Business

What is Bitcoin?

This is the most interesting topic being brought up constantly at any social gathering I go to. Everyone wants to know what it is, but no one really understands it.

I’ve been buying and trading Bitcoin since around June of 2016. As soon as I found out what Bitcoin actually was I became instantly obsessed. I immediately knew this was an excellent investment.

Decentralized Bitcoin Image

Most people don’t understand it because the people buying it see it as a stock or security, and that is not Bitcoin’s intention.

So, first let’s try to break down what Bitcoin’s purpose is.

Lets say you walk into pizza place and want to buy a pizza. You walk up to the register to pay and instead of paying for it with cash, you pay for it with Bitcoin. Bitcoin wants to be a universal currency that you can buy anything from anywhere in the world. No More US Dollars, Euros, Pesos, Yen, or Rubles.

Okay, so Bitcoin is like Cash for the internet. Got it. Moving on

Who made Bitcoin? – Satoshi Nakamoto – No one knows who he or she actually is.

What makes it so revolutionary is that it created something called Blockchain.


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Blockchain technology is now changing the world as we know it. Satoshi solved one of the biggest problems with electronic transactions known as the double spending problem.

Confused? Let me draw it out for you.

Bitcoin Process Image

If you want to know the complexity of Blockchain, there is a video I’m sharing a video explaining it in complete detail.

This is something you don’t need to know how it works in order be able to use it, kinda like the internet.

So for you tech nerds. See the video below.

 


Want to buy Bitcoin? Click Here. Or see How to Purchase Bitcoin

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2 replies »

  1. Thanks Otiato!! I have looked at it and it definitely helps understanding Bitcoin from a different perspective.

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