If you don’t know what the heck is bitcoin then you must be living under a rock for a very long time, I am kidding with you all! Before I start writing what exactly is bitcoin and what it does I would like to say something first. I am sure that I am not the only one that realizes this but several years ago before the technology starts booming in the United States or probably in the beginning of the technology booming, everybody loves to have all cash they can get their hand on because everybody needs some money to spend on something that we want, to pay for something we often would pay them with the cash. But now that is changing lately especially with the technology is literally booming with new ways to pay for some of the things when we shops, everybody are starting to prefer the use of technology to pay for something instead of having some cash that makes our wallets stretched. By using the technology to pay for something such as online payment processing like PayPal, credit cards, debit cards or banking accounts and more options for us to use to pay for things instead of having to carry the cash around because of the hassle when it comes to paying something with cash like counting cash or getting messy when looking through our wallets but now we can just use one thing to pay for everything such as swiping a card whether it be credit cards, debit cards and others.
It is nice to be able to pay for something that don’t require us having a hassle of getting our wallets out of either our pockets or purses then open them and going through them to count the money so that we can give the cashiers the right amounts for the cost of things we are spending on but with technology we wouldn’t have to worry about going through the wallets to counts the money while being surrounded by everybody else that might be looking over our shoulders to see how much money we have so it is a bit safer by using a card whether it be credit cards or debit cards. But the cards are starting to get old now like money cash and with the improved technology we can pay for our stuff using our own smartphone instead through a payment processing like PayPal, Square or Google Wallet, so basically all of our money is right on our smartphone and all it would take at least a minute to pay for our things by logging in one of payment processing service then press a button to pay then move on.
Technology continues improving – Bitcoin born.
There are several people who beginning to prefer to pay for things through their smartphones because it is much easier doing that than carrying a wad of cash around in their pockets or purses that they would have to use their math skill to count the money while shuffling through their wallets with people surrounded which also makes it easier for their money to be robbed and all of money on the smartphone is almost impossible to be robbed because it would require them to log in with the owners login ID and password which they may not be able to get a hold of. If you would like to start carrying your smartphone as your money instead of carrying the cash around then you can do so by signing up an account at one of payment processing service such as PayPal, Square or Google Wallet (I prefer PayPal) and then get yourself a checking bank account then deposit all of your money in it and ask your boss at your job to direct deposit your income to your banking account and link your banking account to one of payment processing service like PayPal then download the PayPal app to your smartphone and you are set to go to pay for your stuff using your own smartphone and if you sign up at PayPal (only PayPal has it) you will be offered your own PayPal Debit Card where you will be able to use if some stores doesn’t accept the payments via smartphone or use your own banking debit card so you only carry two things around to pay for things instead of bunch of bills thickening your wallets.
As I said the technology continues improving which that means it’s offering everybody to invent something that can be very useful through the network and because of technology being improved every day somebody invented a brand new currency that is being used worldwide. By currency I mean all countries have their own currencies such as in United States the currency would be USD or $ and other countries has their own currency but now with the technology being improved everyday and someone invented a new currency that is mostly accepted by worldwide with using only one currency to pay for something we need or want and that currency is the digital currency.
And that is the birth of Bitcoin, the name of the digital currency and they are becoming more popular than ever lately. Bitcoin is a new currency that was created in 2009 by unknown person using the alias Satoshi Nakamoto, Bitcoin is a digital currency (BTC) and the transaction are made through nobody such as banks or middleman because bitcoin itself is a digital currency and digital is a form of signals (so it’s basically like an air). Bitcoin is becoming very popular now as the stores are starting to accept them along with business as well, you can pay for stuff with bitcoin like Pizza, something to drink, gas, buying houses or renting houses or cars and many others including online too.
You can buy some of the things you want anonymously using bitcoin if you wish to and everybody starts to like bitcoin a lot more because it is so easy and cheap for international payments because bitcoins are not tied to any country or subject to any regulations that any countries has but not only that there are no credit or fees when it comes to pay for things using bitcoins. A lot of people like to buy bitcoins as their investments because sometime they will go up in value that’s worth more than the amounts you pay for bitcoins, for instance you can pay one dollar for one bitcoin and maybe in a couple of weeks your one dollar for one bitcoin can go up to like ten dollars worth in bitcoin which allows you to have more money to pay for whatever you want.
If you want to get some bitcoins then there are several marketplaces that calls bitcoin exchange that allows you to buy bitcoins or sell your bitcoins using different currencies or whatever the currency it is in your country, Mt. Gox is the largest bitcoin exchange. If you ever decide to buy some bitcoins then you can send some bitcoins to anybody you would like to send using your mobile devices apps or computers, it is almost like sending some money to your family or friends as a gift through PayPal or other payment processing services. Or you can do what some of the people like to do is becoming a bitcoin miner where people likes to mine bitcoins using the computers to solve complex math puzzles, that’s practically how the bitcoins are created and the winners can be rewarded with like 25 bitcoins every ten minutes so the more you mine when you compete to mine using the computers to solve math puzzles the more bitcoins you are being rewarded every ten minutes, twenty minutes you would get 50 bitcoins or half an hour you would get 75 bitcoins and so forth as the sky limits.
