Bitcoin

Referred as the gold standard to the crypto world, Bitcoin is the number 1 crypto in the world. Bitcoin was pioneered in 2008 but wasn’t released until 2009. Bitcoin is designed to cut out the middle man ie the banks. Many online stores and brick and mortar stores accept Bitcoin with many more to come as crypto becomes more wide spread.

Bitcoins price is currently $8,805 with a market cap of $148 billion.

Who is the Creator?

The one who takes credit for creating Bitcoin is Satoshi Nakamoto. No one knows who Satoshi is so that might not even be his name. Satoshi worked with many people but was very careful not to reveal his personal life to anyone. The last time anyone heard from him was in 2011 and his last message was he had “moved on to other things”. What we do know about Satoshi is that he had premined many of the early blocks of bitcoin and could have over 1 million unspent Bitcoin which is worth over $8 billion.

How to get Bitcoin?

There are many ways to get Bitcoin to include buying, transferring, or mining.

Buying

Bitcoin can be bought on marketplaces called exchanges. Exchanges allow people to buy or sell bitcoin or other cryptocurrencies using fiat or other cryptos.

Transfer

To transfer Bitcoin each party needs to have an app on their phone or computer. The receiver needs to give the sender their Bitcoin public address and then the transfer can be made.

Mining

Mining Bitcoin is when computers solve complex math puzzles and once a puzzle is solved the reward is bitcoin. The current reward is 12.5 Bitcoin and it takes on average 10 minutes to solve a puzzle but that depends on if you’re mining solo or in a pool.

Risks of Bitcoin

Ever since its creation, there is a risk of getting your Bitcoin stolen from you by hackers. Although its much harder today with hardware wallets and other secure storage places, theres still a chance to get hacked.

Just recently there started to be more considerable risks with owning Bitcoin. With the rise in price, government agencies started to gain more interest in Bitcoin and other cryptos but not in the same as everyone else. Coinbase which is the leading exchange was forced in 2017 to release account info for those with stored or transactions worth more than $10,000.

Final Thoughts

Even with the current market correction I think Bitcoin is a great purchase to hold for the future. Actually right now is a great time to buy before the price goes back up to and past $20,000.

Bitcoin.org
Wiki Bitcoin
Wiki Satoshi
CoinMarketCap
Money CNN

I am not registered as an investment adviser with any federal or state regulatory agency. The Information should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information provided for informational and educational purposes only.

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