This is only a basic knowledge about Bitcoin to all Beginners here in the forum if some of the old Members or High ranking have an
additional idea that can give, you are all welcome to share it here.
Bitcoin - A type of cryptocurrency so don’t get confused and a cryptocurrency is a type of digital or virtual currency. And it is also a kind
of money. That we can compare it to Paymaya and Gcash and our online banking where we do not hold our money or it is only
physically stored in our accounts, that can also be used in online shopping.
- It is also called Crypto because it also uses Technology or encryption system to make it more secure and prevent hackers from
hacking it. For example, just think of the password you use on Facebook, you will see that the password is encrypted, but it is
not as simple as technology and security what you will find in Bitcoin or Cryptocurrency.
- It has also Blockchain Technology, this is basically technology used only in transactions where when verified the information it
can be compared to one block and added to another block or fixture thus becoming a blockchain.
Maybe your wondering why Bitcoin was created? - The creator is
Satoshi Nakamoto and most people here probably already know this. This is done so that we can have a transaction or
cash system where we do not need third parties or other factors to send money. Just like the current example that the bank is always
involved in transferring money to another bank and this is associated with Fees or deductions. But Bitcoin no longer has Fee's(You can
transact person to person unlike in credit card there are many parties involved) and we will also be anonymous here and be more secure in
avoiding hacks because of the technology used in it.
- Another reason is for us to have a decentralized process for distributing money, meaning we no longer have central authority to be secure or
complicated or take down because it is peer to peer in a network and it is not in a single entity.
- It was also done to eliminate the central authority that can control the flow of our finances. Or let’s say banks or government control and
other factors. It's just like when we had inflation where in the 1980's if you had 100$ and it was used for the price, you could buy a lot
compared today, you can only buy a little for 100$. Bitcoin is also the source of many digital currencies such as Litecoin, Ethereum,
Monero, and others. I hope you understand my explanation even for beginners here on this platform. You know the other term is pretty hard
to understand.
Now the question is did I invest in Bitcoin? - The answer is YES!
why did I invest in Bitcoin? -
I want to diversify, so what I can say is that you should not be content with just one source of income, or just don't put your
investment in just one basket. For in case the others fail or fall, you still have the remaining source of income. So this crypto investment is
just a supplement to my investments and I am willing to risk it apart from the stock market, land, business and so on. That's why it's still
good to do your own research before entering here in the crypto space.
-
It has a potential Upside, For me there is still a big chance that its value will rise again despite the fact that the price of Bitcoin has
really fallen now. Here my goal is to hold for a few years and wait for its price to rise or kick again in the market. I can really see something
in Bitcoin that will kick its price again. Because in reality it can be our future money in my view and opinion only. That I think those who have
Bitcoin holdings will win, as you have heard and read, I just can't remember where PayPal is ready to accept Bitcoin and other big merchants
are also ready to accept bitcoin.
Disclaimer: - I'm not hyping you or imitating me to buy Bitcoin, you still have the final decision. But you can use this topic
as guidelines for those who do not know yet.
Reference -
https://www.investopedia.com/terms/b/bitcoin.asp Reference -
https://www.coinbase.com/learn/crypto-basics/what-is-bitcoin
