Everything Crypto: 5 facts about Bitcoin that every beginner needs to know [ChangeNOW’s Blog]
Bitcoin is a fascinating topic of discussion. We live during the era when the whole concept of money is changing, and it is quite natural for us to want to know more about the new notions. Bitcoin and other cryptocurrencies have become an integral part of Internet commerce. Judging by the general situation, cryptocurrency is not going to be forgotten in the near future. Depending on who you ask, you will hear two opposite opinions on crypto — strictly negative or strictly positive…
- Bitcoin was first proposed in a 2008 study by Satoshi Nakamoto. However, no one has yet been able to trace and fully confirm the identity of Nakamoto. As Bitcoin’s popularity grows, its mysterious creator has become something of a legend in the Internet world. Theories range from “this is a pseudonym of Nick Sabo or Hal Finney” to that it is “an abbreviation for Japanese corporations controlled by Samsung, Toshiba, Nakamichi, and Motorola.”. One time Newsweek ran into a man named Dorian Prentice Satoshi Nakamoto and thought they finally solved the case. However, the taken Nakamoto denied his involvement in Bitcoin. A few days later the usually silent Nakamoto P2P Foundation issued a statement saying: “I am not Dorian Nakamoto”. The hunt continues.
- The Bitcoin algorithm contains one very important feature: the total number of coins should not exceed 21 million. Upon reaching this mark, the emissions will be stopped. Since 2009, more than 80 % of Bitcoins have been produced — approximately 17 million. According to forecasts, the currency resource can be exhausted by 2140.
- Unlike “paper” money, which is issued by governments of different countries, Bitcoins are not controlled by any regulator. The currency does not have an administrator and is completely autonomous; therefore, no one can prohibit its use.
- There is also no single center responsible for the “issue” of virtual money. Users of the system can independently mine coins, using video cards in their own computers to calculate block hashes.
- In 2010 almost nothing could be bought with Bitcoins. That year an American programmer from Florida named Laszlo Haneech decided to prove the solvency of cryptocurrency. He gave one of the participants of Bitcoin Internet forum 10 thousand coins (for those times — $ 25) in exchange for the delivery of two pizzas. Now those pizzas would cost millions of dollars.
There is no need to be a developer to buy Bitcoin. All you need to have to start investing is your credit card, a bank account and electronic currency convenient to you. Bitcoin replaced gold which had always been bought in the time of economic instability. If the economy was starting to collapse the people were buying gold.
There are lots of already functioning platforms that allow you to store Bitcoins and trade them.
Selling or buying Bitcoins today is easier than stocks. All you need to do is to get used to a chosen platform and start investing in Bitcoin. If you are confused by the dollar as a global reserve currency, bet on Bitcoin.
By the way, did you know that you can get Bitcoin on ChangeNOW at amazing rates? Well, now you do! Swing by and don’t be a stranger to a service where you can swap and buy more than 150 cryptos, easy as cake.
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