What is the Goal of virtual Currency Bitcoin

As of 2018, during the writing of this article, the virtual currency has bubbled repeatedly and has been volatile, and there has been an outflow due to hacking. In this section, I will consider the most famous Bitcoin as an example, including whether virtual currency can be used as a means of remittance and settlement.

What is virtual Currency

Something called virtual currency such as Bitcoin can be bought and sold on the Internet, and hacking has led to cases where coins are stolen from the exchange system. This virtual currency means virtual currency. First, as you can see from the meaning of currency and coin, virtual currency is like money. 

It is still equivalent to money like yen and dollar. Since it is equivalent to money, there are currency units such as yen and dollar. The unit of Bitcoin is written as BTC. 

Conditions for establishing currency

At present, what is called virtual currency such as bitcoin is generally recognized as a currency, and is not in a state of being actively used for remittance and settlement of transactions. However, the author does not give the theory that “this is basically a fraud scheme”.

 The currency used for general transactions is bills and other currencies, but there were times when precious metals such as gold were used before.  The bittrader app is one of the secure and trusted platforms for bitcoin trading.

However, its essential role is to close the transaction by mediating what both parties’ value. Currently used banknotes have only a small direct value. Therefore, the question becomes whether or not currencies such as banknotes and coins have earned high credibility in society as a whole. For example, the currencies of a country whose national institutions are on the verge of collapse will suffer great inflation and lose their value.

 The essential question is whether the currency can establish social credit. In order to generate trust, we must assume what the source of credit is, if counterfeiters come in, can be effectively stopped, and who are likely to try. There is a need.

Countermeasures against counterfeiting: Let’s say that the security of the virtual currency ledger has been broken. It is reasonable to think that a successful breakthrough will steal the maximum amount on the ledger. 

Therefore, in the case of virtual currency, it is in the same state as when ultra-high-value banknotes are issued, and it is obvious that there is always a risk of counterfeiting. In other words, the attack on the virtual currency suggests that the cost performance is extremely high. Therefore, the method currently used in Bitcoin, which requires a countermeasure against it, incorporates a mechanism that can never be hacked without doing a tremendous amount of calculation. In other words, the expensive electricity bills that are generated by keeping the server running for a long time are, so to speak, anti-counterfeit measures in ordinary currencies. And that is the barrier that prevents the cost performance of counterfeiting from being established.

A group that may attempt forgery: A group that has knowledge of the virtual currency and has server resources that can perform the necessary calculation amount is assumed to be highly likely. It should be assumed that it is an organization involved in the development and operation of virtual currencies.

 Mining in Bitcoin is nothing more than a restraint measure that involves the organizations involved in the operation to participate in the data verification work and be provided with Bitcoin as a reward so as not to be tempted by the incentives of hacking.

 In this way, it is worth noting that the mechanism is constructed with a rational logic according to the sexually mysterious theory that is unlikely in the country. As a result, instead of thinking that crime and injustice should not occur, it is always possible, so the strategy is to take reasonable measures to prevent it.

Only then will the true value of technology be tested. As with previous encryption, it would be computationally reliable but in fact vulnerable. When it comes to cybersecurity, it varies from blockchain to blockchain, which presents a major challenge to the hiring organization. 

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