For those who don’t know, cryptocurrency refers to digital money. It is being managed by the cryptography, which is an encryption technique. One of the most famous cryptos is Bitcoin, which was launched way back in 2009.
After a few months of its launch, Bitcoin gained popularity among many investors around the world. Way back in 2013, it attracted media attention and a huge number of investors when the Bitcoin exchange reaches 266 US Dollars.
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What is The Future of Cryptocurrency?
Many economic analysts foresee that The Bitcoin Compass will be the future of institutional money. In addition to that, there is also a chance that cryptocurrency will be at the top of Nasdaq. This will add to the blockchain’s credentials. Experts say that it will replace the conventional currencies in the future.
The cryptocurrency will be used as an alternative to the actual currency. It is a virtual money that is being managed by the cryptography. Thus, one cannot double-spend and counterfeit it. This is a new digital money that will be distributed among numerous computers around the world.
What is Bitcoin?
As mentioned, Bitcoin is one of the types of cryptocurrency that was made last 2009. The bitcoin exchanges, which is a type of an online marketplace, enables individuals to sell or purchase bitcoins with the use of various currencies.
No one knows the creator behind this cryptocurrency. But many people called the creator Satoshi Nakamoto. The good thing about bitcoin is that one can make transactions without the need for middlemen.
You can use Bitcoin for booking a hotel on Expedia, purchase Xbox games, and place an order of furniture on Overstock. But the main advantage of this currency is that it helped a lot of people to become a millionaire.
Why Should You Use Bitcoin
There are lots of reasons one should invest in Bitcoin. You can purchase anything with Bitcoin without publicizing your personal information. Aside from that, since Bitcoin does not subject any regulation or tied to any state, you can perform international payments inexpensively and easily.
Bitcoin also benefits small business owners since you don’t need to pay for the credit card fees. On the other hand, there’s a lot of individuals who purchase bitcoins to invest and to look forward to increasing their value.
How To Get Bitcoins
There are three methods you might follow to get bitcoins; mining, transfers, and exchange.
With the use of specialized computers, one can mine bitcoins. To get mined bitcoins, you need to get a correct answer to the complex math problems. In the present, when the user gets the right answer, he or she will get 12.5 bitcoins.
Bitcoin users can send bitcoins through specialized computers or mobile applications. One can transfer bitcoins as simple as sending money digitally.
Online bitcoin marketplaces perform bitcoin exchanges. This place enables individuals to purchase and sell bitcoins with the use of other currencies. You might use Bitfinex, Bitstamp, and Coinbase for Bitcoin exchange. But when exchanging bitcoins, make sure that the software you will use is secure. There’s news telling that Bitfinex was hacked back in 2016 and stole bitcoins that worth million dollars.
No one knows what will happen in the future. But many experts say that Bitcoin and other cryptocurrencies will replace the actual money we use today. The good thing about bitcoin is that you can spend it anonymously.
The transactions between Bitcoin are done privately. This means that you can see and purchase everything you want without getting traced. Do note that it has pros and cons. So, before you invest, make sure you understand the pros and cons of investing in Bitcoin.
TheBitcoinNews.com – Bitcoin News source since 2012
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