Classification Essay for Class: Bitcoin Community

Why should you acquire Internet’s gold. Nowadays, we use money for everything, but do we really know what money is? Money is a currency in which it can be used as a medium of exchange. Bitcoin is a decentralized digital currency that works from person to person without a third entity or bank; this technology works around the world where ever the internet is. In other words, the bitcoin user is in control of his own money. The bitcoin community can be classified in three parts: miners, daily users, and blockchain technology enthusiasts.

What is a bitcoin miner? A bitcoin miner is a user that uses his computer power to complete math algorithms and complete blockchain transactions. The miner runs his computer twenty-four hours a day in order to complete these math algorithms. Each fifteen minutes there is a block in where there are a lot of bitcoin transactions, these transactions are encrypted with a high end security password, and all these miners crack the password to confirm all the transactions in the block. After solving the block, all the bitcoin miners get rewarded in bitcoin. Miners either mine with their own electricity power at home or use a cloud mining service to save the high electricity bills that the hardware will produce. Nowadays, the bitcoin mining difficulty is very high, bitcoin miners cannot profit from mining at home, because they will pay more in electricity bills than what they will get in bitcoin. Otherwise, there are miners that still mine, because they love the technology and some others have accepted that they are addicted to mining bitcoin.

The daily bitcoin user loves being in this technical world reading news and getting ready for the next big thing. Setting up an alarm for five AM in the morning to sell coins at a high price, make a profit, and buy at a low price later on the day. Daily users day trade with different cryptocurrencies called altcoins, these altcoins can be exchanged with bitcoin. Daily users are always looking for the profit of the day. In the other hand, some use Bitcoin to buy illegal items at the Deep Web, because bitcoin is anonymous. Most users see Bitcoin as an investment, there are employees that invest more than fifty percent of their paychecks to buy bitcoin. Bitcoin users are tech-savvy and are very well entertained in the bitcoin world.

Blockchain enthusiasts believe that in the near future everything will be backed up by a blockchain. The blockchain is a record of transactions. What is so special about the blockchain is that it can be used from recording medical prescriptions, from tracking inventory on a business, from making a new type of presidential election system, all the way to anything anyone can ever imagine, this blockchain can be applied to. Blockchain technology is been used in different companies to simplify their business and track everything they need to track. It can secure anything that is needed for life. Every day blockchain enthusiasts release projects that are powered by the blockchain. This unique technology keeps their enthusiasts working, creating, and innovating.

I believe in the bitcoin community. It’s incredible all the infinite possibilities that this amazing world brings to us. This coin represents life to me. A good explanation of Bitcoin from me is: “Bitcoin is the sun and the other cryptocurrencies are the planets.”. I am a daily user that day trades, mines Bitcoin and other cryptocurrencies. I am always active and getting ready for the next big thing. Bitcoin never gets boring, I always have something new to do. I am building my own company on Bitcoin, I have the company perfectly minded in a business plan, and I’m ready to bring it forward. Bitcoin will and is revolutionizing the world.