SPECULATION OF ECONOMIC HISTORY; BITCOIN

 BITCOIN

       Bitcoin; social media is not artificial intelligence or robotic software. Bitcoin is like a system where countries can lose their authority over their citizens. Provides digital money transfer. Their costs are very low since they do not have a middleman. Bitcoin is written in open source code according to the principle of openness and is open to everyone. It is used in all countries and no one can interfere with your account. The bitcoin to be produced is a total of 21 million. Every user has a digital wallet. Your Bitcoin transfers are signed and ultimately verified by miners for accuracy. Each signature is unique, so the same Bitcoin cannot be used twice. Bitcoin can be converted into an international currency. Bitcoin exchanges always work. In 2008, a man named Satoshi Nakamoto wrote a 9-page protocol explaining how digital value, called money, can only be exchanged between people who do not need any center independent of the state and banks. This person announced that he created the digital currency called 'BITCOIN'. It had an impact that shook the financial sector because it lacked intermediaries.

       During the mortgage crisis in the USA in 2008, all currencies were indexed to dollars and the dollar to gold. Central banks' dependence on the FED will cause the excess money to fall in value. This led to the bankruptcy of many businesses based on cash flow. As a result, withdrawals were banned and currencies were abolished. Today, our accounts are under the supervision of intermediaries such as financing companies or banks. Bitcoin made life easier. Like other currencies, it is frequently used in shopping, game sites, web services, even in areas where illegal transactions return. So bitcoin was perhaps advantageous for criminals. Thanks to its structure other than financial currencies, it has become the most preferred position by cybercriminals who want to receive money without intermediaries.

       It creates blockchain between people to build trust in Bitcoin. Blockchain creates the database that provides encrypted transaction tracking. In this way, it enables the buyer and seller to perform their transactions safely for the users. On the other hand, it forms the registration stage for users. In this way, bitcoin is considered to have taken security measures for users. For example, if person A pays 100 Bitcoins to person B, their account information and amounts are posted on thousands of blogs worldwide. When you want to do an operation, the system selects 3 volunteers and asks for a simple math operation, and the first 3 people who solve it are responsible for controlling the transfer. Everyone sees what has been done. It takes millions of computers to hack the main software, and that's impossible. This is called blockchain. This blockchain technology, which will eliminate intermediaries in the future, will be used not only in cryptocurrencies but in many areas. It will be made available in many areas such as logistics, stock exchange, policy, shopping, even title deeds, patent information. This can lead to leaderless structures in the future. This has two consequences: People will be very rich or people will face a major crisis.

      Technology is improving every second. For example, in war and similar situations, governments may confiscate people's assets and not allow them to carry their accounts and money. The latest example is refugees from Syria. Maybe they could bring their money, land, and valuables with them if they had bitcoin accounts. It is difficult to realize a currency that is not subject to any central authority because people think the central authorities are abusing this situation. Maybe bitcoin will cease to be a problem and benefit of the world. There are many Bitcoin-like currencies available today. I think countries can work similarly to create their own currencies, and in difficult times it can take advantage for both their countries and their citizens. For example, too much shopping has been restricted during the pandemic process we have experienced recently. It is difficult to enter and exit banks. Therefore, it would be easier in terms of transaction if every citizen had a passbook such as barcode or bitcoin.