People are making $$$$… Jan 13, 2018
Everyone’s talking about Bitcoin, and there’s definitely a reason why you should know about it. Bitcoin is the first decentralized digital currency. Say wah? Essentially, digital coins you can send through the internet without the need of a third party. Everything we buy today has to go through a bank or credit card company. With Bitcoin, you don’t have to, it’s all peer to peer, and there is a universal record of transactions kept through a verified and trusted public ledger called Blockchain. It’s the interest in Bitcoin, but mostly the importance of Blockchain, that’s about to change the world.
Bitcoin was invented by an unknown individual in 2009 under the pseudonym Satoshi Nakamoto. Since then the Bitcoin community has grown dramatically and its value has increased over 83x to where now one bitcoin is worth about $2250 dollars. It’s not quite easy to understand at first, but there are countless videos and websites where you can learn more, purchase Bitcoin, and begin to buy and sell it yourself.
Sending Bitcoin is fairly easy and you can purchase anything with it. Fees are lower, they are able to be used in every country, your account can’t be frozen, and there are no prerequisites or limits. The supply of Bitcoin is also mathematically limited to twenty one million bitcoins and that can never be changed.
People are turning to bitcoin and other cryptocurrencies because of the security they provide. Even with the volatility, investing in cryptocurrency might be the best thing to do right now if you have extra cash on hand. Today, there are several “Bitcoin millionaires“, including The Winklevoss twins, and most of the world isn’t even on it yet!
Blockchain, the technology that houses all Bitcoin transactions, is the real secret sauce. Bitcoin is only just one of several hundred applications that use blockchain technology today. There are many use cases such as Jaak, which hopes to create an efficient way for musicians, record labels and publishers to issue contracts and payments, and a slew of others like Augur, Twister, Open Reputation and even Walmart.
Many think we might be in a bubble, but our insight begs us to differ. Even if you don’t have any care about finance, the implications of Bitcoin are being seen. Per the World Economic Forum, over $1.4 billion dollars has been invested in Blockchain technology across 24 countries. Ninety four banks are in discussion to potentially utilize the technology, and it’s projected that 10% of the world’s global GDP will be traded through Blockchain technologies by 2025.
There’s a little apprehension behind it amongst more seasoned veterans, but the global economy is using it. Many transactions are driven in large part by Central America and Africa amongst several developing countries.
Simply put, Bitcoin and Blockchain are changing finance and transactions as we know it. To get started, try buying Bitcoin on one of the exchanges like Coinbase, Kraken, or Gemini, then you’ll need a Bitcoin wallet to receive, store & send Bitcoin. Start with a little and once you’ve got the hang of it, explore other currencies and technologies like Ripple, Ethereum and Litecoin.
We’ve only just scratched the surface of Bitcoin, Blockchain, and the future of payments. It seems like a lot, but these technologies are literally changing the way we do life. We encourage you to educate yourself more. This new economy isn’t perfect and it’s met with some issues, but cryptocurrencies today are like the internet in 1996, so don’t get caught in the dust.