- March 15, 2018
- Posted by: admin
- Category: Blog
What is Bitcoin?
First and foremost, am neither a professional nor certified financial advisor, infact I studied Natural Resources Management at the University (hence the name ecobitcoin) therefore, the information provided on my blog should not be used as financial advise, do your own research and only just use this as a source of information and/or opinion. I repeat do your own research!
Lets move on, I bumped into bitcoin on the internet a while back, when I was looking for a side hustle to kill time and offcourse supplement my income. The more I researched the more my interest in bitcoin grew. Its not possible to mention bitcoin without mentioning Satoshi Nakamoto. Mr Nakamoto is an unknown person who designed Bitcoin. The real identity of Satoshi is still unknown, he probably chose to be anonymous for a good reason, it is alleged that he vanished in 2011, poof, without a trace, I am still looking for him.
In the whitepaper, it states that Bitcoin is “A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution”. This was way back in 2008. You can now guess why Nakamoto disappeared with just the mere mention of “without going through a financial institution”; Well, as I write this blog bitcoin costs $7,902.22, it was headed to $20,000 in late 2017! I got quite the adrenaline rush there. This has necessitated some Governments to intervene and regulate bitcoin but this is a story for another blog.
Despite Government regulations, quite a good percentage of people and businesses have adopted bitcoin as payment. According to https://cointelegraph.com the first Half of 2017: 11% more businesses accepted BTC while BTC price increased by 147%. Check out bitcoin volatility on this site https://www.buybitcoinworldwide.com/volatility-index
Using bitcoin is as easy as xyz, all you need is to:
• Be well informed about bitcoin. Note that bitcoin is not like the currency you use on your day to day transactions, follow this blog for my opinions and feel free to AMA.
• Get yourself a wallet, can be desktop, wallet, hardware or web wallet. Make sure to secure your wallet since bitcoin has a monetary value and you need to secure it just as you would your ordinary hard earned cash.
• Buy bitcoin. Yes you have to buy bitcoin; there are also other ways of earning bitcoins but I will leave that for another blog.
• Spend bitcoin. There are 1001 ways you can spend your bitcoin. More and more stores like I said earlier are accepting bitcoin; a good example being Amazon, some musicians will let you download their music in exchange for bitcoin, you can pay for flights/hotels with bitcoin, through Expedia, CheapAir and Surf Air, Microsoft accepts bitcoin in its app stores, where you can download movies, games and app-based services. See, these are few examples that prove bitcoin slow and steady adoption.
I will stop here for now, I promise to write more about bitcoin in my subsequent blogs, this is my first blog by the way and I do hope you are a much better human being after reading this.