What The F*ck Is Bitcoin?
So…. You’ve been on Facebook or at work, and heard all these crazy people talking about this Bitcoin thing. I know a few of you have those people who try to act like they knew about for years….. but conveniently have no proof… lol
Well I’m here to inform you. I am by no means a Bitcoin(BTC) guru, but considered an expert because of the time I’ve been in the space. Wrote my 1st article on the whole crypto-currency space in December of 2013, and purchased my 1st bitcoin in 2011.
So, what the f*ck is Bitcoin?
Bitcoin (BTC) was founded by Satoshi Nakamoto(pseudonym) in 2009.
It’s a decentralized digital currency, aka cryto-currency. Simply meaning that there’s no Government or Bank(i.e. federal reserve) that is in control of it.
This means that your account can never be frozen, there’s no restrictions who can get Bitcoin, and that the transactions that take place with it, can’t be traced.
The reason why it’s a big deal is for a couple reasons:
- Blockchain (The technology behind)
- Low Fees (For transactions, which is why businesses are excited)
- Finite (There is NOT an unlimited supply of Bitcoin, which is why the value is high.)
You can buy a whole bitcoin, or just a portion, so it makes it so almost anyone can get into the game. There’s a few different places that you can purchase your bitcoin, but the most stable and user friendly is CoinBase.com
Now… Things you SHOULD do when buying cryto-currencies:
Create a new email address. Only use this email for purchasing bitcoin or other crytpo-currencies. Try to keep the email ambiguous. This is just for security reasons.
Once you understand how to buy and sell Bitcoin, move your Bitcoin to a cryto-currency wallet. Companies such as Jaxx or Blockchain are great options, and have mobile apps.
ALWAYS use 2-step verification for access to your accounts. With all the people seeing how profitable bitcoin is, the last thing you’d want is for a hacker to get into your account. 2-step verification puts an extra layer of protection there to prevent you from becoming a victim.
So, What’s This Blockchain Technology?
Simply put, it allows us to communicate with one another, with no middle man. When it comes to money, it allows us to send money to one another with pretty much zero fees, no banks, and MUCH faster.
You know who when you wire money, sometimes it takes a few days for it to get where it needs to be? That’s because the money is actually going through a few middlemen. You’re essentially trusting all these middle men with your money, AND most of the time you have to pay them into order for the transaction to take place.
Blockchain does all this, all while storing a record of each transaction. The ledger keeps keep everything extremely secure, and can NOT be edited.
Imagine purchasing a house and being able to instantly getting all the information on the home. Being able to transfer ownership without having to go through a bank or title company.
Blockchain is a technology is being adopted by EVERY industry, and every governments. It’s simply just….. better. More secure, faster, easier to build on.
Industries will change drastically. How we vote for politicians, bank, building businesses, and even shop, will change.
So what now?
Learn as much as possible, and position yourself to take advantage of both Bitcoin, and the technology supporting it. Ladies and gents…. We’re literally living through our own version of the industrial revolution. If you’ve ever wished for an opportunity to create wealth….. This is it.
Mr. Sean Smith
Hustler’s Digest