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What do you understand by the word Bitcoin?
Bitcoin is not a new name in the world most especially in the crypto space. Bitcoin is a Decentralised currency that helps to operate as a cryptocurrency. It is first of all established in the year 2009 just Satoshi nakamoto and with that, it was registered on the Blockchain.
There are some key features of bitcoin that makes it to actually stand out. The first is that it is Decentralised in nature which I talked about. In essence, it is not always controlled by any single entity. Not only that, the second feature is that it is limited in massive supply. According to the research I made, I discovered that we only have 21 million Bitcoind which the scarcity nature helps to boost the value massively.
With two paragraphs narrate a non-fictional story about Bitcoin.
Let me start by stating that in the year 2010, there is this Florida person named Laszlo who actually completed the first transaction in the world using bitcoin. During those years, bitcoin was still at the early stage and in fact didn't have that value it has right now. In a bid to demonstrate his belief in using BTC as a means of payment, he uses over 10,000 bitcoin to buy two pizzas.
Of course that was really seen as a rubbish move years later but then it was consider as an achievement that was celebrated. Well he can't be blamed because at that particular period, bitcoin was not really worth as it was now and not only so but there was no prediction as it were that it will gain massive price value like this. Everything was like a gamble. For him then, it was a big achievement and for now, it looks like a crazy move.
What will you do will 0.5 Bitcoin if you were rewarded with it?
Well considering the value of bitcoin right now and what it is worth, 0.5 of bitcoin means around $50,000 which is really a massive money for me most especially if you convert it to my country currency. I think the first thing I will actually do is to make sure that I use it wisely and strategically. What do I mean by that? First is for me to study how the market is performing right now. Knowing fully well that we are approaching the bull run season and it will just continue to get better and better, one of the things I will just do is for me to hold for the long term investment.
I will hold 0.4 of bitcoin which will be around $40,000 and then I will use the remaining 0.1 bitcoin and spread it to any other spread and field of investment. Over the years, I have discovered that bitcoin have always show huge growth. So I will make sure I try to invest in other altocins that I believe will do quite much better.
Give us another suitable name for Bitcoin and why you feel this name is the perfect one.
Well to be honest, if I should choose another name for bitcoin, it will definitely be CryptoGold and why I will definitely pick that name is because it actually fit in the name of bitcoin. It helps to describe the value of bitcoin at least among the list of all other cryptocurrency given the fact that it is the giant of the crypto space.
I invite @enamul17 , @sahar78 and @mikitaly @sur-riti and @abdullahw2 and @suboohi to drop a very constructive comments on this post and also to participate in this contest.