If you’ve taken the time to look at this article, chances are that you have heard about Bitcoin at some time in the past. If you have never heard about bitcoin, please take the time out to read about it because it is currently making allot of investors, traders and miners quite a good amount of money, and at this point you have to be crazy to overlook it.
What Is Bitcoin?
Bitcoin is a new currency that is internet based, it was created in 2009 by an unknown person called Satoshi Nakamoto. Transactions are made with no middle men – meaning, no banks! There are no transaction fees and no need to give your real name. More merchants are beginning to accept them: You can buy webhosting services, pizza or even manicures.
What Is Cryptocurrency
If you read up on Bitcoin then you’ll come across the term cryptocurrency, this is simply a term used to refer to Bitcoin and other types of currencies very similar to bitcoin that are all based on the same technology that Bitcoin is based on, the blockchain technology. Examples of these are: Ethereum, Litecoin, Monero etc. Please note that the success of Bitcoin has lead to the creation of hundreds of other cryptocurrencies.
“A blockchain is a digitized, decentralized, public ledger of all cryptocurrency transactions. Constantly growing as ‘completed’ blocks (the most recent transactions) are recorded and added to it in chronological order, it allows market participants to keep track of digital currency transactions without central recordkeeping. Each node (a computer connected to the network) gets a copy of the blockchain, which is downloaded automatically.”
I Heard That Bitcoin Is Used By Criminals Online
This is true, Bitcoin for some time was and is still being used by persons across the world to buy and sell goods and services that they don’t want others to know about. While this might seem like a turn off to you, you need to understand that It is sad that most persons only know Bitcoin to be a currency used by individuals trying to hide from the law. Because Bitcoin is a decentralized currency (no banks are in control of it) it allows anyone to make transactions using the currency without leaving much of a trace of the transaction. This is the sole reason why mischievous persons love using bitcoin, but Bitcoin has been adopted by millions of people and is being used for various purposes, such as investing and trading.
Millions Of People Across The World Are Investing In Bitcoin and Other Cryptocurrencies.
As of November 2017 the price of a single Bitcoin has soared through the roof and it is expected to go ten times higher in the coming years. As seen in the chart below Bitcoin went from less than $1 USD when it went live in 2009 to over $8000 USD as of this writing, and analysts are predicting that it will only go higher over time.
This soar in the price of a Bitcoin has motivated literally hundreds of other companies to start businesses that are based on the core Bitcoin technology. This in turn has been attracting tons of investors as more and more persons are flocking towards these attractive investment opportunities.
These new companies create cryptocurrencies that are used in their Initial Coin Offering (ICO). Similar to IPO (initial public offering) ICOs are used like shares which you can buy if you are confident that a particular company will be successful. The beautiful thing about buying these coins offered by new companies that are using the blockchain technology is that you can easily trade the coins for Bitcoins and vise versa.
The Table Below Lists The Top Ten Cryptocurrencies as of Nov 19, 2017, you can head on over to coinmarketcap.com for the complete listing.
I’m hoping that you’ve seen the potential in investing and or trading cryptocurrentices, if you have then you can start by doing your own research on Bitcoin and other coins by visiting coinmarketcap.com where they are all listed.