After some thoughts about something recent, I have been wondering quite a bit (pun intended) about the #Bitcoin mining thing as well as bitcoin itself. Those who know me and know of my problems with technology I am sure such would be a surprise of me wondering about the bitcoin aspect, however you also know my thoughts go in whichever direction my thoughts go; the same for feelings, and etcetera. Myself thinking about #cryptocurrency I would guesstimate to some, might be a bit odd.
I admit, it has been an odd thought process wondering about such and pondering why I would continue thinking about such; however sometimes my feelings have weird oddities, which seem to continue until the feelings are verified in various aspects. Usually the preference for me is of through other people clarifying the verifiable aspects, however there have been multiple times where such has not always been so readily available to me. Then again I also prefer to discuss things with people in comparison to not, though during this point of time which hopefully gets better sooner and quicker correctly; I have been thinking quite a bit, about such.
I admit it has been an oddity for myself to think and ponder about various aspects of the Bitcoin of which some questions for myself were in reference of wondering why my #bank would not allow such a transaction, as well as why the #FederalReserve would not be a part of the Bitcoin aspects; which in certain regards now, makes sense to me. Though it has only been a few weeks of thinking about this particular aspect while doing other things in my daily life and thinking about various other topics, the points of the aspects of the why in reference to Bitcoin has been something I have wondered about continuously; as well as some other cryptocurrencies that are similar in certain references, though not exactly the same thing. This morning while assisting my memory to recall what today is while preparing and drinking my coffee to assist such because of how coffee helps me more-so than just in reference of my headaches and migraines though is also assistive to helping me to remember important aspects of the day well beyond the aspects of growing up drinking coffee as well as after each #SCUBA Dive including the #Vandenberg #SCUBA Dive, which as a side note I could not drink when I was in #Washington state nearly as often as the smell and taste of coffee actually caused my stomach to churn worse than the pain I was already dealing with additional to the electrical aspects; however the assistance to my memory with the help from my #tattoos was and is necessary in a multitude of ways for such both before though mainly after my Psalm Sunday 2000 head injury to help remember the before, including after SCUBA Diving training. Nonetheless the points of which my thoughts of wonder about Bitcoin and the mining thereof, has been a small thought which I have been thinking about for a few lately.
After reading a few articles on Bitcoin and wondering what could the problems be in regards of such, it dawned on me. The banks and the Federal #Reserve might not support Bitcoin because of the lack of money actually involved, whereas the banks and the Federal Reserve do not only work with money itself. They work with #gold, #silver, #copper, other #metals, #precious #stones, semi-previous stones, and etcetera; whereas Bitcoin the the crypto-currency is only numbers, and there is nothing physically tangent in regards of those numbers, until the Bitcoin numbers are utilized for transactions. There is no #interest which can be added, and thus no increase in value. As banks and the Federal Reserve have a physical aspect which they can track, regulate, modify as necessary, and protect such assets; there is no way to protect and monitor numbers, especially the aspects of algorithms. The equal aspect to look at would be similar to attempting to monitor the exact same way the banks do finances by whichever aspects and means, to the algorithms in reference of social media; which is obviously only one aspect thereof, and can only be predicted to a certain level and degree.
Thus I wonder if the reasons beyond the aspects of Bitcoin and the like not being similar to the bank system the same way in reference of the Federal Reserve, then the question also arises if the mining aspect which banks and the Federal Reserve were able to learn about; are another reason why such do not support the Bitcoin aspects, because they have seen the problems in reference of identity theft and the criminal actions thereafter. What happens if the Bitcoin is stolen out of an account, or multiple people's accounts? Who does someone contact to get the Bitcoins, back? What if someone were to hack into the Bitcoin and/or a person's Bitcoin account, and took all of the Bitcoin? What does the mining information that has been collected do to protect, or does that only maintain the Bitcoin for the miners? What if the algorithm changes and does something which the original creator cannot get into their account, or what if a customer cannot get into their account because of their computer being hacked and the information to the password taken? What if what #ElonMusk and others in technology companies have discussed about Artificial Intelligence takes over as a concern possibly hoping that if such happens someone with ethics and morals winds up in charge of that in comparison, and they cannot access their Bitcoin any further? What if the Artificial Intelligence to store passwords redoes the information within the algorithms of, and instead of allowing the ability to get into the accounts; people are locked out of the accounts, because of the computer generated passwords? Is there a reset button to fix and repair that, or is that only up to that one person? What if whoever created the Bitcoin has something happen and they themselves cannot get into their own Bitcoin account, and then they themselves lose their own Bitcoins? Then, what?
Those are only a few of the questions I have been trying to figure out which words were ideal while doing the other aspects of what I have needed to take care of and what I have needed to do, in reference of such. I know I cannot be the only person who has wondered such, as I guesstimate that is possibly why the banks and the Federal Reserve do not support the Bitcoin in the same ways; though I cannot answer those particular aspects, as that is beyond my technology understanding.
Since the algorithms of various companies have been brought into question by others and the owners of certain companies have had to go before the House of #Congress and the House of #Senate in the United States of America to answer about multiple technology questions thus I wonder, is there going to be a questioning of the Bitcoin company of some and/or more of these questions? Or does the Federal Reserve or a different group, ask those questions?