|Posted by firstname.lastname@example.org on May 16, 2018 at 8:35 PM|
For those of us who have taken notice of the many drastic changes that are taking place around the world, one of the main topics which seems to keep reoccurring in the news, on our jobs, in various social medias and even in conversations with our children, is the subject of cryptocurrency. Unless you’ve been hiding under a rock, you may have heard that there is a new form of money. This new form of money is the “buzz word” that is taking the world by storm. It’s called Bitcoin!
You may be wondering, “What is Bitcoin and how does it work?” In short, Bitcoin is a virtual currency that is in a digital format called cryptocurrency. It is exchanged between users via the internet on a digital ledger called the blockchain. It was created by an unidentified programmer, or group of programmers, under the name of Satoshi Nakamoto, who introduced Bitcoin on October 31, 2008 to a cryptocurrency mailing list. Since it’s introduction to the public in 2009, Bitcoin has increased in popularity and is now being used as a medium of exchange for purchasing goods and services by people all around the world. As of January 2018, Bitcoin is the most widely used alternative currency and as of the writing of this blog, Bitcoin has a market cap around 142 billion US dollars. There are approximately 20 million bitcoin users globally and approx. 28.5 million bitcoin wallets that hold more than 0.001 BTC according to data compiled by Bitinfocharts.com.
Since the creation of Bitcoin, there have been a number of alternative coins that have evolved and has also grown in popularity. Ethereum, Litecoin, Ripple and BitcoinCash are just a few of the alternative digital coins. Ethereum follows closely behind Bitcoin in popularity and is now moving over 2 billion US Dollars in transactions every 24 hours. Although Bitcoin is fairly new to mainstream media, Bitcoin is now known as the grandfather of cryptocurrency since it was the first one on the scene and paved the way for other digital currencies to follow. There are now over 1,592 alternative cryptocurrencies being exchanged daily at the writing of this blog.
So, why use Bitcoin or any of these other cryptocurrencies. There are a number of reasons why using Bitcoin or any other cryptocurrency would be recommended, but details of that explanation goes beyond the scope of this blog, however, the simple answer is that using digital currencies provide a more private and secure way to pay for goods and services and gives you more control over your money. For a more detailed answer, we highly suggest that you read the e-book on “Understanding the Basics About Bitcoin & Other Cryptocurrencies, The Beginner’s 101 Guide - An Introductory Explanation for Beginners, The first most comprehensive book to understanding cryptocurrency with step-by-step instructions to get started” since it provides a detailed explanation for beginners. To obtain a report on the History and Growth of Bitcoin, you can download a FREE report under our Special Offers, only available on our website for a limited time.
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