Bitcoin

BTC/USD

Bitcoin is the worlds first cryptocurrency created by an anonymous man going by the name Satoshi Nakamoto in 2009. Bitcoin is what’s known as a decentralized digital currency, meaning it isn’t restricted to one central point as you have with traditional banks.

It’s a peer-to-peer which this means is that you no longer have a middle man. with Bitcoin you can send payments instantly worldwide to other users bitcoin wallets.
Bitcoin is created by miners and mining companies that use software to solve mathematical equations.

The advantages of using bitcoin are that it’s simple to set up a wallet to receive and send bitcoin without the need for verifying who are, like a bank would. Whilst some claim that it is anonymous the blockchain ledger is public so all bitcoin transactions are available for anyone to see, however linking someone to a particular address is the challenge, so game on! Catch me if you can mofo’s!

Bitcoin Summary

Bitcoin is the worlds first cryptocurrency created by an anonymous man going by the name Satoshi Nakamoto in 2009. Bitcoin is what’s known as a decentralized digital currency, meaning it isn’t restricted to one central point as you have with traditional banks.

It’s peer-to-peer which this means is that you no longer have a middle man, and you can send payments instantly worldwide to other users bitcoin wallets.
Bitcoin is created by miners and mining companies that use software to solve mathematical equations.

The advantages of using bitcoin are that it’s simple to set up a wallet to receive and send bitcoin without the need for verifying who are, like a bank would. Whilst some claim that it is anonymous the blockchain ledger is public so all bitcoin transactions are available for anyone to see, however linking someone to a particular address is the challenge, so game on! Catch me if you can mofo’s!

Pros to Bitcoin

  • Bitcoin is fast to send between users and the fees are much lower than traditional banks. This is particularly good for international payments where your bank will charge you a fixed fee, and then screw you on the exchange, bitcoin does not, it takes a small percentage that you will hardly notice.
  • If you’re tech savvy you can earn bitcoin from mining, if you’re sales minded you can earn bitcoin in the internet marketing sector.
  • If you’re a drug baron, your lucks in, the feds will struggle to cease your shit, so BOOM! However don’t end up like Russ Ulbricht from the Silk Road.
  • Growth of bitcoin is phenomenal, from its inception in 2009 it was worth a fraction of a cent, in 2017 it reached highs of $4500 per coin.
  • Bitcoin is the king, as the first original cryptocurrency it appears to be untouchable making it a solid and safe crypto investment.
  • Bitcoin transactions cannot be reversed, which protects businesses from chargebacks.
  • Bitcoin is still developing, and as the potential grows as should the value per coin

Cons to Bitcoin

  • Because of the high value of bitcoin wallets are often targeted by hackers so keep your bitcoins safe. Do not leave them in exchanges, and always add multi step authentication with apps like google authenticator or opt for a hard wallet like the Nano Ledger S.
  • Lack of understanding as a bitcoin user can leave you open to scams, higher than accepted fees on transfers and exchanges.
  • As with the pros, transactions are irreversible so make sure you only pay people you trust or companies that have a trust rating, once your coin is gone, it’s gone.
  • Not enough businesses accept bitcoin as payment yet.

Bitcoins Future

Bitcoin isn’t just for sending money from A to B their technology can be used for controlling fraud prevention as it offers an unprecedented level of security possibilities.
They can employ the use of smart contracts where multiple signatures are required which can be applied to dispute mediation and also crowdfunding. For more information visit the official bitcoin website at www.bitcoin.org

So should you Sit on your Bitcoin?

Bitcoin represents a good short and long term investment, it’s certainly worth holding some Bitcoin in your crypto portfolio, otherwise you’ll be left out in the cold.

Have you invested in Bitcoin? How would you rate it? Choose below

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