Learn how to Invest in Bitcoin 101 lesson brought to you by IGN

2017 was full of interesting, Internet trends such as veganism, Instagram personal trainers and now cryptocurrency. Cryptocurrency is not a new thing people such as Bill Gates,  but in 2017 and 2018 experts are bringing awareness to this subject. The most popular cryptocurrency also known as a digital currency is Bitcoin. Bitcoin can be used to buy things electronically. In that sense, it’s like conventional dollars, euros, or yen, which are also traded digitally. However, bitcoin’s most important characteristic, and the thing that makes it different to conventional money, is that it is decentralized. No single institution controls the bitcoin network. This puts some people at ease, because it means that a large bank can’t control their money.

 

What is Bitcoin

Bitcoin is a cryptocurrency, which is a digital asset designed used for trade using cryptography. Which is the practice and study of techniques for securing information. Essentially Bitcoin is a way for people to buy and sell over the internet with the use of a centralised bank. Originally Bitcoin was created by an unknown person who goes by the pseudonym Satoshi Nakamoto who could be one person or a group who originally developed Bitcoin

Bitcoin pros 

  1. Investments in Bitcoin for the future 
  2. Bitcoin is a huge deal, better store value gold 2.0
  3. A new currency, big industry 
  4. Bitcoin is making people wealthy
  5. No Bitcoin server, due to Bitcoin being a decentralized currency. Bitcoin currently uses Blockchain tehcnology 
  6. As soon the users sign up via digital exchage webiste, you can buy and sell it for whatever price you want without needing a third party website such as Paypal
  7. Bitcoin minimum digital exchange for coinbase is a, $100 deposit which is cheap for an investment
  8. Bitcoin is intangible, only avaiable in numbers and information.
  9. No bank controlling, your money so interest rates and complciated financial jargon
  10. People use supercomputers to mine for the finite cryptocurrency. 

 

Bitcoin cons

  1. Bitcoin value could go down
  2. Bitcoin relies on its users and supply and demand people need to sell it in order for new people to buy it
  3. The price could go higher 
  4. The Bitcoin bubble could burst
  5. People might not trust this new way of growing wealth and selling the digital asset
  6. You could lose a lot of money, if you don’t learn how this system works
  7. Digital currency exchange website coibase want to access your personal information (Passport) in order for you to make a profit
  8. Bitcoin is only worth it, if you already have money to potentially lose
  9. Bitcoin won’t make you a millionaire overnight 
  10. Your bank may not be compatible with the transactions and fees

 

Check out how to buy Bitcoin and why it is significant: 

 

 

 

 

 

 


Date published: 20/01/18

Written by: Joseph Opoku 

Source: (1) IGN [YouTube/Bitcoin 101, What, How, Why] (2) Satoshi Nakamoto [Wikipedia] (3) Bitcoin Retirement Plan [YouTube] (4) The Independent [Bitcoin Explanation] (5) Coindesk [What is Bitcoin]

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