What is Bitcoin

 

So many people have a hard time grasping the concept of  Bitcoin. Elon Musk even tried to explain it in a hilarious episode of Saturday Night Live. Yet millions around the world still asked with a confused tone... What is Bitcoin?

There are two simple ways to explain Bitcoin. The first thing you must realize is that Satoshi Nakamoto created the crypto currency to replace our traditional currency. So the bottom line is Bitcoin is digital money. It is described by many as a digital asset because there are no physical forms or Bitcoin.

The second thing you need to realize is Bitcoin is extremely valuable. Most experts compare it to gold but the reality is Bitcoin is more rare than gold. The scarce availability and future demand will eventually drive the price to unpredictable heights. The best way to describe the future of Bitcoin is to compare it to the California Gold Rush. Look at the history of Gold's price and Imagine if your ancestors would have stashed some away for you.

Bitcoin will soon be used to purchase goods at major institutions around the globe and in the next few blog posts you can learn about how to buy Bitcoin and how to use the world favorite crypto. In the mean time enjoy this youtube clip of Elon on Saturday night live

The Origin of Bitcoin

 

The cryptocurrency known universally as Bitcoin was invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto. The currency began use in 2009, when its implementation was released as open-source software. The word "bitcoin" was defined in a white paper published on October 31, 2008. 

Many people believe Satoshi is Japanese however the ip address used to use this release was recorded in California. The bitcoin blockchain is a public ledger that records bitcoin transactions and is visible in real time for the public to see or audit. A network of communicating nodes running bitcoin software maintains the blockchain.

Bitcoin is a digital asset designed to work in peer-to-peer transactions as a currency. Satoshi created the cryptocurrency to help free top globe from the Dollar and other inflationary currencies. In 2008 you could get 4 Bitcoins for a penny. Today the coin is trending up around $24,000 but well below its all time high of $60k

 For more info check out this awesome podcast below

Bitcoin for Kids