What is Bitcoin?
Bitcoin is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency, as the system works without a central bank or single administrator. The network is peer-to-peer and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes through the use of cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin is a peer-to-peer electronic cash system. It is a consensus network that enables a new type of payment method and a completely digital form of money.
Who invented Bitcoin?
Bitcoin‘s inventor, Satoshi Nakamoto, outlined what Bitcoin is in the original 2009 Bitcoin whitepaper – a document which created the roadmap for Bitcoin. To date, this is still the most simple and accurate description. Bitcoin is also known as digital cash, cryptocurrency, an international payment network, the internet of money – but whatever you call it, Bitcoin is a revolution that is changing the way people think about and use money.
Bitcoins are created as a reward for a process known as mining. They can be exchanged for other currencies, products, and services. As of February 2015, over 100,000 merchants and vendors accepted bitcoin as payment. Research produced by the University of Cambridge estimates that in 2017, there are 2.9 to 5.8 million unique users using a cryptocurrency wallet, most of them using bitcoin.
The beauty of Bitcoin is that it requires no central servers or third-party clearing houses to settle transactions – all payments are peer-to-peer (P2P) and are settled in about 10 minutes – unlike credit card payments, which can take weeks or months before they’re finally settled. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is perhaps best described as ‘cash for the Internet’, but Bitcoin can also be seen as the most prominent triple entry bookkeeping system in existence.
How to Get Started with Bitcoin
1. Get Ledger Nano S Wallet – The most secure Bitcoin hardware wallet
2. Choose from the best sites to buy Bitcoin. I’ve selected the most popular & secure exchanges – reviewed and sorted by payment method
3. Buy Bitcoin and save it to your Ledger Nano S Wallet
Bitcoin Forecast 2018-2019
If you are looking for virtual currencies with good return, BTC can be a profitable investment option. Bitcoin price equal to 16439.400 USD at 2018-01-07. If you buy Bitcoin for 100 dollars today, you will get a total of 0.006083 BTC. Based on our forecasts, a long-term increase is expected, the price prognosis for 2023-01-06 is 80810.700 US Dollars. With a 5-year investment, the revenue is expected to be around +391.57%. Your current $100 investment may be up to $491.57 in 2022.
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