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 ✔
Earn Bitcoins from interest payments %
Earn Bitcoins from mining 💎
Earn Bitcoins by getting tipped 👏
Earn Bitcoins through trading 📈
Earn Bitcoins as a regular income 👨
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
Thanks GuruBox for explaining Bitcoin basics. Well done.
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Thanks Pradeep for reading.
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Thanks for sharing information about Bitcoin.
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Thanks for reading and comments.
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I think it’s too early to invest in bitcoin. I would like to stay away.
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Thanks Zen,Yes its very early stage of bitcoin.
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Yes to early to invest in bitcoin. Lots of crypto currency popping up. Even warren buffet said not wise to invest
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Thanks Uma, yes I do agree with you…can you please share the article where Warren Buffet to link to this post…
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BUFFETT: Bitcoin ‘definitely will come to a bad ending’
https://www.businessinsider.com.au/warren-buffett-on-bitcoin-price-2018-1?r=US&IR=T
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Thanks for explaining bitcoin in a very easy way.
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Thanks for reading and comments
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Love this basic outline! If you want a little bit more info, check out my post:
http://www.honorablecrypto.com/bitcoin-explained-like-youre-five/
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Excellent detailed…thanks for sharing the link.
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The article was insightful, thanks. i also thought that this one helps too https://cryptonewsmagnet.com/what-is-bitcoin/
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Thanks for sharing n reading.
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Good Artilce bro 🙂
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Good article, Found New Things. Thanks dude .
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