What is Bitcoin?
If you're here, you've heard of Bitcoin. It has been one of the biggest frequent news days news over the last year or so - as a get rich quick scheme, the end of finance, the birth of truly international currency, as the end of the world, or as a technology that has improved the world. But what is Bitcoin?bitcoin to paypal
In short, you could say Bitcoin is the first decentralised system of money used for online transactions, but it will probably be useful to dig a bit deeper.
We all know, in general, what 'money' is and what it is used for. The most significant issue that witnessed in money use before Bitcoin relates to it being centralised and controlled by a single business - the centralised banking system. Bitcoin was invented in 2008/2009 by an unknown creator who moves the pseudonym 'Satoshi Nakamoto' to bring decentralisation to money on a global scale. The idea is that the currency can be traded across international lines with no difficulty or fees, the checks and balances would be distributed across the entire globe (rather than just on the ledgers of private organizations or governments), and money would become more democratic and equally accessible to every one.
How did Bitcoin start?
The concept of Bitcoin, and cryptocurrency in general, was started in 2009 by Satoshi, an unknown analyst. The reason for its product was in order to resolve the issue of centralisation in the use of money which relied on banks and computers, an issue that many computer scientists weren't very pleased of. Achieving decentralisation has been pursued since the late 90s without success, so when Satoshi published a paper in 2008 providing a solution, it was overwhelmingly welcomed. Today, Bitcoin has become a familiar currency for web users and has given rise to thousands of 'altcoins' (non-Bitcoin cryptocurrencies).
How is Bitcoin made?
Bitcoin is made from a process called mining. Just like paper money is made through printing, and gold is mined from the ground, Bitcoin is generated by 'mining'. Mining involves eliminating of complex mathematical problems regarding blocks using computers and adding them to a public ledger. When it began, a simple CPU (like that in your home computer) was all one needed to my service, however, the level of difficulty has increased significantly and now you will need technical hardware, including high end Graphics Processing Unit (GPUs), to get Bitcoin.
How do i invest?
First, you have to open your free account with a trading platform and create a wallet; you can find some examples by searching Google for 'Bitcoin trading platform' - they generally have names involving 'coin', or 'market'. After joining one of these platforms, you click on the assets, and then click on crypto to choose your desired currencies. There are a lot of indicators on every platform that are quite important, and you should be sure to observe them before investing.
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