The best way to make money is to go out and do it yourself.
Hey ChatGPT, Do you what Bitcoin is?
Yes, I am familiar with Bitcoin. Bitcoin is a decentralized digital currency that uses cryptography for security and is supported by a peer-to-peer network. It was created in 2009 by an unknown individual or group of individuals using the pseudonym Satoshi Nakamoto.
Bitcoin is based on a distributed ledger technology called the blockchain, which allows it to operate without the need for a central authority. Transactions are recorded in blocks, which are linked together in a chain. This chain of blocks is secured using complex mathematical algorithms, which makes it extremely difficult to alter the record of transactions.
Bitcoin can be used to send and receive payments over the internet, and it has attracted a lot of attention due to its potential to disrupt traditional financial systems. However, it has also been associated with criminal activities, and its value can be volatile.
Hidden Risks
Just to linger on the topic for a moment, Bitcoin, has another risk that does not get enough mention. Cryptography has a shelf life and eventually breaks, either via some discovery of a short path to crack a private key given a public key or collisions. Bitcoin uses SHA256 encryption which seems safe for now but, as with all hash algorithms, there is no closed form solution that shows it is watertight. It’s more along the lines of, well the last cryptographic code broke because of X,Y or Z, so lets beef the new one up to be stronger in those areas. But, someone might find a crack in SHA256 tomorrow, just like what happened for SHA-1 not too long ago From what I recall it was a university research project that broke it. Or looking at the second failure mode, when will brute force collision with a large number of private keys become possible and profitable, It’s only a matter of time. 256 bits is a lot a space to brute force through. But, computing power (Now multi threaded quantum computing too ) grows over time and large entities such as nation states with deep pockets could do something like this at some point in the not so distant future. Is this possible, who knows now, but someday it might.
There are known knowns, known unknowns and then the ones that get you when you least expect it, unknown unknowns and this risk clearly falls in that category.