About the project
The team at BtcNews is comprised of some of the cryptocurrency and blockchain industry’s best and brightest. Each team member adheres to a strict set of journalistic principles and ethics in order to provide readers with only the highest-quality content.
We also all have a passion for injecting transparency and honesty into the cryptocurrency space. As such, we actively seek to identify disingenuous reporting, fishy ICOs, exit scams, and other non-transparent actions in a space meant to provide transparency.
Our mission is to create more economic freedom in the world
We define economic freedom as the ability to make choices with respect to one’s personal resources, unencumbered by trusted third parties or borders or lack of access. We believe economic freedom is the foundation of peace and prosperity, and by creating more of it for people, we are reducing suffering in the world. Our mission is to help everyone, everywhere be more economically free.
History of Blockchain and Cryptocurrencies
In 2008, Satoshi Nakamoto invented bitcoin, a peer-to-peer electronic cash system [4] and described blockchain the underpinning technology. Since then, bitcoin and blockchain have taken the world by storm and is hailed to be the answer for a perfect currency and financial system in the future. The issuance of bitcoins is by POW, a proof of work algorithm first proposed in 1993. By the algorithm, the issuance is reduced to the task of mining. This is an entirely new way of currency issuance. Gold mining is measured by human labor, whereas bitcoin mining is measured by computation power. The emergence of bitcoin and blockchain thus marked the beginning of the transition from a carbon-based civilization to a silicon-based civilization. A person tries to maximize their profit and wealth that is generally proportional to human labor. With currency being the main carrier of wealth can lead to different perceptions of money and wealth by the method of issuance of currency. Adopting the bitcoin method shifts our focus to computation power, for which there is still plenty of room for further advancement and innovation. The big open question here is that can we create a new world currency that can benefit (in terms of much-improved features and services) human as a whole in the long run? What currency issue rules should we adopt? Besides the traditional gold standard and then the current national credit standard, bitcoin and blockchain represent the third generation of currency issuance. Bitcoin is a kind of cryptocurrency, of which the ownership depends on a private key. Without the correct private key, there is no way to move bitcoins around, even if it is by means of law. This brings to us the notion of “absolutely private property”, for the first time in human history! Bitcoin is innovative in all IOF factors. Use IOF, For Facebook’s Libra, it is creative in money form and flow of money, leaving money issuance unchanged. Blockchain has the potential to provide us with much better solution in terms of IOF.
With blockchain, we put an end to the monopoly of government-issued currency. Blockchain will simplify the set of concepts revolving around financial services and the complexity of the IT system. With blockchain, we have cryptocurrency that is more stable and safer than any currency that has ever existed before. This is “monetary and financial freedom”!
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