All you need to know about bitcoin

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Bitcoin is a cryptocurrency based on the blockchain technology. It is the most popular cryptocurrency and the one with the highest value among all other cryptocurrencies. To understand more about bitcoin, read every bit of this article.

In the year 2009, bitcoin was launched by a man called Satoshi Nakamoto. The primary goal of this man was to create a new electronic cash system which would be decentralized without any server or central authority. This implies that, as a digital currency, bitcoin does not require any authorization in its transactions. No one controls it.

It is this decentralization that has seen bitcoin’s popularity rise to an all-time high. There are many reasons why people use bitcoins for transactions, all thanks to the fact that it is not controlled. Let us look at some of these reasons:

•    Fast transactions

Transactions carried out on this platform are confirmed faster than when doe through financial institutions such as banks. Unlike banks where you have to wait for over 72 hours for a transaction to be

•    Security and privacy

No single investor would wish to see his details scattered all over. This is the reason why most of them are turning to bitcoin. On this technology, the names of both the sender and receiver are kept private. It is not possible to trace who send the money or where the money was sent from. The only record that can be seen is the amount of money sent for purposes of record-keeping.

•    Unlimited investment opportunities

The launch of blockchain technology has seen the world reduced into a global village. This implies that now anyone is free to invest anywhere, even in countries you can only dream of. With the launch of bitcoin ICOs, people are free to spend and earn high returns each year.

The reasons why this coin is the best are unlimited. Perhaps if you haven’t invested in it yet, it is time you tried.

2017 was the year when the popularity of bitcoin went real high. This was seen by the price, going way above the anticipated mark. With a value of over $7000, bitcoin was the highest-valued coin in the world.

Bitcoin statistics

Name Bitcoin
Ticker symbol BTC
Initial release 9th January 2009
Latest release 26th February 2018
Hash function SHA-256
Block time 10 minutes
Supply limit $21,000,000
Market cap $147.8 billion (March 24th 2018)
Founder Satoshi Nakamoto
Technology Blockchain

 

How to get bitcoins

Getting bitcoins is an easy task. You can either buy them from others are mine them. If you choose to buy bitcoins, which is by far the easiest thing, then follow the following steps:

Step 1: Create a bitcoin wallet

You need a verifiable email address for this step.

Step 2: Setup an exchange account

Step 3: Start buying bitcoins.

As you can see, buying bitcoins is very easy. But even then, you need to take your time to learn how it works.

You must also understand that the cryptocurrency market is volatile. This means that before you buy or sell, you have to study the market.

 

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