You probably have heard of the recent craze in town called Bitcoin. In town? No, it’s actually all over the world.

But you still do not understand what Bitcoin is and why it is important.

What is Bitcoin?

Bitcoin is a cryptocurrency. And it’s the earliest cryptocurrency. The whitepaper that detailed what Bitcoin was about was released in 2009 by someone (or group of people) with the online name – Satoshi Nakamoto. Bitcoin is not the only cryptocurrency available, there are over 900 cryptocurrencies in the market as at July 2017. By market capitalization, Bitcoin is currently the largest blockchain network.

Bitcoin is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is pretty much like cash for the Internet. It is a consensus network that enables a new payment system.

What is a Cryptocurrency?

Cryptocurrency is a medium of exchange like normal currencies such as USD (United States Dollars), but designed for the purpose of exchanging digital information (i.e. products and services for value) through a process made possible by certain principles of cryptography. Cryptography is used to secure the transactions and to control the creation of new coins.

Other cryptocurrencies with huge market capitalization include Bitcoin Cash, Ethereum, Ripple, and Zcash.

How is one Bitcoin formed?

Bitcoins are created as a reward for a process known as mining. Mining is the processing of transactions on the blockchain network using the computing power of specialized hardware.

The Bitcoin network is sharing a public ledger called the “block chain”. This ledger contains every transaction ever processed, allowing a user’s computer to verify the validity of each transaction. The authenticity of each transaction is protected by digital signatures corresponding to the sending addresses, allowing all users to have full control over sending bitcoins from their own Bitcoin addresses.

How Do I Get 1 Bitcoin?

1 Bitcoin costs around $7,464 (or NGN 2,688,984) as of the time of writing this article. You can a whole one or buy a part of it. Depending on the country you are, you can buy directly with an exchange service like Coinbase or Luno or you can use a dealer in your local country.

Here is a list of exchanges.

You can also offer a service and be paid in Bitcoin. There are now several global merchants receiving payments in Bitcoin.

You can also buy from someone near you.

You can invest in a fund or business that has invested in Bitcoins such as this one.

You can take the long route by investing in mining equipment and be rewarded through competitive mining as described above.

Final thoughts:

Bitcoin is here to stay even though a lot of people may not believe in it. Blockchain technology has more important uses beyond payment, which will further increase the popularity of Bitcoin and other cryptocurrencies.

As internet companies were suspected and not given much of a chance in the late 90s and early 2000s, the same is Bitcoin and the technology behind it today.

Now, internet companies like Amazon, Alphabet (Google’s parent company) and Facebook are generating insane amounts of money and commanding such great influence around the world today.

Bitcoin can also be seen as an investment.

Why? There are only 21 million Bitcoins that can ever be mined. As of 2017, about 17 million Bitcoins have already been mined. Do you understand what this means? It means that once the 21 million Bitcoins has been mined, the demand we will see will be more overwhelming than what it is now. This demand will equivalently drive the price up.

The demand will increase because more Bitcoins will no longer be mined and it will then be only circulated.

Read the full article here - [url=http://centmillionaire.com.ng/blog/%E2%80%8Ball-you-need-to-know-about-bitcoin/]All You Need To Know About Bitcoin[/url]

It's too late to buy Bitcoin,only if you are stankily rich
I bought Lightcoin and Ethereum Few days ago but sadly Dash coin seems to have overtaken them
I miscalculated

bettercreature:
It's too late to buy Bitcoin,only if you are stankily rich
I bought Lightcoin and Ethereum Few days ago but sadly Dash coin seems to have overtaken them
I miscalculated

It's never late to get in with Bitcoin if you know what you're doing. If you look at the final points of the article, you will see how you can get in (at any price. I only did not put entry prices as they are different and based on different issues.) Now, for the other coins, if they do not gain adoption by merchants and interests by traditional exchanges, they may not be around for long.

Quick case study: I introduced Bitcoin to a friend when it was around $1,900 (late July) and he dragged his feet for so long (expecting the price to drop). He made his case when Bitcoin had the September 'Dimon-China' challenge and went very low from about $4,500 to $3,000 and still did not buy. Here's the thing: even at $3,000 then, the price was still more than $1,900 any day.

You can buy any amount of Bitcoin and keep part in your Bitcoin wallet and use the other part in a business to generate more returns for you.

With only $2,500 worth of Bitcoin in a business, you can enter financial freedom within a year (that is, working only because you want to be a force of good in the world and not because you MUST work to pay your bills).

Rating:
Quick case study: I introduced Bitcoin to a friend when it was around $1,900 (late July) and he dragged his feet for so long (expecting the price to drop). He made his case when Bitcoin had the September 'Dimon-China' challenge and went very low from about $4,500 to $3,000 and still did not buy. Here's the thing: even at $3,000 then, the price was still more than $1,900 any day.

You can buy any amount of Bitcoin and keep part in your Bitcoin wallet and use the other part in a business to generate more returns for you.

With only $2,500 worth of Bitcoin in a business, you can enter financial freedom within a year (that is, working only because you want to be a force of good in the world and not because you MUST work to pay your bills).

I have been following it ever since it was $600 but i thought it was too expensive and here we are today its around $6.800, as i said its too late only if you are stankily rich.I even heard some people are selling their business in the U.S just to buy bitcoin

bettercreature:
I have been following it ever since it was $600 but i thought it was too expensive and here we are today its around $6.800, as i said its too late only if you are stankily rich.I even heard some people are selling their business in the U.S just to buy bitcoin

Wait, are you trying to say it was expensive at $600?

Rating:


Wait, are you trying to say it was expensive at $600?

Yes I thought it was too expensive at the rate of $ 600 as at then

If only I knew about it way earlier. I've come to embrace now that it is over $6k with a passive income opportunity with USI Tech. You too join by attending a seminar this weekend.

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USI TECH LAGOS SEMINAR AND MEET UP!*

CREATING AN ENDURING PASSIVE INCOME STREAM VIA (CRYPTOCURRENCIES)

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*DATE:*
Saturday 18th NOVEMBER 2017.

*TIME:*
11am (1st Session)

2pm (second Session)

*VENUE:*
PRIMAL HOTEL 46B Isaac John Street GRA Ikeja.

Come and listen to real live strategies and experiences on how you can passively grow your earnings from people who have done it well.

*PRESENTERS:*
Mr. Obinna Azuike (Investment Banker and Cryptocurrency Enthusiasts)

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