Bitcoin!! 10 things you NEED TO KNOW about Cryptocurrency!! Bitcoin is a term that you are hearing more and more often lately and everybody has heard of at least one success story of somebody investing a small amount into it and becoming a millionaire seemingly overnight. The trouble is, though…can these stories be trusted? And…more to the point, what exactly is a bitcoin and what can you do with them?
Lucky for you, you don’t need to look any further because we are about to answer the key questions you might have about Bitcoin and Crypto-Currency. And, more importantly, you should be able to decide whether the investment plunge is right for you!
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Number 10: Where did Bitcoin come from?
Despite Bitcoin being so popular these days, it has surprisingly been around since 2009, but nobody knows for sure who created it.
All that is known is that the creator used the pseudonym Satoshi Nakamoto and then…he disappeared, leaving behind a fortune in bitcoin and the start of the world’s first online currency. Despite being around for nearly a decade, they suddenly burst onto everybody’s radar in 2013, following a massive increase in their value.
Part of what has made it increase in value is quite simple, as with any supply and demand chain, the greater the need for something, the higher the price becomes. Currently bitcoin is around 100,000 times more valuable today than they were back in 2010 and, as of 2018, they continue to grow in value.
Number 9: What is a bitcoin?
For this we need to start with the real basics to get you up to speed. A bitcoin is essentially a line of computer code that holds monetary value, these lines of code can be found just about anywhere, and are created by high performance computers, called miners…but more on those later.
Simply put, Bitcoin is an online currency; also known as a cryptocurrency, that holds essentially the same value anywhere in the world. Being an online currency there is no physical object that you can hold yet, once you own one, they can be sold by you for a profit or you can hold them in the hope that they raise in value, much like you would with gold coins or stocks.
One advantage of bitcoin is that it can be stored on your computers’ hard drive, offline, and away from potential hackers, online storage options are out there but there you always have the possibility of being hacked and having your hard-earned bitcoin taken from you.
That said, over 30 billion dollars in bitcoin is estimated to have been lost due to the owner forgetting their passwords or the hardware crashing, once this happens the bitcoin is lost forever and cannot be retrieved.
Number 8: Is Bitcoin safe?
This question has 2 answers and so I will break it up a bit.
First, with regards to your own safety in buying and selling bitcoin, essentially your safety does rely on your own spidey sense. In itself, bitcoin is safer than most other financial services and offers a high level of anonymity when doing business. This can work both in your favor and against you. On one side, you are relatively safe in that anybody you deal with has little more information that your pseudonym used in transactions…which makes it difficult for them to get any of your sensitive, personal information.
On the other hand…it works both ways. when working with somebody on a deal it’s always possible that they can take your money and disappear before giving you the required amount of bitcoin. Transactions should always be taken seriously and should only be done with a trusted source.
Second, as an investment, you need to use your own discretion. Bitcoin is considered a high-risk investment, in a volatile market, and the price can change at any time, it’s more a matter of how lucky you are feeling. Do your homework. And, if you feel like things are only going to get better then you could always take the risk…bearing in mind that it could always change on a moment’s notice.
Personally, I would recommend that you DON’T rely solely on what people or even brokers tell you, but do your own market research at the time of sale and purchase…just like with any other investment.
With all of this information in mind, as of early 2018, bitcoin has no sign of slowing and there are even reported cases of people selling their houses to buy into bitcoin.
Do with that information what you will.