It’s been called a few different things:
Magic Internet Money.
The Grandfather of all Crypto…
It’s been around for 9 years and this year it has received a lot of attention – both good and bad. But everyone is catching on and almost everyone is talking about it now.
We want to make sure you’re up to scratch with your facts so that you can walk away sounding like a complete Bitcoin pro.
Let’s run through what you need to know:
What is Bitcoin?
Well, where do we start? The short answer is, it’s digital money.
The slightly less short answer is that it is the first global, peer-to-peer cryptocurrency and payment system.
Why should you care?
- Transparency: Anyone can see Bitcoin transactions – as it is on the ‘blockchain’ (learn how it works)
- Decentralisation: Nobody owns or can take down the Bitcoin blockchain. It’s a peer-to-peer network.
- Capped Supply: Bitcoin is capped at a maximum of 21 million Bitcoin. No more.
A bit more about Bitcoin:
- Established Date: January 2009
- Circulating Supply; 16,740,875 BTC
- Total Supply: 21 million BTC
- Market cap: $277 Billion USD
- Notable Team Members:
- Creator and developer, Satoshi Nakamoto.
- Proof of work creator, Hal Finney.
At the beginning of 2017, one Bitcoin was $975 USD.
Today it’s around $16,560 US dollars.
That’s a gain of around 1700% this year!
Source: Coin Market Cap
Why the hype?
Everyone seems to have their own views on Bitcoin.
The general sentiment is that it has the potential to completely change how society perceives and uses money. and that’s enough to get everyone talking.
Bitcoin is digital Gold. It’s the first cryptocurrency and it paved the way for the 1000+ existing altcoins and many more to come. Bitcoin is a censorship-resistant, peer-to-peer payment system, relying on cryptographic proof rather than trust(in a financial institution).
And it’s the original.
- Lamborghini, the first car brand to accept Bitcoin.
- Someone once swapped 10,000 Bitcoins for a pizza in 2010. They’re now worth over $150 million USD
- The Bitcoin network is more powerful than 500 supercomputers put together
- The 21 million Bitcoin limit is expected to be reached in 2140
- Microsoft, Expedia, Dell, Virgin Galactic are some of the companies that accept Bitcoins as payment
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