What is Bitcoin ?

guruboxblog 17 Comments

Bitcoin is a new currency created in 2009 by Satoshi Nakamoto. Bitcoin uses peer-to-peer technology to operate with no central authority or banks.

  • Bitcoins are not created by any central bank, nor regulated by any government.
  • Bitcoins completely bypass banks.
  • Bitcoins are changing how we store and spend our personal wealth.
  • Bitcoin transactions are irreversible.

Where you can use Bitcoin ?

Bitcoin can be used to book hotels on Expedia, shop for furniture on Overstock and buy Xbox games.

How to earn Bitcoin?

Earn Bitcoins by accepting them as a means of payment 🏬
Earn free Bitcoins by completing tasks on websites βœ”
Earn Bitcoins from interest payments %
Earn Bitcoins from mining πŸ’Ž
Earn Bitcoins by getting tipped πŸ‘
Earn Bitcoins through trading πŸ“ˆ
Earn Bitcoins as a regular income πŸ‘¨
Earn Bitcoins from gambling – not suitable for everyone 🎰

What are the risks associated with Bitcoin ?

  • No national federal bank is behind the currency, so if Bitcoin fails there is no authority that can help you.
  • You can loose your local wallet so you will loose access to your Bitcoins forever.
  • You store your Bitcoins on a central portal, similar to a bank account and this account gets robbed and again you loose all your Bitcoins.
  • Volatility – Bitcoin is highly volatile.Here you can see the price price fluctuations
    18 Feb 2011 $1.00
    18 Dec 2017 $19,498

    Chart

17 thoughts on “What is Bitcoin ?”

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