Learn these 10 things about Bitcoin to fast-track your understanding and you will jump the first hurdle towards many opportunities. Take a deep breath, soak this in and get ready to absorb the simplest concepts about Bitcoin.
1. Bitcoin was invented in 2009
A man named Satoshi Nakamoto designed Bitcoin but has kept his identity private. Nobody knows who he is. Bitcoin was the 7th attempt to create a digital currency & it finally had relevance due to its features.
2. Bitcoin is built on blockchain technology
Blockchain technology is a ledger that uses encryption to tie transactions together over time. The Bitcoin Blockchain is copied to computers all over the world with transparent and redundant copies to verify with each other.
3. Bitcoin Can Be Bought Many Ways
You can buy Bitcoin at specific ATM’s, Brokers, online exchanges or from friends & acquaintances.
4. You Don’t Have to Buy A Whole Bitcoin
You can buy small fractions of Bitcoin which are broken down into portions called “Satoshis”, named after the inventor Satoshi Nakamoto.
5. Bitcoin is limited to have only a certain amount created
Bitcoin is programmed so that there can only be 21 Million Bitcoins. After that, there will be no more Bitcoin created in its blockchain.
6. There are many types of digital wallets you can hold Bitcoin in and spend from
You can hold Bitcoin in digital wallets or apps called wallets on your cell phone, on your personal computer, or on digital offline USB devices.
7. Bitcoin is created through a process called “Bitcoin Mining”
Bitcoin mining is a process where computers are used to perform complicated mathematical calculations, which provides rewards in Bitcoin or BTC. Transaction confirmations are made with Bitcoin servers hosted by people all over the world. This acts just like a server at a bank.
8. Bitcoin is a Decentralized Peer to Peer Payment Network
Bitcoin is not owned by any bank or organization. It is decentralized so that it cannot be controlled or exploited. Bitcoin lives in the hands of people like you and I.
9. Banks & Governments Are Afraid of Bitcoin
Banks and Governments don’t particularly like Bitcoin or Cryptocurrency due to the fact that it is decentralized, and they are unsure of how it will affect the finance industry. They typically don’t know much about cryptocurrency but are quickly learning and adopting many types of crypto. Banks are updating their risk policies right now and governments are establishing regulation to allow for freedom of use with cryptocurrencies.
10. Bitcoin has inspired many other cryptocurrencies to be created.
There are over 1500 cryptocurrencies. Many have little value. Many have a very large value and the potential to benefit many industries with blockchain technology.
Many people in the world will comment “I’ve heard about Bitcoin”, and now you know a few things about it. Bitcoin and cryptocurrency are very easy to understand on the surface. You can use them in many ways without digging too deeply.
This list was edited and collaborated on with Bitcoininvestments.ca. We are very pleased to be working with them to help educate everybody about cryptocurrencies. We encourage you to learn more at a local meetup hosted by Bitcoin Investments!
Follow this link to attend a FREE workshop held weekly on thursdays! https://www.meetup.com/BitCoin-Workshops-Learn-to-Buy-Sell-Trade-Hold-Mine/
by Ross Macdonald – Copyright CryptoCulture Magazine Inc. 2018