An Introduction To Bitcoin
Bitcoin is a digital currency developed in 2008 by a man that goes by the name of Satoshi Nakamoto. Bitcoin is decentralized, which means the currency is not controlled by a central bank or a controller, but is provided by a network made of its users that make sure that transactions will be recorded, secured and fulfilled.
It’s based on blockchain, a visible ledger that allows anyone to verify a transaction made in Bitcoins, no matter if it’s the first transaction ever made, or the one made a couple of minutes ago.
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Firstly, Bitcoin was mostly recognizable within a computer geek community, but as the time went by, its popularity grew. The spring of 2013 and the wake of the Cyprus Banking Crisis was an important time for Bitcoin’s value, as it more than doubled because of people who began to worry about the safety of their savings in banks and began to convert them to Bitcoins. With investors from China and other parts of the world, realizing Bitcoin's potential, Bitcoin’s value went up to US$1,200, from just over $100.
Bitcoins and its blockchain technology allows people to take control over their money, without needing anyone’s consent. What’s interesting, Bitcoin wallets are not like bank accounts and, for example, can’t be “frozen”.
Bitcoin has extremely low transaction fees, while fees associated with credit card payments, bank transfers and PayPal payments are quite sizeable.
What’s important, unlike credit card companies which want to collect as much of your personal data as possible, Bitcoin respects your privacy. Because of the security that Bitcoin offers, hacking its network is way too expensive, while credit card information gets stolen all the time.
Bitcoin Is For Everyone
Bitcoin’s decentralization makes using the currency possible for everyone and allows people to buy things that normally could not be accessible, like goods restricted by age, but buying clothes, gift cards, or even electronics and much more, is possible.
There are no limitations to how you can use Bitcoins online, but quite a few restaurants and small businesses accept Bitcoin payments. Nonprofit organizations, like Wikileaks and Khan Academy accept donations in Bitcoin (actually, at the moment Wikileaks receives most of its donations in Bitcoin).
Bitcoin Is International
Bitcoin is truly international with people from all over the world using the currency.
Without having to worry about exchange fees, anyone can send digital money over the internet, to any place in the world, facilitating international business.
What’s interesting is that there’s no age limitation when it comes to working for Bitcoin online. Finding a job is possible by joining a Facebook group, visiting forums or finding websites like CoinHR. With Bitcoin being able to be sent all over the world, possibilities to find a job are endless, no matter what profession it is.
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