What Is BitCoin About

What Is BitCoin About

  • BitCoin is the first accepted cryptocurrency
  • BitCoin is about block chain and one way of how to use block chain
  • BitCoin new potential monetary system
  • BitCoin is about exchanging value/information without the need of human supervision
  • BitCoin is about trusting decentralized mathematical formula not some big corporation like example “banks”.

WHAT IS BITCOIN

(Short version of the article if you don’t have much time to read)

  • BitCoin is the first globally accepted cryptocurrency that started it`s journey in 2009.
  • BitCoin is a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.
  • BitCoin mining process verifies the transactions in BitCoin network and it also adds these transactions to the public ledger
  • This public ledger is known as the block chain,
  • In BitCoin mining process new bitcoins are released for the miners.
  • In 2012 BitCoin Foundation was founded to standardize, protect and promote the use of BitCoins. This boosted BitCoin`s price higher!
  • TODAY BitCoin is the only cryptocurrency that is accepted by hundreds of companies as a payment method. The use of BitCoin is growing every day!
  • is digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.

BitCoin`s reputation has changed during the years. It`s not what it was when it first started. When BitCoin “entered” the market most of the people thought that BitCoin is a scam…

..but today we have hundreds of companies accepting BitCoin as a payment method including Microsoft, GrantCardone.com, etc. There are many of them. There are still people who dosen`t have faith in BitCoin`s future, but the number has decreased dramatically!

How BitCoins are Made_

Most of us know how fiat currency is made.. it`s printed..at least some of it.. But how BitCoins are made? BitCoins are mined!

  • BitCoin mining process verifies the transactions in BitCoin network and it also adds these transactions to the public ledger
  • This public ledger is known as the block chain,
  • In BitCoin mining process new bitcoins are released for the miners.
  • Everybody can join the mining process with his/her own computers! (I am talking about that more soon in this article.. And I am also talking about what are the benefits for doing so and also, what is the best way to mine BitCoins)

PS! It`s important to note that there is fixed number of bitcoins. There can not be an infinite number of BitCoins! This is a huge difference between fiat currency and BitCoin.

BitCoin Value

In my opinion value of something is the reason of it`s price. It means value of BitCoin determines the Price Of the BitCoin. They are strongly connected.

BitCoin value has increased over the years and it seems so.. that it`s going to increase even more. The “cryptocurrency” that nobody understood when it first was discovered wasn’t able to offer any value for us…

In the beginning people were just trading with BitCoin and in 2010 one guy bought first pizza that was ever bought with BitCoins.

BitCoin started it`s journey in 2009, but in 2012 Bitcoin Foundation and founded.

BitCoin Foundation (2012) was founded for

  • Standardizing the use of BitCoin
  • Protecting the use of BitCoin
  • Promoting the use of BitCoin

This was the first major reason behind BitCoin`s value. Everything started to change from that point forward…

..more and more companies started to accept Bitcoins as a payment method and trading with BitCoins gained more and more popularity as a way to make money.

Because of these news. BitCoin was more and more valuable and this was the reason for BitCoin`s higher trading price.

And then… BOOM!!! What Is BitCoin About 1

(This picture is from the article in theguardian.com)

PS! It`s for educational purposes only. This dosen`t guarantee any results.

First BitCoin miners and buyers rediscovered their BitCoins with a positive surprise!

This guy bought 5 000 BitCoins with ~$27. It was worth back then ~$886k..
..And TODAY is worth 5 000 BitCoins x ~$11 414 = ~$57 070 000!

YES! Millions! But..he only would have this amount of money if he would have keep all the 5 000 BitCoins.. And then sold them on one of the trading platforms. I personally think he didn’t keep his BitCoins.. because I think he was already pleased with that amount. But here is a special point we can take out of here…

It can be very profitable if we play a long term game with Bitcoin. That`s my plan. If you want to know more about how I am doing it for FREE, then you can read more about it here…

==> Long Term Plan With BitCoin I Recommend

And TODAY we are in point where we have hundreds of companies accepting BitCoin. At least the smarter companies are accepting BitCoins!

BitCoin Price 2017

  • BitCoin`s MarketCap right now is $193 982 164 255.00(4.dets 2017).
  • BItCoin`s price right now is ~$11 414 (4. dets 2017)

My number 1 mentor is Grant Cardone. He accepted $50k worth of BitCoins as a payment in return for his products. Grant Cardone published a video on 1st of December 2017 where he talked about crypto. Grant did nothing with his BitCoins… But now as the price of 1 BitCoin is ~$11 414.. his same amount of BitCoins are worth now over $1 million.

So.. BitCoin price.. at the beginning.. BitCoin was worth cents. Nothing compared today. First major increase in it`s price was when Bitcoin Foundation was founded. 6 months after BitCoin Foundation was founded.. the price of 1 BitCoin was ~$250.

Why?

Because the more valuable BitCoin is the more people can see it`s value.

Value, Popularity and Price

  • The more valuable BitCoin is, the more people can understand BitCoin`s value.
  • The more people can understand BitCoin`s value the more popular BitCoin gets.
  • The more popularity often times means higher price.

In my opinion that`s how things mostly work, but don’t take my word for it.

Here is a picture of BitCoin`s price through times:What Is BitCoin About 2

HOW TO GET BITCOINS_

  • A great app and website I use is Xapo. (account.xapo.com)
  • You can also use some online wallets and convert your USD`s or EUR`s on these wallets to BitCoins. (I have used this solution, specially when I was a beginner in the crypto world. it just seemed the simplest way to get BitCoins.
  • The ONE company that I use to get BitCoins is USI-TECH! This company invested just $70 million into computers to mine BitCoins and it shares it`s profits with those who own product BTC Package. I have put some of my BitCoins into USI-TECH and now my BitCoin amount is increasing ~0.28% in a working day!
  • You can also get BitCoins from any major trading platforms, but be sure to do your research before entering one of those markets(soon I am going to talk about different trading platforms)

Here is a list of markets where BitCoins are traded!

What Is BitCoin About 3

CONCLUSION WHAT IS BITCOIN ABOUT

  • BitCoin is a cryptocurrency that started back in 2009 and is now used in many places as a payment method.
  • There is a fixed amount of BitCoins able to mine. Not like fiat currency! There is no fixed amount for fiat currency.
  • BitCoin started as mining and trading object.
  • Soon first payment was made with BitCoins
  • BitCoin`s price has grown from cents to over ~$11k less than 10 years.
  • BitCoin offers faster transfers globally than banks.
  • BitCoin is gaining more and more popularity and that is also the reason for BitCoin`s price increase(in my opinion)
  • I am using a long term strategy with BitCoins. I am buying and holding. I am also increasing the amount of BitCoins with USI-TECH.

 

Thank you guys for reading! This was a very short and simple explanation about BitCoin.

Please leave me your thoughts and questions to the comment section below! I would love to hear your from you!

Thank you again and I wish you all the success!

Be Great!

BizMasterOOM

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