Technology has helped us reach new frontiers. E-commerce has exponentially grown because of the advancement of technology. Is digital currency next in line for a huge growth? Bitcoin is a very popular topic of discussion among tech and economic peers. What makes Bitcoin a modern-day mystery and a ground-breaking innovation is that no one knows who actually created it, not many understand the process of how it works, and what its future will be.
What is Bitcoin?
Bitcoin is a cryptocurrency, which is a digital form of assets working as a medium of exchange. Cryptocurrency is accepted as a form of currency. There are few major companies like Overstock and eBay that accept Bitcoin as payment, because of its unknown not many major companies are currently accepting it as payment. Bitcoin isn’t the only type of cryptocurrency. There are several other cryptocurrencies which are Ethereum, Litecoin, Monero.
How does it work?
What makes Bitcoin so interesting is how it works. Imagine having a dollar in your pocket. Do you know where that dollar has been or where it came from? With Bitcoin, all of that information is available and closely monitored. Bitcoins exist on what is called a block chain. The block chain is a “file” or ledger of all the transactions where the Bitcoin has been. Imagine knowing where your dollar has been all the way from the printing press and being able to verify authentication. It’s a little more complex, Bitcoin essentially eliminates the middleman-which are banks-making it one of the reasons it is so controversial.
How did it start?
No one really knows who invented Bitcoin! Somebody using the alias Satoshi Nakamoto is credited with creating/mining the first Bitcoin in 2008. To this day the person has not been identified; some even believe it’s a group. Others have tried to take the credit of creating Bitcoin, but have been debunked. Other than a few clues here and there, not much is known of Satoshi Nakamoto. The algorithm Satoshi created only allows for 21 million bitcoins to be mined by the year 2140. Back in 2012 the price of Bitcoin was $12. As of today, it’s worth nearly $7000 per Bitcoin! The value is anticipated to only increase as time goes on.
Cons of Bitcoin
One of the biggest issues surrounding Bitcoin is that since it’s difficult to explain its origin and use, there’s a lot of mistrust and misinformation. There have been groups that create “savings and trust funds” with bitcoin and end up being Ponzi schemes or fake “wallets”. Wallets are mostly used to store, send and receive Bitcoins. Another factor is the intimidation of it. The method of sending and receiving isn’t complicated for savvy computer users, but for the average computer users all those numbers and letters attached to the bitcoin seems intimidating. The price of Bitcoin is volatile. Recently is has been an advantage for owners of Bitcoin because of the rise of the price. For more information, we recommend the very interesting Netflix documentary “Banking on Bitcoin.” What do you think of cryptocurrency? Do you think it’s the future of all commerce?
eSports is becoming one of highest growing markets in the sports world. ESPN has its own section on their website dedicated to eSports. Who could’ve imagined 20 years ago that playing video games could become as successful as being a professional athlete. Superstars in eSports make millions comparable to athletes in basketball, football, and baseball. There are Madison Square sized stadiums jam packed during a playoff game. Al of this has us wondering: is eSports the future of ALL sports?
Okay back up-so what is eSports? In layman’s terms, eSports consists of professional video game players competing in teams or individually against each other in a league. The winners of these leagues win prizes, most of the time the prize being money. eSports athletes not only make money like other professional athletes, they also receive sponsorships like them too. The arenas are capable of filling thousands upon thousands of people, one would think they’re at a football game by the size of the crowds in the arena. Tickets to these events cost upward of $99.
So is this the future?, Well, the U.S. government already recognizes the gamers as professional athletes. In 2013, the U.S. allowed the gamers to receive visas and same traveling privileges as other athletes so they can compete internationally. In the 2016 closing ceremonies for the Olympics, they showed a brief teaser video of Mario and the legendary Pac-Man for the 2020 Tokyo Olympics. It’s interesting because although it’s a long shot, the Olympic committee has looked into considering eSports as an event for the Paris Olympic Games in 2024.
The future of sports is changing in front of our very eyes. eSports is drastically growing and the advancement of technology is only going to catapult it even quicker to the mainstream. Major corporations and groups are identifying them as professional athletes. It’s only a matter of time before we starting cheering on for our favorite eSport player.