Source:Â What is Bitcoin? by CNNMoney.
How do you hold the bitcoins? The bitcoins are stored in sort of digital wallet in either the cloud storage (like Google Drive, Dropbox, OneBox and others) or on your computers. It is like a virtual bank account that let you send and receive the bitcoins from somebody anywhere they are at, pay for goods or save their money. But unlike bank accounts, bitcoin wallets are not insured by the FDIC and others which is a bit risk especially hackers so you would have to be very careful with your bitcoin wallets by making it harder for hackers to get in such as using long and hard to figure password and you would have to have the best firewall and anti-viruses software installed on your computers as viruses can destroy your bitcoin wallets (I recommend to get Iolo System Mechanic Pro – best firewall/anti-virus combo software) also using bitcoin through the cloud the servers can be hacked and some companies have fled with clients bitcoins. So if you are thinking about to have bitcoins then you would need to make sure that your computers are running the best firewalls and anti-virus 24/7 and I would recommend Iolo System Mechanic Pro or if you are going to use your bitcoins wallet on cloud servers then be sure that you create a password that is almost impossible for anyone to get in, make a random password but write the password on a piece of paper then put it up somewhere that only you can see the paper to use the password to log in your bitcoins wallet through cloud servers.
If you are interested in having bitcoin then please click this link and read them very carefully but please note that I do not hold any responsibility!
My Opinions Or Thoughts.
Now that you get some ideas what is bitcoin and how bitcoin works, I would like to share my opinions or thoughts about the bitcoin myself and if you would like to share your opinions or your thoughts about bitcoin then feel free to leave a comment below this article. Bitcoin is full of risks to own because they can be stolen easily if you are not being careful with how you use the bitcoin or what you are using the bitcoin for because some of the companies can cheat you out and bitcoin is becoming very popular to a point that it’s catching every single hackers attention to start hacking several people’s bitcoin wallets and steal them by transferring the bitcoins in their bitcoin wallets to the hackers bitcoins wallet anonymously because bitcoin allows anonymously and what is worse is they are not insured at all and probably never will. Once you make a mistake then it would be too late for you because the bitcoins in your bitcoins wallet would be emptied out and you cannot get them back even if you go to the polices because they are not subject to any regulations, but if you know what you are doing with bitcoins then they are very useful especially if you make investment in them as they can go up in value much more than the amounts you bought the bitcoins for.
Many stores are starting to accept them and the governments in every countries knows them and even some of the governments in some countries including United States uses bitcoins to pay for some stuff and large business has made huge investments in bitcoins as well and they are becoming richer because of bitcoins as long as they are being careful with them and know how to use bitcoin then they can be very successful. Bitcoin is digital currency, they are virtual and is booming larger daily which that means their values are going up like stocks although they are not stocks as they are money but in their own currency (digital). I think that they are very useful as long as you only pay very small amounts for some of the bitcoins so that you won’t risk of losing a lot of money and it is possible that you can become rich by only paying few dollars for some bitcoins then see if their value starts going up and then use them to pay for something, could be your brand new car that you only spend ten dollars for but thousands of bitcoins due to the increasing value.
If you are going to use bitcoins then I would recommend to only spend very few dollars to get some bitcoins so you can get a handle of how bitcoin works then it is up to you to buy more bitcoins but if that is the case then I advise you to be very careful with them by making sure that you secure your bitcoins wallet as much as possible by installing the firewall and anti-virus softwares if you are going to manage bitcoins through computers or if you prefer to manage bitcoins through mobile then be sure to create long and different letters with numbers (no WORDS!) then write down the password on a piece of paper and put it up somewhere you can remember to look at it again to log back in your bitcoins wallet. I would recommend managing the bitcoin through the computers than mobile through cloud because in my opinion the computers are much safer than the cloud as the cloud are easier to hack than computers since where you can take a control of your computers and you cannot take a control of cloud servers which is belongs to somebody else while the computers belongs to you only so you get idea which one is the safest to manage your bitcoin.
As goes for myself, I am not going to use bitcoin because I prefer to use PayPal more than anything as I use PayPal for business and personal but if somebody would only pay me through bitcoin for some business then I would start using the bitcoin to accept the bitcoin as payments but until then I am going to stick with PayPal. There are several times that bitcoin can go down in value and can also go up in value so keep that in mind because it can go down, but if you use the international as business then bitcoin is the way to go since it’s cheaper and easier due to no fees or regulations between any countries.
If you want to learn the entire history and more about bitcoin then you can read all of it at this link which will take you to wikipedia.
Thank you very much for reading this article and be sure to keep checking back here to see if I am writing another article which I am planning on to write at least one more article before end of the day if I can find something or heard something that is interesting enough for me to write about something or on something but if you have some ideas for me to write about something or on something then I would greatly appreciate if you would click this link to submit your ideas so I can read your ideas! I hope that all of you have a great day and that all of you be safe wherever all of you are at or whatever it is that you are planning on to do for the day, stay awesome my friends!
- Joshie.
