded Bitcoin as “fraud” and threatened to dismiss any of his employees who dealt with it.
How is it possible for a currency that only exists digitally to reach such a value?
The idea for bitcoin was created nine years ago: inventor Satoshi Nakamoto – a pseudonym – described in a paper concept for a novel means of payment. It is based on fact that data is generated in network that cannot be copied. They are unique, forgery-proof, split-up and can be sent quickly, easily and cost-effectively on net: Bitcoins. Their number is limited, so y can gain in value. Instead of a coin press, digital Taler are generated with great computational effort only virtually. This creates a means of payment that is independent of States, banks or a central institution. Because encryption technology plays an important role, it is also called a Kryptowährung.
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The rise of digital coin can only be explained by unusual fan base of Bitcoins. It consists of idealists, desperate and investors.
This article dates back to time No. 47/2017. Here you can read entire output.
First of all, it was idealists who were enthusiastic about bitcoin: scientists, hackers and tech activists from all over world. It is milieu that fights for digital liberties and privacy. From depths of this community, for example, re is also a method for e-mail encryption or Internet browser Tor, which hides identity of users.
This community was already re before a bitcoin was worth even a dollar, and it will be re if price were to fall to that value once again. For it is not about wealth, but about freedom of individual. Money, according to its maxim, should not serve interests of States and banks, but people. Here, bitcoin is seen as digital money, which is not managed by politics and interests, but by mamatics, encryption and algorithms, and is operated and organized from below, from people who use it. Bitcoin, a result of a system critique that has become real.
