Before 2008 the term Bitcoin was unheard of until a pseudo name - Satoshi Nakamoto Published a white paper about it. It is the first Cryptocurrency to use P2P - Peer-to-peer technology to make transactions. But what exactly is Cryptocurrency? It is defined as a decentralized currency that serves as a digital asset used as a medium of exchange like the 'traditional' fiat. Bitcoin with an uppercase “B” represents Bitcoin system or the network; bitcoin with a small “b” represents the currency.
It is a collection of nodes, or computers that are used to run Bitcoin’s specific codes and store them in the block chain - a decentralized, distributed ledger that records transactions of a digital asset. It is impossible to hack into Blockchain technology since you’ll need to make similar changes to most of the nodes which has actually been proven to be nearly impossible.
Bitcoin was the first Cryptocurrency to be launched in January 2009. At the time, its price was around $0.08 and with more than 10 years now its price is unimaginable. At the time of writing this article, its price was $ 9,430.34. Its demand has overwhelmingly increased since its inception. Does it serve its purpose? The truth is btc- short of Bitcoin has really been embraced by many firms, merchants, and people across the world, and it is likely to increase. People are losing confidence with the ‘traditional’ fiat and cryptocurrency is serving the gap more than any other time.
A question arises, is bitcoin a hoax, or is it secure? Why would a person trust a virtual ‘asset’ on internet rather than their government’s fiat? btc is secure by itself since it uses Blockchain technology. However, Bitcoins security is as secure as the wallet storing them; hence it is important for one to cautiously select the best and reputable bitcoin wallet before purchasing or possessing it.
Why is Bitcoin gaining traction so fast?
It is incontestable that the world is more reliant with internet than any time before. So, it doesn’t come as a surprise that investors would want to venture interest in it. The coin is open source and many people are chasing the new ‘Gold’. Its gold because, it becomes scarce day by day while price keeps on escalating, the monetization curve and the inflation curve are inversely proportional. Also, individual consider using bitcoin as a medium of exchange due to cheaper transaction charges compared to other payment method available on the internet.
Should you invest in bitcoins?
You are actually late, but better late than never. Bitcoin investors always aim higher, just like it had a peanut price 10 years ago, its prices are likely to rise even further in future, in this age, Bitcoin will be inevitable in the future since it provides a predictable and sound monetary policy that can be trusted by the public across the world without any government interference. Bitcoins are sent anywhere in the world within seconds which fastens transactions and easy of access to the recipients. It also helps people evade troubled government’s failed monetary policies especially countries experiencing galloping and hyperinflation.
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