Bitcoin has been making rounds since 2010, although it was not created in 2010. But it made rounds that period because of the price surge.
Everybody know bitcoin but do you really know it?
History of Bitcoin
Bitcoin and its blockchain technology was created in 2009 by an anonymous person or group of people named Satoshi Nakamoto.
This was when a group of people or a person named Nakamoto aired out a paper called Bitcoin.
It was created as an alternative to the peer to peer Electronic Cash System and for store of value purposes.
What is Bitcoin?
Bitcoin is a digital currency (money) unlike fiat money, it is digital and built on its blockchain.
It is the first cryptocurrency that was created and till date still showing great dominance in the crypto industry.
The creation of bitcoin was to remove the effect of a third party when it comes to money disbursements.
Thus, creating an easy transfer of money without a central point like fiat currencies.
Since the creation of Bitcoin the following benefits have evolved.
Why Bitcoin?
- Store of value: We can now use bitcoin easily to purchase items without intermediaries. Bitcoin has a value that increases unlike fiat currencies. For instance, over the years, 1$ at 2010 remains the same value as 1$ in 2022. But 1BTC which was worth 0.09$ as at 2010 is currently worth 41,000$ now. This shows store of value utility of Bitcoin.
- Decentralized money system: The manipulation in centralized currencies has been mitigated in blockchain products. With bitcoin all transactions are decentralized and immutable.
- Time management: The transfer of money from one place to another hasn’t been much easier than now. You can stay at your convenient and transfer money without waste of time. Instead of going to the bank, filling slips etc.
- Low charges on transactions: Bitcoin transaction fees are moderate as its blockchain is unique and secured.
- Privacy: Bitcoin transaction doesn’t require third parties or unnecessary personal information. Which means you don’t need any additional information about yourself except your (public key) Bitcoin Address.
- Secured currency: The cryptographic(users having transaction or communication without anyone knowing about it or understanding it) effect on Bitcoin makes it more secured and not revealing like other currencies. No sensitive information will be left out or stolen when making transactions.
- Irreversibility: Once a transaction has been executed, it cannot be reversed again. It is not like our local banks, that can reverse a money because of poor network connection.
- Easy transactions: With Bitcoin, you can send money across the nation easily and without unnecessary questions, also with fewer charges.
Should I buy Bitcoin?
Buying bitcoin is like venturing into the crypto space. Just like any other business, you need to acquaint yourself with the right knowledge of the business you intend to venture into.
Cryptocurrencies are volatile and their price actions are not easily predicted.
So many investors have made huge amounts of money in trading, buying, and selling it. On the other hand, some people were unlucky and have lost a lot in pursuit of the train.
In crypto, you are never late.
Although, it is important to research in any business you need to venture into, and Bitcoin is not an exception.
Make your researches and trade with what you can’t afford to lose.
Cryptocurrency markets are not completely backed by governments as we have seen some countries ban crypto.
Some also stopped the mining of the coin due to excess power needed for the mining processes.
That’s why we give Kudos to Nayib Bukele, El salvador President, who thought outside the box to see the uniqueness of bitcoin and made it a legal tender in his country.
Still yet the coin is growing and technically affecting the World and the Metaverse.
The neutral nature of bitcoin and how it can survive crashes and world problems is one of the reasons institutions and big investors hold Bitcoin.
Bitcoin has been seen as a digital gold, and it is given the due accolade.
How to buy Bitcoin
Buying bitcoin is as easy as ABCD. There are exchanges where you can purchase BTC like Binance, coinbase, Flitaa, Roqqu, etc.
Its simple as using your bank account or debit card to purchase anything.
After successfully purchasing your coin, you can now transfer it or make payments to platforms that accept cryptocurrency as a payment option.
Currently, there are online vendors that you can send cash to and they transfer directly to your wallet.
Therefore you need to know your Bitcoin wallet address.
A widely used wallet is Trust wallet.
Note: Trading with online vendors are risky so always utilize exchanges for fidelity and transparency purposes.
Will Bitcoin remain in the far future?
If I should rush to answer, I would hastily say Yes.
From the look of things from 2010 till now. There have been bad aches on the crypto space but the coins are still going worldwide.
2013,2019 and 2021 When China banned Cryptocurrencies , it was like an end to bitcoin. But it didn’t happen, instead we witnessed a big hike in Bitcoin price to show the World that it has come to stay.
Up till date, a lot of crypto projects are being initiated.
Non Fungible Tokens are stepping up massively and the metaverse is yet to be brought main stream. All these will make Bitcoin reach the future in style.
Conclusion
As said earlier, you are never late in the crypto space as there are lots of lucrative offerings in this space. All you need to do is to research and trade safely.
Disclaimer
Cryptocurrencies are always volatile, so you are advised do your own research(DYOR)