Table of Contents
WHAT IS BITCOIN? 6
WHAT IS CRYPTOCURRENCY? 6
WHY IS BITCOIN TRENDING – WHY IS IT SO POPULAR? 7
WHY USE/INVEST IN BITCOIN? 9
CONCERNS ABOUT BITCOIN 11
WAYS TO MAKE MONEY WITH BITCOIN 13
HOW TO GET STARTED WITH BITCOIN 19
STEPS TO SET UP A BITCOIN ACCOUNT AND GET A WALLET 21
BEST PRACTICES/PROS AND CONS OF BITCOINS 23
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WHAT IS BITCOIN?
Bitcoin is a type of digital currency that is produced and held electronically. They are not issued as printed papers like the dollars, yen, euros, and pounds. They are increasingly being produced by people, businesses, and enterprises running computers all over the world using software that solves mathematical problems.
Bitcoin transactions are sent from persons to persons without a third party like the conventional centralized banking system. In other words, it operates on a decentralized system with no government, regulating body, company or individual having sole control over it. Hence, all transactions are peer to peer.
All transactions carried out are absolutely transparent. Copies of the electronic ledger are reserved across a distributed network of computers hosted on the web with no single point of failure. The technology behind this is Blockchain which is fast becoming well accepted worldwide.
The mining of Bitcoin is difficult, and as it stands, the demand for it is very high hence it’s rapidly increasing exchange rate. It is a currency which is only less than a decade, yet it has gained more relevance than the printed fiat currencies. This is because of the value it has created in such a short time of its existence.
Bitcoin uses the acronym BTC as its unit. Bitcoin and other digital currencies like Ethereum and The-Billion-Coin also fall in the monetary category known as cryptocurrencies. They are also based on mathematical proof.
What is Cryptocurrency?
Cryptocurrency is a general term used to describe digital currencies created to enable the medium of exchange using cryptography. This ensures the security of all transactions carried out as well as controls the transfers and creation of additional units. Bitcoin is the first ever decentralized cryptocurrency created.
This decentralized cryptocurrency is based on a software developer called Satoshi Nakamoto’s proposition. He proposed that an electronic payment system currency, independent of any central authority, transferable electronically with low transaction fee and ease be produced. His idea yielded results when Bitcoin was created in 2009. Today, the smallest units of Bitcoin are called the Satoshis.
Why is Bitcoin Trending – why is it so popular?
After a turbulent start of 2017, there was an increasing rise in the global cryptocurrency market and the market hit its stride in the early month of February. This increase rise gave reasons for strong optimism in the future of Bitcoin. These rises out-performed key market leaders such as S&P, DOW, etc. giving Bitcoin unusual popularity.
Bitcoin has also found an increase in its usage and value. Experts believe that it is because of the following reasons:
• It is believed to be safe and appreciative which has helped to grow its value.
• Payment methods involving high-risk fraud have drastically reduced to its barest minimum with its usage unlike those done through credit and debit cards.
• Some parts of the world where the no-VAT ruling is practiced, e.g., Europe, has also helped to increase its popularity.
• Another profound reason is its increasing acceptability all over the world for payment for goods and services via the web.
• The future of cryptocurrency is fast taking over from other online payment methods such as PayPal, credit and debit cards which has restrictions on usage. Some countries are not even allowed to use such means of online transactions.
With the popularity of Bitcoins across the globe, it is certain that the future looks bright for the digital currencies. More and more people, companies and agencies are starting to take a keen interest in this form of currency.
WHY USE/INVEST IN BITCOIN?
It is no longer news that those who invested early in Bitcoin are reaping from the value it has amassed. It is estimated that between the years 2011 to 2012, Bitcoin value increased by 300% and between August 2013 till November 2014, it increased above 400%. However, just recently, it has been down to around 34%. Investors and venture capital firms continue to see the need to bet on the cryptocurrency.
The simplest way to invest in Bitcoin is to buy some. Buying Bitcoin all around the world is simple. In the U.S. for instance, the most popular avenues to buy and sell Bitcoin are coinBase, bitstamp and Local Bitcoins. Some of these avenues have links that connect a local bank account which enable easy transactions to be made.
There is also a local website which links buyers and sellers to provide a good deal offline. With these, you can be assured that the profit you have after one-year investment in Bitcoin will be great.
Why Bitcoin Over Other Cryptocurrency?
According to reports from FORBES, there is huge hype surrounding Bitcoin, cryptocurrency and the Blockchain technologies rivaling the dotcom bubble. A lot of printed money is being converted into the digital currency, and this trend doesn’t seem to be slowing down anytime soon. The price of Bitcoin in the crypto market is far more valuable than other cryptocurrencies.Other Details
- 1 Ebook (PDF), 28 Pages
- Posters, Infographic, Checklist, Mini Report, Report
- Year Released/Circulated: 2018
- File Size: 5,552 KB
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