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<strong>April</strong> 20<strong>21</strong><br />
THE VALLEY BUSINESS JOURNAL<br />
www.TheValleyBusinessJournal.com<br />
19<br />
Technology Trends: CryptoCurrency<br />
CONTINUED FROM PAGE 1<br />
Many of you reading this are probably<br />
asking yourselves a similar question:<br />
what is Bitcoin?<br />
Bitcoin is what is known as cryptocurrency.<br />
The concept is a relatively<br />
simple one, but the practical implementation<br />
is anything but. Essentially, the idea<br />
behind cryptocurrency is that it provides<br />
an anonymous method of payment for<br />
digital transactions.<br />
Computers generate Bitcoin by solving<br />
complex mathematical equations, a<br />
process called mining, by performing<br />
billions of these calculations. In the early<br />
days of Bitcoin, it was relatively simple<br />
to mine, but as more and more people<br />
started mining, and usage expanded, it<br />
takes longer and longer to mine.<br />
The algorithmic calculations used<br />
to generate Bitcoins become increasing<br />
complex as more Bitcoins are mined.<br />
Bitcoins are stored in a wallet—a 26-35<br />
character token that contains the value<br />
of your Bitcoins. The wallet is protected<br />
by a password generated by the owner.<br />
Utilizing the wallet and the password, the<br />
bitcoin value is accessible. Transactions<br />
can occur anonymously because transactions<br />
don’t revolve around accounts or<br />
systems that tie you to a particular wallet.<br />
The value of the bitcoin isn’t stored at<br />
any particular institution such as a bank.<br />
The anonymity built into Bitcoin was<br />
the chief aspect of the cryptocurrency.<br />
This has many regulators and members<br />
of law enforcement worried. By allowing<br />
online transactions to be entirely<br />
anonymous, this line of reasoning holds,<br />
facilitates illegal activity. Although this<br />
may be an unpreventable consequence<br />
of Bitcoin, its proponents argue that this<br />
is merely a byproduct of cryptocurrency,<br />
much the same way that physical currency<br />
can be used for illegal activity.<br />
Recently however, new concerns<br />
have risen concerning cryptocurrency,<br />
and Bitcoin specifically- runaway speculation.<br />
The value of Bitcoin has risen tremendously<br />
in its short history. In July of<br />
2010, one Bitcoin was worth approximately<br />
$0.08. On December 15th, 2017,<br />
one Bitcoin was worth $17,500. As of<br />
this article’s writing, the value is over<br />
$56,000, however it has swung tens<br />
of thousands of dollars in as little as a<br />
month. This seemingly runaway speculation<br />
has many of the hallmarks of the<br />
DotCom Bubble of the 1990s.<br />
If you are interested in learning<br />
more about Bitcoin or cryptocurrency<br />
in general, the potential for investment,<br />
and what can be purchased with cryptocurrency—it<br />
is exceedingly important to<br />
be informed.<br />
Bitcoin and other cryptocurrency<br />
is still in its infancy; the savvy business<br />
owner would do well to make an<br />
informed, and cautious decision about<br />
whether to begin investing in or accepting<br />
Bitcoin.<br />
Mythos Technology is an IT consulting<br />
and management firm that provides Managed<br />
Services including hosted cloud<br />
solutions. For more information, please<br />
visit www.mythostech.com or call (951)<br />
813-2672.<br />
TECHNOLOGY<br />
by<br />
by<br />
James<br />
Steve<br />
Laszko<br />
Fillingim<br />
MYTHOSTECH.COM<br />
“<br />
Many of you reading this are probably asking<br />
yourselves a similar question:<br />
what is Bitcoin?<br />
Bitcoin is what is known as cryptocurrency.<br />
The concept is a relatively simple one,<br />
but the practical implementation is<br />
anything but.