Bitcoin is the name of the most popular cryptocurrency, the one for which blockchain technology was invented. Bitcoin transactions are messages, digitally signed using cryptography that are sent to their network for verification. Transactions are public and can be found on the digital ledger known as the blockchain (Bitcoin.com).
It’s not cash; you can’t put it in your wallet. Instead, it is virtual money, not issued or backed by any banks or governments operated by a decentralized authority unlike government-issued currencies.
Satoshi Nakamoto is the name used by the alleged person or persons who developed bitcoin, he defines a bitcoin as “a chain of digital signatures. Each owner transfers bitcoin to the next by digitally signing a hash of the previous transaction and the public key of the next owner and adding these to the end of the coin. A payee can verify the signatures to verify the chain of ownership”, (Bitcoin White paper).
Data input and output has made incredible transformations; every day, there is less and less need to use manual methods and more emphasis on minimizing time consumption while maximizing money. Under the “PP Economy” short for “post-pandemic economy,” digital currency, such as Bitcoin seems to be an alternative peaking peoples interests and rising in trend.
Bitcoin has gone from being something you rarely hear about to hearing just recently, El Salvador is the first sovereign nation to formally recognize Bitcoin as its national currency, alongside the United States Dollar. The rationale for Bitcoin adoption in El Salvador is that “Central banks are increasingly taking actions that may cause harm to the economic stability of El Salvador.”
This month Miami was the epicenter of the bitcoin2021 largest conference in the world celebrated at Wynwood’s Mana Convention Center. More than 12,000 people attended and Mayor Francis Suarez made the opening remarks. The recent conference is a clear demonstration of the mayor's statement that Miami is a “Crypto Forward City” @FrancisSuarez
Lastly, Commissioner Danielle Cohen Higgins has presented a resolution to the Miami Dade Board of County Commissioners to look into the feasibility of allowing county residents to pay for fees services in Bitcoin. She would like to create a task force to handle this innovative way of paying.