I speak to a lot of people curious about bitcoin. It seems that more and more people have at least heard of it. However, almost no one has a grasp on what it is.
- “Digital money”
- “That blockchain thing”
- “The biggest cryptocurrency”
- “Some new type of Internet money that banks can’t control”
- “Something my cousin invested into”
And it’s not an easy question to answer (‘what is bitcoin?’) because the simple answer misses the real juice of it. So let me explain in a nutshell first…
Yes, bitcoin is ‘digital money’, based on new computer technology called ‘blockchain’ (a chain of information blocks of computer code that all link together) using cryptography (the stuff that makes encryption security) and it’s a new form of currency that banks do not ‘print’ like they do with traditional money (dollars, pounds, euro, etc).
And yes, your cousin may well have already invested in it.
How does one ‘invest in bitcoin’? Simply, by buying some. Again, just like you might invest in the Euro by buying some in exchange for your normal money… although I wouldn’t recommend doing that.
Here’s the value of Euro compared to Dollars over the past 5 years:
Here’s the value of Euro compared to GBP over the past 5 years:
And now, here’s the value of Bitcoin compared to EUR over the past 5 years:
So you see, the value of bitcoin has done phenomenally well since it’s inception in 2009 when the first ‘block’ of the bitcoin blockchain was created on Satoshi Nakamoto‘s computer. Remember that name as I’ll test you on it later…
So, being new to bitcoin you might have a dozen really key questions that you want good answers to. And rather than try to tackle them all in this single blog, I’m going to make a recommendation.
I will be working with Wirex on a super-comprehensive batch of User Guides for all things related to bitcoin. All Wirex users will gain free access to all User Guides, taken from the ‘bitcoin newbie’ all the way through to a savvy bitcoin connoisseur.
We’ll cover things like:
- Where does bitcoin come from?
- How to earn bitcoin?
- How to buy bitcoin instantly?
- Where is bitcoin kept?
- What are the security issues?
- How can bitcoin be used?
- Where can you spend bitcoin?
- How can you spend bitcoin with ease?
- Is now a good time to buy bitcoin?
- How much bitcoin should someone own if they want to ride the waves of economic change for financial security and prosperity?
- And so very much more.
It’s going to be a wild ride! Hang on to your hats. Buckle up and prepare to be dazzled!
This information is going to become the bedrock foundation on which many thousands of people build an amazing financial future within the bitcoin digital cash economy.
The User Guides will be made available within the message centre of the Wirex app and emailed to account holders.
Did I mention the Wirex account and app is free?
You get access to mobile bitcoin banking, virtual and plastic payment cards that makes spending bitcoin simple, money transfer services, and a bitcoin exchange to buy bitcoin anytime you like.
It’s not just about ‘bitcoin’ either. There is an entirely new world of different ‘cryptocurrencies’ now emerging like Ether.
Knowing which ones to own for different purposes is left for the Advanced User Guides.
Let’s cover the fundamentals first.
In the first User Guide, we’ll cover bitcoin wallets — why you should have more than just one, and how to keep them secure.
Get to grips with this before you buy your first bitcoin. I’ll see you on the other side.