What is Bitcoin?

What is Bitcoin?

The word “future” may refer to the times still to come but believe me when I say that we already live in the future. Bitcoin is a great example as to how far technology has come. You clicked on the article to find out more about the famous cryptocurrency so without further ado let’s jump right into it.

Everybody is talking about it but few really know what it is exactly. You already know Bitcoin is a digital form of currency but why do so many people want to purchase some?
Bitcoin, being a cryptocurrency, is a decentralized unit and that means not a single bank or any other intermediaries have jurisdiction over the transactions made using it. Because of that, there are almost zero fees and a deal can be completed in a matter of seconds. This happens because your bitcoins aren’t stored in a bank but on a digital eWallet.

How does it work?

All transaction using Bitcoin are stored in a public ledger and can be accessed by all of its users. This ledger goes by the name “Blockchain”. An individual can harness the power of a CPU or GPU in order to “mine” or simply put, create data to fill up the current block. Said data can be little subunits of Bitcoin as in order to fill up a whole block 12.5 bitcoins have to be mined.
Bitcoin can later be exchanged for your preferred currency via specific online vendors and applications such as the famous Coinbase. Instead of that, you could also use Bitcoin to pay for services as many major corporations have started accepting it as a legitimate form of currency.

How much is it worth?

It’s not a lie when someone says you can become rich from Bitcoin. The famous cryptocurrency started getting around in 2009 where it was still worth only some pounds. Fast forwards two years and it is now worth almost a couple hundreds of pounds.
At the time of this writing, it has reached its biggest value point as one bitcoin is currently equivalent to almost £4,500. Just to get a grasp of how fast its value has been rising consider that in the start of 2017 it was worth approximately £1,000.
So people who bought bitcoins back when it launched in 2009 and have kept it since now could easily be millionaires and some even billionaires. Just like any other form of product, it is affected by the law of demand and supply and that’s why its value keeps going up on a daily basis.

Is it safe?

Yes, it is and in the majority of countries, it’s completely legal as well. If you are still not convinced just know that Bitcoin has a user base of about 6 million people. Now if you are still not convinced I really don’t know what’s wrong with your mindset.

Conclusion

To sum up, Bitcoin is much more than just a digital form of currency. What started as a protest similar to that of the freedom of information has quickly become the safest and most anonymous mean of money transactions in the world. If you don’t own at least some bitcoins now is the best time to buy. Don’t wait anymore as the price will only go up as time passes.

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