GIST: What everybody ought to know about the famous Bitcoin!
Bitcoin was the world’s first cryptocurrency which was founded by the mysterious Satoshi Nakamoto in 2009. Although the bitcoin network has never been controlled by Satoshi or anyone else, the bitcoin is designed to run by a decentralized network of computers around the world. Bitcoin is powerful because it’s decentralized, deflationary, and open source.
Price of Bitcoin
Many people first heard about bitcoin because of its price movements. You may have read headlines about bitcoin crossing $1,000 or $10,000 for the first time, for example. Bitcoin’s price movements are very unique and they are known for it.
It’s a common misconception that bitcoin’s price is based on “nothing”. That’s simply not true. Bitcoin’s value comes from supply and demand. Demand is based on the technological innovation behind bitcoin and its usability as a currency. Supply, meanwhile, is fixed at 21 million bitcoins. As demand increases and supply stays stationary, the price of bitcoin will inevitably rise. It’s basic economics.
Bitcoin Wallets
It is not possible to buy a bitcoin until you have a place to store it. Bitcoin wallets do not technically store bitcoins. Instead, bitcoin wallets store both the private keys and public keys that you use to claim bitcoins on the bitcoin blockchain. Your private keys give you authorization to access your bitcoin funds. As long as you remain in control of your private keys, nobody — not a bank or a government — can take your bitcoin from you.
There are online wallets, software wallets, hardware wallets etc.
How Bitcoin Transactions Work?
Making a bitcoin transaction is easy, although the technology behind a bitcoin transaction is much more complex. Making a bitcoin transaction requires a global network of computers to solve a complex mathematical problem. The first computer to solve that problem correctly gets rewarded in the form of bitcoin. Then, that computer adds the new block to the bitcoin blockchain. The bitcoin blockchain contains every transaction ever made in the history of bitcoin — from the very first transaction to mysterious transactions worth over $100 million.
How to buy and earn Bitcoin today?
There are many options available to buy Bitcoin today. You can exchange bitcoin for cash with someone within the city. It is possible to even purchase bitcoin via bank transfer from an exchange. You can use your credit card, PayPal, or even a gift card to purchase bitcoin. Today, there are more ways to buy bitcoin than ever before, which means there’s never been a better time to participate in the bitcoin economy.
How to spend Bitcoin?
The entire point of bitcoin is to spend bitcoin on real-world goods and services. You can spend bitcoin at online merchants, for example, or at real-world merchants at your local mall. Today, hundreds of thousands of retailers worldwide accept bitcoin. Plus, if you load your bitcoins onto a prepaid debit card or credit card, you can spend your bitcoins at 50 million+ retailers around the world — including anywhere VISA or MasterCard are accepted.
Taking the Next Step?
Now, you’re equipped to dip your toe into the world of bitcoin. You can buy and retain bitcoin as an investment, for example. Or, you can use bitcoin to transfer money worldwide — like to send money to your kith and kins without hidden fees.
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