Bitcoin — what is it? What are the origins of this digital currency? Why use it? That’s a lot to think about… Let me show you the truth! I am not trying to sell something here but to tell you that a certain type of business or person will never be in control of its clients and their money, they cannot make people do whatever they want with your clients money without you, which is exactly what Bitcoin is giving us right now. So let’s get into this topic with all my eyes on it and my mind open to see if we can find a real solution to some problems and if Bitcoin can be one such solution and will it really bring us much more good things than bad things? Yes! My answer is a definite positive!
Let's start with what Bitcoin is NOTHING at all, it's just an anonymous cryptocurrency. You have all these bitcoins out there, millions of them. In 2015, Satoshi Nakamoto published the first bitcoin white paper and he said "Bitcoin should be viewed as a substitute for cash, a medium of exchange, a store of value, a unit of account, a way to pay for anything online, a new electronic wallet, a secure store, a network of computers and other devices, a database, or a system that anybody can join.”
The next few years we were able to create several cryptocurrencies, like Litecoin, Ripple, etc. The term “Bitcoin” was born from two words: Blockchain (the blockchain) and Bitcoins (the internet money). No human has ever created bitcoin itself. But when Bitcoin was released at the end of August 2008 by Gavin Lovejoy (the founder), it was called “Bitcoin 1.0." One hundred thousand new Bitcoins were created every minute. By January 2013, bitcoin had been declared legal tender by many countries. And with Bitcoin, no single person or organization could stop anyone from making changes to your bitcoin balance. They could not transfer your cash to another person's bank account, a company could not send a gift to someone else without permission, nor could they buy or sell bitcoin. However, since then, there are now millions of Bitcoin owners around the world, all across the globe Bitcoin trading sites allow users to trade thousands of bitcoins every day.
So why would you need Bitcoin. Well, we all have our own reasons. We have come up with different types of benefits from Bitcoin. It solves so many problems, it helps keep financial records safe, it helps protect against identity theft, it makes life easier by reducing administrative costs, it gives you extra security and privacy, it removes transaction fees, and because it’s completely decentralized it lets you choose the type of currency you want to spend your money on. Soo why you 'want' too use Bitcoin? Don't worry about earning Bitcoin, do it at your leisure, work on your dreams and goals, live by my words!
So what is Bitcoin? How does it work? All this to say that the amount of Bitcoins in circulation worldwide is capped at 21 million. There are also 2 million Bitcoins that haven’t been used yet. As of the 24th of March 2018, there are 12.9 million Bitcoins in circulation. Each Bitcoin accounts for 1/8th of all payments made globally. There are 5 millions of Bitcoin ATMs in the US and 3 million more outside the borders. It’s very easy to mine Bitcoins, you can take any amount that you like to buy it. This is to say that mining Bitcoin is relatively cheap and if done at home, you won’t need to work hard to become rich, you just need to go to a local mall and buy a $100 bill which contains 4 Bitcoins. If you have a computer, you can install a software program called a crypto miner (or simply download or purchase crypto miners for free). With the crypto miner, you can make an update to the Bitcoin app, change your settings and let it run in the background, you’ll never know when the machine will restart again. Then, after everything has been setup, you’re ready to go. Here’s a simple example:
First, set up your payment method.
Use Bitcoin as your method of payments.
Now, sign up and complete the registration process. Wait for the password to confirm.
Now enter a captcha and you’re ready to go. The program will scan your QR code, check whether you’ve entered correctly and give you access to the Bitcoin app. After entering an email address or a phone number, you will receive a confirmation message, read it carefully, click the green button and voila!
You can connect via mobile phone or tablet. Or if you don’t have either, you can download a desktop application like AppyBitmoji. This is a desktop-based application where you can manage your bitcoin holdings, transfer funds, and more. There is even an option where you can select your destination country, add more currencies, and make purchases on different banks across the United States. If you want to take advantage of all the services above, you can visit their website and explore all of the features and options.
So what is Bitcoin worth? For me, it will always depend on the price market and how well everyone wants to invest in it. To start with, the lowest value Bitcoin has is $7. So if you’re willing to wait until $8 or even higher for an opportunity, you can probably make a profit. But who knows how high it would reach and how much longer it might last… At least they are looking, right?
So there you have it! I hope you found an interesting topic and have learned something or enjoyed reading. Do you agree with me? Maybe!