All you need to know about the crypto currency, benefits, why the best time to get in it is now………
What is Bitcoin?
Bitcoin is a decentralized digital currency which can be transferred from one user to another on the peer-to-peer Bitcoin block chain network without a central bank or a middle man.
Created anonymously by Satoshi Nakamoto in 2009, Bitcoin (also known as BTC) does not exist in a physical form. There are currently 17.3 million Bitcoins in circulation and only 21 million Bitcoins will ever exist.
Benefits of Bitcoin
- Anonymous: Bitcoin allows you to anonymously send and receive money from anyone. It also enables buyers to purchase goods without having to divulge personal information.
- Global: irrespective of your location, Bitcoin has created an avenue for users to quickly transfer money worldwide without the bank’s crazy service charge.
- Stress-free: you can make transactions without the stress of currency conversions.
- Secure: every Bitcoin transaction on is recorded publicly on the block chain network and as such, it is impossible to copy or steal any Bitcoins. Since there the third party has been eliminated, your Bitcoins cannot be seized at any time. Once a transaction has been completed, it cannot be hacked by anyone.
As secure as Bitcoins are, remember that they can be stolen by thieves who hack into your Bitcoin wallet and transfer the funds.
- Investment: Just storing your Bitcoins in a wallet is enough of an investment and unlike money in a bank account; Bitcoin has a much higher daily appreciating value.
What is a bitcoin wallet? Download Wallet
A bitcoin wallet is a software program where your Bitcoins can be stored. These wallets protect the private key used to access your Bitcoin address and are used to carry out transactions like buying, selling and transfer. These wallets usually stored on your mobile, computer, on a website, or on hardware.
How to Acquire Bitcoin Install Cash App
- You buy Bitcoins using real money in any currency.
- You can sell and ask for payment in Bitcoins.
- You can mine Bitcoins.
What is Bitcoin Mining?
Bitcoin mining is a process of processing transactions on the Bitcoin block chain. It requires a very strong, fast and reliable internet connection, fast processors and specialized computers.
Miners secure the network and complete transactions by including them in a block. For this service, they are rewarded Bitcoin (currently 12.5btc) and this is how new Bitcoins are created.
Is this the right time to invest in Bitcoin?
The best time to buy Bitcoin was 10 years ago; the next best time to buy it is now. The Bitcoin value currently took a dip and with it being cheaper, it is much better to invest now than when the prices surge again.
If you had bought $1,000 worth of Bitcoin when it was worth $0.01 in 2009, you would be a billionaire now. While the market is more volatile than it used to be, it is never too late to invest in Bitcoin.
How to Make Money with Bitcoin
Start an online business that pays you every day in Bitcoin
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