Bitcoin – Is It The Future?

, Bitcoin – Is It The Future?

Let’s start off with a quick fact, If you invested a $100 in Bitcoin in 2010, you’d be worth 72 million today, was that enough to grab your attention. Bitcoin is an online currency which is stored in storage media such as you’re phone, computer, etc. This is not a physical currency and is not Governed by any authority. In today’s market, 1 bitcoin is worth $8300 USD which has significantly increased from its last year’s value of $650 USD.

Well you can’t use Bitcoin in your local store, than how do you use it? There are many websites that trade Bitcoin for goods or money. There’s even a site where you can buy a lamborghini, pretty sweet right?

Now how do you earn the Bitcoin? There are actually many different methods by which you can earn the Bitcoin. One simple method is to buy the Bitcoin, for example you can buy a Bitcoin for $8300 USD and sell it later, by the way you don’t have to buy a whole Bitcoin, Bitcoins can be traded to upto 8 decimals (0.00000001 Bitcoin).

Another method is to trade services for Bitcoins, for example you’re selling some goods or service which you can trade for the Bitcoins. The most popular method of earning the Bitcoins is mining them. Whenever a Bitcoin transaction is done, (since it is not governed by any authority) a maths problem is attached to the transaction for the security purpose and there are people out there called the “miners” . These miners have very powerful computers and whoever solves the maths problem first gets a little bit of reward in Bitcoins and the transaction is done.

 

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