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Bitcoin is a new form of currency. It’s similar to the US Dollar, the Euro or the Peso, except that it is not controlled by any single entity, government or organisation.
Instead of being controlled by a single entity, bitcoin is a peer-to-peer currency, meaning that it lives on the computer of each person that uses it. (Similar to the internet itself.) Because it’s decentralized, nobody can mess around with the market by releasing more bitcoins into circulation and there is no wall-street banker getting rich by standing in the middle of each transaction.
The benefits of bitcoin are that sending them happens almost instantly and doesn’t require a transaction fee – unless the person initiating the transaction decides to pay one. You see, because nobody controls the bitcoin network, there are nodes all over the world who help verify each transaction that takes place – this process is called “mining.”
In order to incentivize these “miners” to help verify all of the transactions, the bitcoin system awards bitcoins to miners periodically. Right now, 25 bitcoins are awarded in a sort of lottery system about every 10 minutes. The code behind bitcoin handles this lottery and it’s completely open source so everyone can see it.
The rate that bitcoins are awarded will halve to 12.5 in 2017 and then halve again every 4 years until the final bitcoins are rewarded in 2140. At that time, there will be a total of 21 million bitcoins and after that, that’s it – no more will ever be created. Based on the current value, there are over $1.4 billion bitcoins available. (At the time of this writing, a single Bitcoin is worth over $100.)
The way bitcoin works is very simple, each person has a bitcoin wallet that they use to send and receive money. This wallet is a simple string of letters and numbers, making that wallet completely anonymous unless the owner decides to associate themselves with it. The anonymous nature of bitcoin transactions results in it being used for a variety illicit activities.
While illegal purchases do take place, there are thousands of businesses, services and marketplaces all over the world that accept bitcoin. The rate of adoption is growing exponentially and more people than ever are using and trading bitcoin.
Bitcoin was originally invented by a mysterious individual called Satoshi Nakamoto in 2008 and the first bitcoin transaction happened in 2009.
Bitcoins are the future of currency worldwide …and you’re about to get the insiders secrets ahead of the crowd. Click here to get more information about Bitcoin.