Bitcoin is a digital currency that is rapidly gaining popularity around the world. People in countries all over the globe are hearing about bit coin and trying to figure out what it is. Transactions made with bitcoin are fast, safe and anonymous. In addition, bitcoin has many cool applications- such as buying food and clothing. Bit coin is the future of money and banking.
Back in 2009, a bitcoin supporter ran a blog titled 'Bit coin under consideration.' He proposed creating a new currency free from central banks and governments. After a few months of research, he published a whitepaper outlining the concept of bitcoin. Soon after, programmers all over the world started working on the software that would facilitate bitcoin transactions. The project was originally called 'Satoshi LInux' after the mysterious creator of bitcoin. However, several people have since come forward claiming to be the bitcoin creator. No one knows for sure who Satoshi really is.
When bitcoin finally launched, the public learned about it through social media. People posted articles about bit coin to internet forums for other enthusiasts to read. Other people just googled 'bitcoin' and tried to learn more on their phones. Most of these early adopters were looking for ways to profit from the sudden interest in bit coin. They either sold it to those looking to learn about it or bought it themselves and sold it to others. Either way worked since most people didn't understand how bit coin worked yet. With enough exposure, however, everyone could understand how convenient it is yet again made easy money for those who understand how it works better than most do.
As people learned more about bit coin, they also started to invest in it instead of simply buying it off others. The value of bitcoin fluctuates every day as speculators buy and sell it based on current news and strategies. Some people buy large amounts of bitcoin just before a market dip so they can make a nice profit during an unstable period. Others buy small amounts before market rallies so they can sell them for a nice profit during an upturn in price. Either way works since bitcoin is constantly changing trends based on public opinion- which changes quickly based on new information.
Bitcoin is an innovative form of online money that offers great benefits for both buyers and sellers alike. It currently faces some growing pains as new adoptes try to learn how to use it without getting caught up in its hype or selling too high or low at first glance. But given time, bitcoin will revolutionize money transfer just as Paypal did fifteen years ago with credit cards. By powering financial transactions without relying on a third party, bit coin has much longer legs than most realize yet!