What is Bitcoin?
If you’re here, you’ve heard of Bitcoin. It has been one of the biggest frequent news head lines throughout the last 12 months : as a get rich quick scheme, the end of finance, the birth of truly international currency, as the end of the world, or as a technology that has improved the world. But what is Bitcoin?
In short, you could say Bitcoin is the first decentralised system of money used for online transactions, but it will probably be useful to dig a bit deeper.
We all know, in general, what ‘money’ is and what it is used for. The most significant issue that witnessed in money use before Bitcoin relates to it being centralised and controlled by a single thing : the centralised banking system. Bitcoin was invented in 2008/2009 by an unknown creator who passes the pseudonym ‘Satoshi Nakamoto’ to bring decentralisation to money on a global scale. The idea is that the currency can be bought and sold across international lines with no difficulty or fees, the checks and balances would be distributed across the entire globe (rather than on the ledgers of private companies or governments), and money would are more democratic and equally accessible to any or all. Best bitcoin cryptocurrency investment website
How did Bitcoin start?
The concept of Bitcoin, and cryptocurrency in general, was started in 2009 by Satoshi, an unknown investigator. The reason for its advent was to resolve the issue of centralisation in the use of money which counted on banks and computers, an issue that many computer scientists wasn’t proud of. Achieving decentralisation has been experimented with since the late 90s without success, when Satoshi published a paper in ’08 providing a solution, it was overwhelmingly welcome. Today, Bitcoin has become a familiar currency for internet surfers and has given rise to thousands of ‘altcoins’ (non-Bitcoin cryptocurrencies).
How is Bitcoin made?
Bitcoin is made through the process called mining. Just like paper money is made through printing, and gold is mined from the ground, Bitcoin is established by ‘mining’. Mining involves clearing up of complex statistical problems regarding blocks using computers and adding them to a public ledger. When it began, a simple CPU (like that in your home computer) was all one needed to my verizon prepaid phone, however, the degree of difficulty has increased significantly and now you will need specialist hardware, including high end Graphics Processing Unit (GPUs), to remove Bitcoin.
How do i invest?
First, you have to open business relationship with a trading platform and create a wallet; you can find some situations by searching Google for ‘Bitcoin trading platform’ : they generally have names involving ‘coin’, or ‘market’. After joining one of these platforms, you go through the assets, and then click on crypto to choose your desired stock markets. There are a lot of indicators on every platform that are quite important, and you should be sure to observe them before investing.