Everything You Need To Know About Bitcoin
Many People Are Asking, What Exactly Is Bitcoin?
In short, Bitcoin is a form of Cryptocurrency (digital money) that allows you to transact securely online.
Bitcoin is the world's first free-market global currency to be exchanged for other currencies, goods, or services. Any two people, anywhere in the world, can send Bitcoin (or any cryptocurrency) to each other without the involvement of a bank, government, middleman, or any other institution.
Why is Bitcoin Valuable?
The primary source of value for Bitcoin is its scarcity. Bitcoin is limited to a quantity of 21 million. So as the supply diminishes, demand for Bitcoin increases.
That makes Bitcoin's value similar to that of gold—a commodity that shares characteristics with Cryptocurrency. That's why people are clamoring for a slice of the pie that results from trading Bitcoin’s limited supply.
How Does Bitcoin Work?
Bitcoin is distributed through a revolutionary new technology called Blockchain that makes digital transactions safe and secure. A new digital 'block' gets created every time a new transaction happens – hence the name 'Blockchain.'
Think of a giant, global spreadsheet that runs on millions and millions of computers.
Blockchain technology seeks to ensure data cannot be easily manipulated or deleted by an individual, hackers, or even governments - with the goal of making blockchain technology – and Bitcoin - safe, secure, and decentralized.
Unlike traditional currencies, Bitcoin is neither issued by a central bank nor backed by a government. As a result, inflation rates, monetary policy, and economic growth indicators that traditionally influence currency value may not apply to Bitcoin.
The Benefits Of Bitcoin At A Glance:
- A fixed amount of only 21 million Bitcoins will ever be available.
- Bitcoin is not controlled by a central bank or government that can just print more money from nothing and cause inflation.
- Bitcoin is available to everyone worldwide and offers an alternative to fiat currency.
- Bitcoin is a Peer-To-Peer Cryptocurrency.
- That means people can send it directly to each other without using a bank, financial institution, or middleman.
There's a lot more complexity about Bitcoin and all the possibilities the new blockchain technology opens. But you now have a basic understanding of Bitcoin, the underlying blockchain technology, and how it works.
Now YOU Can Join The Crypto And Bitcoin Revolution
If you're looking for an easy way to get started in the world of Cryptocurrency and Bitcoin, do a quick search for secure Trading Platforms like Coinbase. There, you can Buy, Sell, and Trade Crypto online, even in your 401k or retirement account. In addition, you can receive FREE Bitcoin or Cryptocurrency on some of these Trading Platforms just for opening an account.
