The internet of money, what is this revolutionary discovery?
- What is Bitcoin
It began with the cypherpunks experiment that paved the way to a revolutionary discovery and unleashed a ripple of innovation creating what we call the internet of money. Bitcoin is the first cryptocurrency made and a cryptocurrency that is classified as digital money, Its money just like the euros or dollars. You can send Bitcoin from any point in the world instantly, securely and for minimal or no fees at all.
Bitcoin was created in 2008 by an anonymous person or group by the name of Satoshi Nakemoto. Satoshi Nakemoto holds approximately 1.1 million bitcoins, insane right?. Satoshi devised a means to use cryptographic security and public-key encryption to answer the Byzantine general problem in a digital electronic network. To prevent data tampering, cryptographic security uses hashing, a process of encoding. Bitcoin is simply a standard protocol just like TCP/IP, or the internet. Bitcoin uses peer-to-peer technology to operate with no central authority or banks. Bitcoin is open sourced meaning it is a software that is collaboratively produced, shared freely, published transparently, and developed to be a community good rather than the property or business of a single company or person.
- Why is bitcoin important?
Bitcoin is important because it banks the unbanked, Approximately 1.7 billion adults have no connection to a banking service. Using bitcoin allows the unbanked to bypass traditional banks, enabling the anonymous peer-to-peer exchange of funds.
Bitcoin has also proven to be an asset that is a great store of value. That’s why some people compare it with gold. During an economic crisis, Bitcoin has proven its ability to withstand challenges better than fiat money.
Bitcoin is one of the pioneer cryptocurrencies to use blockchain technology. Since the introduction of this cryptocurrency in 2008, no hacker has managed to infiltrate it and this has proven to most investors that it’s a safe investment.
Bitcoin has a limited supply of 21 million bitcoins. Bitcoin’s limited supply is a superb thing, because it gives the coin anti-inflationary properties. Bitcoin’s finite supply gives it scarcity, preventing it from being devalued by a limitless supply.
- Why should you care?
Many people are looking for opportunities to invest in Bitcoin. Even large corporations are collaborating with existing crypto clients. More stores, both online and local, are gradually accepting Bitcoin payments. The crypto market is growing with more people buying and selling Bitcoin for profit. The number of people using Bitcoin to store value is increasing by the day.
Bitcoin is the greatest investment opportunity since the internet, we use it almost like a language to communicate value among ourselves in society. On average bitcoin has tripled annually for eleven years with a growth rate of 233%. Paper money has hit an all time low against most hard assets especially bitcoin.
Yes, bitcoin has its pros and cons. Nevertheless, take your time to understand Bitcoin, how it works, and how to trade or invest in it.
“BITCOIN CREATES AN ENVIRONMENT THAT IS RIPE FOR INNOVATION, BECAUSE IT’S NOT JUST A CURRENCY; IT’S A TECHNOLOGY, A NETWORK AND A CURRENCY.”