Wednesday, 9 November 2016

What Is Bitcoin


 Bitcoin is the first decentralized digital currency. They are digital coins you can send though or with the internet. Bitcoins can be transferred from person to person throughout the net without going through a bank or clearing house. It can be exchanged for USD, EURO, POUNDS etc or can be used to pay for goods or services a lot of merchant sites are already beginning to accept bitcoins. Your bitcoins can be stored on your online wallet, desktop wallet, IOS or Mobile wallet.

    Bitcoin is a protocol and network centric platform for recording ownership and trust on a peer to peer basis. Saying bitcoin is just a currency is almost like saying the internet is email. Bitcoin is not money for the internet. Its the Internet of money. It is a great way to minimize transaction, easy to set up and no charge back.

    The bitcoin Network is secured by individuals called miners. Miners are rewarded newly generated bitcoin for verifying transactions. After transactions are verified they are recorded in a transparent public ledger. Bitcoin opens up a whole new platform for innovation. The software is completely open source and anyone can review the code.

                                 BRIEF HISTORY OF BITCOIN

     Bitcoin was created in 2009 by someone who did it under the pseudo name Satoshi Nagomoto. It is a peer to peer version of electronic cash that allows payment to be sent from one party to another without going through the bank or any financial institution.

  The first bitcoin transaction took place between Satoshi Nagoomoto and Hal Finey, a developer and cryptographic activist on the 12th of January 2009. On October 9, the first bitcoin exchange rate was established at 1USD=1309.03 BTC using an equation that calculates the cost of electricity. The first real world transaction using bitcoin took place when a programmer offered to pay 10,000 bitcoins for a pizza on the Bitcoin forum, at that time the exchange rate put the purchase price for pizza at around $25USD. The first bitcoin was at parity with the US dollar for the first time was on 9th February 2011.

     In April 2013 bitcoin surpassed $100 USD to 1 BTC and kept rising upto $250 and crashed to about $100 USD when bitcoin was Hacked by some anonymous hackers making away with a few hundred BTC.

     The first Bitcoin ATM was unveiled in San Diego California, it made it possible to deposit and cash out USD from the ATM, a new milestone for the future of money.
  November 19, 2013 bitcoin hit its all-time high of $1242-1 BTC.

    Bitcoin is the future of money and it can’t be stopped, that will be like trying to shut down the internet (except you are Donald trump lol). I Know a lot of us wish we were elite on the use of bitcoin in its early days, how our small moneys will have been worth Millions or hundreds of thousands of dollars. But don’t get too upset bitcoin is still in its early stages, more merchants are yet to accept bitcoin payment and also more people are yet to understand that bitcoin is the most powerful currency. Bitcoin has a finite number just like gold and the demand is increasing while the supply is reducing which is an indicator that the bitcoin price is going to sky rocket in a few years to come to over $3000usd to 1btc.
Subscribe to xinisblogs to learn more about bitcoin and how to earn bitcoins as you get more and more information on the future of money. Our next post will be a pictorial guide on how to create bitcoin onlinewallet and how to use it on your desktop, mobile device, Ipad. You can read more about bitcoin on  Bitcoin is better experienced than explained.


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