What is Bitcoin?
- Basically Bitcoin is a cryptocurrency and worldwide payment system sort of like stocks.
- Where people get lost or confused is in thinking that Bitcoin or any of the 1000s of other “coins” out there like Litecoin or Ethereum or Electroneum are that much different from stocks or bonds or dollars or anything else that people invest their money into…
Do you want to know how to buy Bitcoins online?
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So then, what is Bitcoin all about?
Well think of it this way, Bitcoin is just one of the many stocks like say Google…
Each of those stocks has a price that goes up and down all the time. Now let’s say you have 1 share of Google at around current price of $1000 and you wanted to buy a cup of coffee for $5.
You could give the merchant a small percentage of your 1 share of google, now you have .9994 of 1 share…
As the price goes up so does your purchasing power for each share or Bitcoin you own.
So is Bitcoin a good investment? You’ll have to do your own research on that.
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On August 18 2008, the domain name “bitcoin.org” was registered…
A guy who no one knows or can find named Satoshi Nakamoto authored a paper and sent out a link for it titled:
Bitcoin: A Peer-to-Peer Electronic Cash System and posted to a cryptography mailing list.
Who started Bitcoin?
Satoshi Nakamoto mined the first ever block on the chain, known as the genesis block.
Embedded in the coinbase of this block was the following text:
The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.
This note has been interpreted as both a time stamp of the genesis date and a derisive comment on the instability caused by fractional-reserve banking…
One of the first supporters, adopters, and contributors to Bitcoin was the receiver of the first Bitcoin transaction, a guy name Hal Finney.
Finney downloaded the bitcoin software the day it was released, and received 10 Bitcoins from Nakamoto in the word’s first Bitcoin transaction.
Nakamoto is estimated to have mined 1 million Bitcoins in the early days.
How to mine Bitcoins?
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On 1 August 2017, a hard fork of Bitcoin was created, known as Bitcoin Cash.
How is Bitcoin Cash different?
Bitcoin Cash has a larger blocksize limit and had an identical blockchain at the time of the fork.
On 12 November another hard fork, Bitcoin Gold, was created. Bitcoin Gold changes the proof-of-work algorithm used in mining.
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Is buying Bitcoins a hedge against hyper inflation?
Bitcoin and other coins seem to be a good play against hyper inflation if you can get in front of the waves.
The hardest part for most people is just getting their head around everything since Bitcoin is like learning a whole new language.
Think if you had to explain to someone how the stock market works, there are all these different names worth different prices and they go up, sometimes way way up and sometimes all the way down to nothing at all.
And there are different exchanges and some are worth a whole lot and some barely less than a penny.
There are lots of products and places that can help someone learn as much as they want about Bitcoin or anything really for that matter.
Do your research and learn more about using your Bitcoin Brain.
Thanks for reading and hope you enjoyed and found this article entertaining because it is meant to be entertainment for your benefit.