Bitcoin (BTC) is a cryptocurrency that is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. The strong technology behind Bitcoin is known as blockchain.
When most people hear about digital currencies or bitcoin, most get scared because they don’t completely know how bitcoin or these digital currencies work. While many of these digital currencies strive to accomplish different outcomes, they all have one goal — to democratize and decentralize the financial system.
How does Bitcoin (BTC) Work?
Each bitcoin is stored on what’s called a digital wallet on a smartphone or computer, you’ve probably already heard of these applications, like, Coinbase, Gemini, Binance (largest), HitBTC, Ledger, Trezor, Blockchain.com and more.
Every single transaction is recorded in a public list called a blockchain and can people send transactions to each other through the digital wallet. Since you can not refund Bitcoins or other digital currencies, blockchain prevents people from making copies or undo-ing transactions.
How can you get Bitcoin (BTC)
There are three ways you can get a hold of some Bitcoins (BTC)
- Buy bitcoin using real money
- Sell things and get paid in bitcoin
- Mine bitcoin using a powerful computer setup
It would be way easier and faster to buy bitcoin or get paid in bitcoin.
Bitcoin (BTC)’s Creation
No one knows who created Bitcoin as the creators decided to remain anonymous, the only thing we know about the creator is that they used the name ‘Satoshi Nakamoto’ according to bitcoin’s whitepaper which I highly suggest you read.
While Bitcoin is not anonymous as people may think, it’s very pseudonymous and transparent because it can actually be very easy to track since transactions and data are publicly available for everyone to see.
The creator also developed Bitcoin so you can’t inflate or print more so bitcoin has a stable supply.
Here’s a quick overview of how mining works which is vital to the bitcoin network
Bitcoin (BTC) as an Enterprise solution?
As bitcoin grew, it paved way for blockchain to be used as an enterprise solution, many big businesses and banks are utilizing the power of blockchain technology. Many of these enterprises are using Ethereum (ETH) and XRP which could make ample room for Bitcoin adoption.
Should you buy Bitcoin (BTC) in 2020?
Yes, you absolutely should, but remember this isn’t financial advice and I am not responsible for anything that happens with your money.
Even veteran trader Mark Yusko agrees to buy Bitcoin (BTC) every chance you get. and I definitely agree with him.
Bitcoin is currently changing the way we use money, like how Uber changed the cab industry and like how Airbnb changed the rental industry and also like how WeWork changed the co-working industry.
There is one more revolutionary change about to occur and it’s with money. Money is now entering what I call the Cashless Digital Society and it will change our entire financial system — it’s already happening.
In this Digital Age, everything will be digital and powered by technologies you’ve never imagined. South Korea, Sweden & China has already gone cashless and this time the Cashless Digital Society is coming to America.
While Bitcoin will pioneer the digital society it would be smart to get in on this profitable technology before every one else.
So do you own research, educate yourself and only invest what you can afford to lose.
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