Have you heard of bitcoin? It is a form of online crypto currency that is decentralized and unaffected by the local economy. It was created by Satoshi Nakamoto during the financial crisis of 2008. The timing was just right and it caught on like wild fire. Users can buy and sell things anonymously on the web from country to country without permission from a bank. Pretty awesome right? It is becoming more legitimate and accessible every day. Even websites like WordPress.com And Reddit are now accepting Bitcoin. Stick around and I’ll tell you how to get started buying your first coin.
With the price of a single Bitcoin reaching $3000, many early buyers are seeing a huge return on investment. Just how big is it? The total value of all bitcoin is around $41B. That is about half the net worth of Bill Gates and a little less than Google’s CEO Larry Page. The figure is much larger when you include all other crypto currency. Although bitcoin is the largest, it is not the only crypto currency. There are many others. Ethereum and Ripple are just a couple more. With the amount of Bitcoin available being controlled, it is a self regulating economy. This is where Bitcoin mining comes in. Bitcoin miners are given complex mathematical problems to solve with special hardware as regular computers are no longer strong enough. This is because the more bitcoin there is, the more difficult the problems given are. That prevents the market from being flooded with billions of Bitcoin. To be an efficient miner you need a lot of electricity and dedicated equipment but if you have the proper setup it can be very profitable.
Before you get started with your first Bitcoin you are going to need a Bitcoin wallet. This is a secure way to store your currency either on a pc, mobile phone, or in the cloud. Bitcoin wallets are not insured by the FDIC. A quick google search reveals a large variety of wallets to choose from. Bitcoin Wallet and Bitcoin Core are trusted and used by many. Sign up is easy and before you know it you will be ready to go. Now that you have your wallet you are going to need some coin. One very cool way is using Local Bitcoin. You can meet up with people near you and exchange cash for bitcoin on the spot. Spending your Bitcoin is getting easier all the time. You can even change it into physical cash if there is a bitcoin ATM near you.
It’s not too late to get involved with Bitcoin as it is estimated to continue growing. You can also invest in one of the smaller cryptocurrencies if you are feeling ambitious. If it becomes popularized around the world a single Bitcoin could be worth tens of thousands of dollars. Even bill gates has gone on TV to say it is unstoppable. I think it’s just amazing how I can send you some bitcoin instantly to you in another country. You can then start spending it immediately online.