From its creation in 2008, this revolutionary cryptocurrency has managed to become one of the most-sough after cryptocurrency in our time. In fact, many have referred to BTC as the equivalent of digital gold. With that being said, a lot of people are looking to expand their knowledge and invest in BTC. So, if you’re new to the world of cryptocurrencies and you want to learn more, this article provides detailed information that can be useful for you.
Bitcoin is a digital currency created by Satoshi Nakamoto in 2008. It isn’t controlled by any financial institution, government, or other regulatory body, it is, in fact, decentralized. Actually, one of the main points of creating this digital curacy was the development of a distributed ledger system or peer-to-peer cash system as it was called in the original white paper.
Thanks to its peer-to-peer blockchain network, all transactions are transparent, fast, secure, and anonymous while they don’t rely on a third party, e.g., financial institutions, to process the transactions. Regarding the identity of Satoshi Nakamoto, it’s still to this day unknown, even though many journalists tried to uncover it. He shared the source code with the small Bitcoin community in 2011 and disappeared.
How to Get BTC?
The primary way of obtaining BTC was through mining, and it still is today, although you can also get BTC when you sell products/services in exchange for BTC. The miners are people who have powerful computers that make up the blockchain network.
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They need to solve challenging mathematical problems, process, verify transactions, and by doing that, they keep the network secure and trustworthy. When they add another transaction in the blockchain, they get a reward- BTC. This is why Bitcoin is called the digital gold of your time, because similarly as we mine gold, precious stones, we also mine BTC.
But, it should be noted that the block reward that miners get is cut in half every four years or approximately every 210,000 blocks. The first halving reduced the reward from 50 to 25 bitcoin. The last halving occurred in May 2020 and it also halved the reward from 12.5 to 6.25 bitcoin. This is vital information for investors because there’s a limited supply of BTC, approximately 21 million that can be mined, and we have already mined around 18.5 million BTC.
When the halving event takes place, based on the ratio of the supply and demand ( and as we know, there’s greater demand for cryptocurrencies), the price of Bitcoin grows. At least that was the case with the previous halving events, as this really depends on the dynamics of supply and demand.
Online Trading Platforms
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Another way that individuals could get BTC is on online exchange platforms where you can buy and sell Bitcoin, fiat currencies, and other cryptocurrencies. There are many legitimate and safe platforms where you can register and start trading from your mobile device.
https://www.bitcoincircuit.biz/ is an award-winning trading system where you can open a free account, deposit at least $250, and start trading. The great thing about this platform is that it uses advanced trading technologies, which means it is also suitable for beginners and experts alike.
But, keep in mind that you always need to sign up on reputable platforms and complete your research to choose the best site for your budget. Also, make sure to set realistic financial goals for you that align with your financial situation.
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As an investor, you need a stable internet connection and a digital wallet. Digital wallets allow you to make online transactions store your funds, and track your payments. Similarly, there are many Bitcoin wallets that you can use to make transactions using BTC.
The main feature of Bitcoin wallets is that they have public and private keys that are used to authorize transactions. You can choose between many online and hardware wallets, but make sure to do thorough research and choose wisely. There are also Bitcoin ATMs in several countries worldwide where you can buy and sell BTC for cash, although most allow you to buy BTC.
How to Use BTC?
You can use it to purchase goods and services, as nowadays there are over 15,000 companies that accept Bitcoin, while you can also make a donation to organizations like WikiLeaks, SOS Children’s Villages, or UNICEF. Another option is to trade BTC for gift cards, and you can also pay your phone bill as AT&T is the first major mobile carrier that accepts Bitcoin.
You can also trade BTC, as we mentioned earlier on online exchange platforms, and potentially earn a huge return of investment. In conclusion, Satoshi Nakamoto made a significant invention, and there’s definitely rising popularity of BTC both for investors and businesses.