More about “These”
The first coin I will discuss is Bitcoin.. All of Crypto starts here.
Bitcoin is P2P or Peer-2-Peer money. (google P2P) Basically it is money that you can send/receive to any person in the World with an internet connection. It was made by a person or group of persons that go by the name “Satoshi Nakamoto.” You should have read the details of this in the first post regarding buying cryptocurrencies. This monetary system was created right after the 2008 financial crisis.
Bitcoin is money made by the people for the people. It's digital money that can buy anything you can buy with cash (fiat) and it is money that cannot be taken away from you or seized through a bank account. It gives you the power to become a bank. In fact, once you download a Bitcoin wallet, you have just opened up your own personal bank. Now you can send money to whomever the fuck you want without the need of any middleman or permission. You don't need ID, SS cards, Tax ID's, Utility bills, an address, a debit card from a different bank... nothing. Just download and use/send.
People in modern civilizations don't really understand the importance because they have all of these items to open up a traditional bank account. Others, especially those in 3rd World Countries that are not so fortunate understand it's importance and need.
Sending money is huge business and a huge problem. There are people all over the World that send money to each other and sometimes the roadblocks stop people from getting the everyday essentials they need for their families. You may say, “why don't they use CashApp or PayPal?” Simple. Even those send/receive methods need some type of personal information and in 1 blink can be shut down by the operator.. How scary. Imagine you CashApp, Venmo, even PayPal your family money using these 'middleman' services for years and one day they go out of business or shut down operations due to not making enough 'Profits' throughout the year.. Imagine that for a few more seconds. Bitcoin permanently solves and fixes this potential threat.
Bitcoin is digital money that uses a Technology called Blockchain. The Blockchain is like a spreadsheet or ledger that keeps track of all records and assures that the money being sent from one person to another is 100% accounted for. This means that you cannot send money you do not have. With banks, if you only had $100 in the bank and spent $100 on shoes and another $100 on clothes within the same press of a button on Amazon, the banks will sometimes send both parties the $100 even though you only had $100. It's like bouncing a check. This is a problem within the financial industry that has a huge impact on World and the economies within. Nonetheless, the Bitcoin transaction are all tied to one other and no transaction/ record can be added to the chain without random auditors from around the World. Totally anonymous and random. No one single person controls the Blockchain database. And get this; everyone in the World with an internet connection can see the transactions and help validate the transactions. With this, no one person or group of persons can alter or falsify the Blockchain; ever. This makes this monetary system immutable. You cannot edit previous transactions without disrupting the entire database. This Technology is one of a kind and is actually very simple.
Bitcoin can be hard to comprehend at first; hell, I am not sure I even explained that to satisfactory from the experts. :) Check out this Forbes video:
https://twitter.com/KraZeMike83/status/1199422563920822275?s=09
Then check out the Cash app video:
https://twitter.com/KraZeMike83/status/1218694514061213696?s=19
On to some numbers:
Bitcoin has gone from 0.01 per coin to $20,000 per coin in just a little over a decade. It has since retraced to about $8,704 at the time of writing. Most believe that it will exceed $100,000 and even 1 Million per coin. I do not disagree. FYI, Bitcoin is the best performing asset over the past 10 years.
How does Bitcoin grow in price you say? Glad you asked. There are several factors that affect the price of Bitcoin but just remember this:
When one person buys a Bitcoin it increases the Market Cap. When the Market Cap increases, so does the price per coin.
Perspective:
$1.00 USD could have bought you 100 coins when Bitcoin was introduced. Those 100 coins are now worth $870,400. How's that for an investment?
To fully understand Bitcoin, one must understand money, and how it works. You need to understand what happened in the 2008 financial breakdown.. also known as the “Great Recession” or the Mortgage crisis. Understanding these things will help you understand why Bitcoin and other Alt-coins will strive and become more valuable in the future than they are today. I won't bore you but just know that the World needs (could use the help of) Bitcoin. It will truly change the World and the new Blockchain technology will help businesses and individuals the exact same way the internet helped them when it was introduced.
Buy Bitcoin, even it's just a fraction of it. You don't have to buy a whole coin, just buy what you can when you can and have patience. 10 years isn't that bad to turn $1.00 into $870,400. I mean, they cost a little more but what do you think about turning $8,704 into a possible $1,000,000? I can't predict what the price will look like in 10 years, but the experts and myself think it'll be much higher than today's price. (wink)
One more thing, Bitcoin can never go to 0. I'll explain more later but just trust me. Just know that you cannot sell something that you have no access too. (another wink)
What do you think? That was rhetorical as with most of my questions. I already know.
On the next post we will talk about the other coins that are poised to change the World.
Up next:
BNB Binance Coin
TRX Tron Coin
LTC Litecoin + More..
-Mike, Kraze
