Why Use BITCOIN? What is Bitcoin All About? That’s what people want to know. Lets discover and Review all about bitcoin here at BitBetBuddy.com your Bitcoin Information Source on everything about bitcoin cryptocurrency. How does Bitcoin work? What does Bitcoin do for us? Lets complete our Bitcoin Review now and find out….
What Does Bitcoin do?
Bitcoin! What the Heck is it? Why Use It? What does it do? Anything?
You have heard all about how this amazing thing that we can neither touch nor feel has been making the lucky among us huge money all through this year. Bitcoin has had a fantastic year(2017) and those who have been on board have reaped tremendous benefits.
This is probably why from big time investors to everyday people like you and I interest has peaked to know what the whole buzz is about. So what is bitcoin all about? Is it legal? And how do I get mine? These are some of the few questions we intend to answer in this piece away from all the technical jargon, so we can all get a better understanding all about bitcoin and cryptocurrency.
Why Use Bitcoin? Lets review what it does
Bitcoin is about being a virtual currency and its about the blockchain technology.
So remember your cash that is in your wallet? When you take it out and take it to the bank and give it in for safekeeping, it mysteriously turns into mere figures on your screen or attached to your Credit/Debit Card. In a way you could say your money now resides in the virtual world, although you still have the option of getting the physical cash whenever you wish to.
Bitcoin in the same vein is a virtual currency, however it is not just virtual for transitional periods, it is a fully virtual currency that is not issued by any government but that which is produced through the solving of huge mathematical puzzles by computers using specialized equipment. Bitcoin is all about being completely decentralized, and it cannot be counterfeited or compromised due to the underlying technology that was used to create it, Bitcoin is about the blockchain technology.
Bitcoin Review of Blockchain Technology Why use the Blockchain?
Bitcoin is all about an open ledger system that is used to create, record, and verify transactions by the total sum of connected computers all over the world that keep it safe. Transactions conducted must be verified as 100 percent genuine by each participating computer and as such a consensus is needed to add it on the blockchain.
This completely reliable and absolutely unhackable technology is the backbone on which Bitcoin is all about and a host of other cryptocurrencies were created from. And it is all about the immutability and high level of privacy that gives this technology the potential to be used in very wide number of industries as far as health insurance, banking and self-driving vehicles.
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Lets Review now: What is Bitcoin All About?
The fact that Bitcoin is not issued or backed by any government in the world makes it an enigma as to why it continues achieving breathtaking success in the financial markets. The reasons are not too far off as Bitcoin has certain characteristics that guarantee its value, among them are:
Why Use Bitcoin: What does Bitcoin Offer?
- Decentralization: Bitcoin is about being a cryptocurrency which is fully decentralized and is not issued by any single entity. It works over a large network of computers spread all around the world and as such cannot be shut down by any government or single entity which guarantees its continued existence. Being a decentralized and virtual currency, Bitcoin is produced (mined), banked (in wallets), and transacted with without resorting to banks or any other established financial vehicles. Its transactions are completely borderless as Bitcoin can be sent to any country in the world in split seconds without worry about red tape. Use Bitcoin to bybass big banks and regulations and red tape
- Anonymity: Bitcoin is about anonymity, it is extremely attractive to its users because it is one of the most private means of conducting transactions. Any amount of Bitcoin sent from one user to the other only carries the wallet address of the sender, as no personal information such as names and IDs are required before using it. Use Bitcoin for Private Financial Transactions.
- Speed: Bitcoin is all about financial transaction speed, from its inception was conceptualized as the fastest means of sending money to all corners of the world without censure or delay. Its creator Satoshi Nakamoto designed Bitcoin in such a way that it is faster and cheaper to receive than Western Union. Use Bitcoin for fast Transactions.
- Immutability: Bitcoin is all about being genuine and not counterfeited. The blockchain technology on which Bitcoin is built guarantees its genuineness, in that the sheer amount of computational power that is required to shut down or hack the Bitcoin blockchain cannot be summoned by any single entity or government anywhere in the world. This means any Bitcoin is all about you receiving or sending bitcoin cryptocurrency that is completely genuine and cannot be counterfeited like fiat currency. Use Bitcoin for Safety.
- Limited Supply: Bitcoin is in limited supply. One of the biggest things that ensure Bitcoin’s value keeps rising is that it has a finite supply, which is pegged at 21,000,000 Bitcoins. This makes bitcoin all about being like gold, with similar characteristics to gold and other precious metals, as its supply nears its end, its price goes further up. Use Bitcoin and get some before its gone.
Bitcoin History Review
Early Bitcoin History
It is widely believed that the foundations of the origination of cryptocurrency was laid in the early 1980s, when David Chaum a renowned cryptographer formed the aptly named “blinding algorithm” which remains relevant to date in internet-based encryption. The algorithm was the first to allow a highly secure and tamper-proof means of exchanging information between ends. This was the cornerstone that would give birth to secure electronic funds transfer. David Chaum was to then deploy his blinding algorithm into the making of DigiCash which though highly encrypted was never decentralized till it crumbled in the late 90s.
Pre-Bitcoin Transition Period
After the demise of DigiCash, a lot of investment and research went into finding the perfect solution for online transactions. Most took a conventional turn as intermediaries like PayPal, while others such as the Russian WebMoney took the DigiCash approach.
One of the biggest names to spring up during this period where cryptocurrency was desperately searching for an identity was e-gold. E-gold was all about being mainly to serve as a digital means of buying gold.
Customers can either buy e-gold units using their fiat currency or simply send in their gold jewelry to e-gold which will then be converted into online units they can use for trade, with the option of cashing out in physical gold whenever they wish to.
Though wildly popular, e-gold was prone to hacking and other fraud schemes due to lax security. And amid escalating pressure, they finally wrapped up in 2009, leaving a huge vacuum waiting to be filled.
Bitcoin & about the New Era that arrived with it
The birth of what is to become the first modern and fully functional cryptocurrency came in 2008, with the release of a white paper by a person or group that goes by the name Satoshi Nakamoto outlining his/their vision for a new decentralized and highly encrypted digital currency.
Then in early 2009, Bitcoin was formally released with only a few enthusiastic cryptographers mining and exchanging the newly born currency. For the first time, the user can essentially create his currency (through mining) and also bank it (using wallets), a revolutionary idea that will change the world.
Bitcoin became the first stable stateless, border less digital currency in the world that was able to garner the trust of people who have since invested tens of billions of dollars in it, as the blockchain technology upon which Bitcoin is built guarantees that no fake transactions will ever be made on the Bitcoin blockchain. Bitcoin also enable people to transact with one another without ever needing to use banks, payment gateways or any kind of middleman whatsoever at any stage of the transaction.
A little over a year later, the first sets of alt coins were released. These were cryptocurrencies made using the same blockchain technology that gave birth to Bitcoin offering varying features.
Altcoins came about as a result of a need for faster speeds of transaction as well as improvement in anonymity and lowering of transaction fees. Since the creation of Bitcoin in 2009, the industry has grown to one with over 1400 distinct products and worth over half a trillion dollars
Why you should use Bitcoin Review Summary
- Transactions cannot be faked
- Limited Supply
- More Merchants than ever accepting Bitcoin
Bitcoin Review Of Frequently asked Questions Coming Soon:
Should I buy Bitcoin?
Can I make money with Bitcoin?
How to Invest in Bitcoin Stock?
Are Bitcoins Safe to Invest in?
This Video is a good Bitcoin Summary Review
What is it? Your Definitive Guide to Bitcoin Wealth Here from Bitcoin Millionaire
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