New to Bitcoin? Here’s a quick intro.
Bitcoin is more than just a new internet craze — in fact, it’s not new at all. It represents the evolution of money as we know it, creating millionaires out of people who were smart enough to pursue it while naysayers claimed it a trend.
But the good news is that there is still plenty of money left on the table, even after almost a decade since it’s humble introduction. Most people don’t try to understand for two reasons.
- Fear — “What if I get into this and it doesn’t pan out? I’ll have wasted my money and have nothing to show for it. Even though I play the lottery and dabble in the stock market from time-to-time, I think it’s best for me to avoid trying out trading cryptocurrency.”
2. Lack of Understanding — “This looks way too confusing for me. Bitcoin? Blockchain? Altcoins? The stock market is so much similar. I’ll let you internet junkies latch onto this and I’ll just wait it out.”
If you’re able to get past these cancerous states of mind, you’ll find a vast field of opportunity that can enable you to change your life. All you have to do is step back, believe, and implement.
Before you can do that, you have to be able to understand what Bitcoin is. Of course you can Google the term and check out one of the thousands of pages explaining it, but you’ll run into a problem — the language utilized by most sites is confusing. It contributes to people refraining from giving it a shot.
We know a thing or two about Bitcoin. We’re going to explain it to you so you know what’s really going on, throw in a couple of GIFs, and you’ll leave here today ready to give Bitcoin a go if it’s all good.
Are you ready? Let’s dive in.
Bitcoin is digital money. Internet cash. Web bucks. Whatever you want to call it. It can be traced back to its first mention in 1998 by Wei Dai in an early version of the internet. Dai talked about creating a form of currency that wasn’t run by one person, but a program instead. A mysterious person (or group) named Satoshi Nakamoto released the first version in 2009. He left the project in 2010 and is estimated to have over $4 billion in Bitcoins.
Here’s how it works.
They can be bought on both Coinbase.com and Gemini.com and these are the safest websites to use. Any transaction involving the cryptocurrency appears on a public ledger called the Blockchain where people can see every transaction that’s ever happened.
Of course it’s more complicated than that, but as a buyer that’s all you need to really know.
Check out this graphic with some additional information.
Does it make any more sense?
Your Bitcoins that your purchase go into a virtual wallet. Once inside, you’re free to sell them or use them to buy into different alt coins, that which would be another article within itself.
Now that you’ve got the gist, tune in tomorrow and we’ll delve into what makes Bitcoin tick.