Bitcoin And The Bits That Go With It

Gone are the days of going to the bank to stand in the queue just to withdraw some cash so we can go stand in other queues just to perform the traditional exchange of goods ceremony. Other ways have taken over the world.

How-to Bits

Now that Bitcoin is a major player on the international investment stage, you really want to get in on the action. So how do you do that? Well, it starts with finding a reputable Bitcoin marketplace.

Do a little research and once you have settled on the right one you can go ahead and register. Usually, this entails creating a Bitcoin wallet for transactions between yourself and other users without involving banks and corporations.

The next step is buying your own Bitcoin – there are over 300 payment methods available. Buy bitcoin with debit card instantly, or do an electronic bank transfer, or maybe even use gift cards.

Cash payments and payment applications are also accepted by large platforms and some even offer the option for you to let them know if you have a payment method they do not currently use and they will attempt to accommodate you.

Technical Bits

Simply put a cryptocurrency is a decentralized digital currency, i.e not belonging to any country, with no central bank or single administrator.

On the Bitcoin peer-to-peer network, this currency can easily and safely be transferred between users without the need to wait for intermediaries to keep things going.

Every transaction is verified along with network nodes through cryptography and logged in a ledger known as a blockchain which is publicly distributed.

Interesting Bits

Bitcoin was created in 2008 under the pseudonym of Satoshi Nakamoto, the identity of this person or group has not been verified.

In 2009 the Genesis Block, the name given to the first blockchain, was mined and by mid-January ‘09, the first receiver got ten bitcoins for their contributions.

Naturally, others soon followed suit and the e-phenomenon was well on its way by 2010 when the first commercial transaction took place at a Papa Joe’s Pizza, ₿10,000 was paid for two pizzas.

The accepted Unicode character and recognised logo for Bitcoin is this “₿”  and should not be confused for the “฿” of the Thai Baht.

Historical Bits

A majority of the first users of Bitcoin emerged from the “shady alleys” of the internet due to the anonymity the currency affords its users.

The now well known Silk Road was one of these domains and they transacted 9.9 million in Bitcoin, worth over $200 million.

The volatility of cryptocurrency is something of a pain for economists and it’s plain to see why.

In 2011 the price per Bitcoin was 30 cents US and by June it was at $31.50, within a month the price fell to $11.00, $7.80 the next month and $4.77 a month later.

By 2014 prices were at $770.00 per Bitcoin and in December 2017 reached an all-time high of $19783.06.