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Introduction To Bitcoin and its History

Bitcoin been a well-known digital and crypto currency that was first introduced by a man or a group of people hiding under the name satoshi nkamoto came up first in the year 2009. Bitcoin was introduced to encourage decentralization and also further encourage the reduction in transaction fees when sending financial funds between one person to another but in return, this idea has discouraged the use of banks, and has giving people full control of how they use their funds. Bitcoin and any other crypto currency is not controlled by the financial banks unlike our local currency. Digital currency gives users the freedom and full control over their finance. Your funds can be accessed any time and can be spent at your own will. Bitcoin transaction fees are lower, and heavy funds valuing up to millions of dollars, can be transferred at a much lower cost and faster speed.

BITCOIN HISTORY CHART

The below chart shows the price of bitcoin from 2014 till 2019

bitcoin chart
2014-2019 bitcoin price chart

IS BITCOIN LEGAL?

This is a common question among people that find bitcoin interesting and are willing to invest in bitcoin. The best answer to this question is that bitcoin been legal or illegal is dependent on the country you are, and their laws regarding bitcoin. Some countries support the use of bitcoin E.g. Asia countries while others are against the use of bitcoin. Bitcoin is suspected to be used easily by the bad guys for fraud, money laundering etc. Because of the freedom attached to it and its untraceable nature.

WHATS THE FUTURE OF BITCOIN?

According to digital and financial experts, bitcoin is expected to last forever and will likely take over the local bank operations, but nevertheless, users are expected to invest only what they can afford to lose on bitcoin.

HOW TO EARN FREE BITCOIN

Earning free bitcoin online or locally can be fully associated with working hard to earn your local currency. To earn free bitcoin, you have to work on sites willing to pay you for carrying out a task using bitcoin means of payment. A lot of companies available online pay users using bitcoin for example, a popular freelance network known as seoclerk. Other ways of getting paid in bitcoin is through forex and crypto trading on brokers that support bitcoin mode of withdrawals.

WAYS TO STORE BITCOIN

Bitcoin is usually stored in a safe online store known as bitcoin wallet. This bitcoin wallet is provided by some digital companies and this wallet comes with a unique address for receiving funds just like the local account number associated with our local bank accounts. Example of companies that support bitcoin storage include paxful.com, luno.com, blockchain.com, gdax.com.

SIMPLE WAY TO CONVERT YOUR BITCOIN TO USD

Bitcoin can be converted to gift card through online or local exchangers. Example of online exchangers that support the conversion of bitcoin to usd include skrill, coinbase, neteller, virwox etc. There are also other local online exchanges that support this same service but it depends on your country and local currency. Another possible means of converting bitcoin to usd is with the use of bitcoin atm.

CONCLUSION

What keeps most bitcoin investors going, is that they believe the price of bitcoin will increase from its current price in future. Even though there are no valid financial proof to back this claim up, it’s strongly advice able and recommended that investors should only invest what they can afford to lose in bitcoin.

What do you think?

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