Since its birth in 2008, Bitcoin's taken the
world by storm. It is very amazing to see how its value is going higher and higher at a lighting speed.
Slowly but surely, Bitcoin is gaining momentum as a legitimate currency - and people are now starting to consider it as an investment - and as a viable alternative to cash!
It's changing the way businesses, governments, and regular people think about money.
Bitcoin is just like the new gold. It is just like the
oil for the Middle East.
But despite all its hype and potential, most people don't understand how Bitcoin really works… And how to make money from it. Many will never believe and keep calling it a scam.
And that presents a HUGE opportunity for fast-acting investors to get onto the Bitcoin revolution at the ground-floor, and hang on for life-changing profits!
What is bitcoin?
Bitcoin is right now the number one digital currency and the most famous. Bitcoin is like digital gold. There is a finite supply that can be ‘mined’ every year using sophisticated software. This is called blockchain technology, we'll go into more detail about blockchain in a future post.
Basically, virtual currencies like Bitcoin work in almost the same way as cash - in that you can buy, sell and invest with it.
BUT because it is a virtual currency, is it not bound to any one country's economy
and it makes paying for stuff online - anywhere in the world - quick, easy and almost anonymous - that's a huge deal.
And that is exactly why it's time for serious investors to get to know Bitcoin like the back of their hands.
a type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.
"bitcoin has become a hot commodity among speculators"
Bitcoin is a cryptocurrency and a digital payment system:3 invented by an unknown programmer, or a group of programmers, under the name Satoshi Nakamoto. It was released as open-source software in 2009.
The system is peer-to-peer, and transactions take place between users directly, without an intermediary.:4 These transactions are verified by network nodes and recorded in a public distributed ledger called the blockchain. Since the system works without a central repository or single administrator, bitcoin is called the first decentralized digital currency.:1
As of February 2015, over 100,000 merchants and vendors accept bitcoin as payment. According to a research produced by Cambridge University in 2017, there are 2.9 to 5.8 million unique users actively using a cryptocurrency wallet, most of them using bitcoin.[2
Bitcoin is new world currency revolution. It is an independent worldwide currency. It is a new concept for a new world. It is a peer to peer.
Bitcoin is a form of digital currency, created and held electronically. No one controls it. Bitcoins aren't printed, like dollars or euros – they're produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems.
Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.
Bitcoin is digital currency over the internet. Instead of reaching into your pocket or wallet for, quarters or dollars to pay for a product or service, you pay for them over the Internet. Bitcoin exists exclusively in cyberspace. Bitcoin users don’t write checks or use a credit card, and therefore bypass an intermediary such as a bank in any transaction. What were formerly in-person transactions, person-to-merchant transactions or merchant-to-merchant transactions are now enabled to become peer-to-peer transactions. Merchants who honor bitcoins benefit because they’re spared a fee which customarily runs between one and two percent.
Successive participants in bitcoin transactions are recorded in a public ledger known as a block chain. Each participant is prevented by block-chain software from altering previous bitcoin transactions in any way.
The benefits bitcoin offers through the elimination of the need for banks to clear funds are momentous. In fact, the use of bitcoin eliminates the need for any fund-clearing intermediary. The very nature of bitcoin software prohibits fraud or forgery. What’s more, a digital currency transaction provides a virtual guarantee of user privacy. Also, you need no longer concern yourself with the costs of maintaining a checking account or of returned checks.