Exactly what is Bitcoin?
If you're here, you've heard of Bitcoin. It has been most significant frequent news headlines over the last year or so - as a find rich quick scheme, the end of finance, the beginning of truly international currency, as the end of the world, or as a technology that has improved the world. But what is Bitcoin?
In short, you could say Bitcoin is the first decentralised system of money used for online transactions, but it will probably be useful to burrow a bit deeper.
We all know, in general, what 'money' is and it is used for. The most significant issue that witnessed in income use before Bitcoin relates to it being centralised and controlled by a single entity - the centralised business banking system. Bitcoin was invented in 2008/2009 by an unknown creator who goes by the pseudonym 'Satoshi Nakamoto' bringing decentralisation to money on a global scale. The idea is the currency can be traded across international lines with no difficulties or fees, the checks and balances would be distributed across the total globe (rather than just on the ledgers of private corporations or even governments), and money would become more democratic and both equally accessible to all.
How did Bitcoin start?
The concept of Litecoin to PayPal, and cryptocurrency in general, was started in 2009 by Satoshi, an unknown researcher. The reason for its invention was to solve the challenge of centralisation in the use of money which relied with banks and computers, an issue that many computer scientists wasn't happy with. Achieving decentralisation has been attempted since the late 90s without success, so when Satoshi published a paper in 08 providing a solution, it was overwhelmingly welcomed. Today, Bitcoin has developed into a familiar currency for internet users and has given rise to thousands of 'altcoins' (non-Bitcoin cryptocurrencies).
How is Bitcoin made?
Bitcoin is made through a process called mining. Just like paper money is created through printing, and gold is mined from the ground, Bitcoin is created by 'mining'. Mining involves solving of elaborate mathematical problems regarding blocks using computers and introducing them to a public ledger. When it began, a simple PC (like that in your home computer) was all one was required to mine, however , the level of difficulty has increased significantly and now you'll have specialised hardware, including high end Graphics Processing Unit (GPUs), to extract Bitcoin.
How do I invest?
First, you have to available an account with a trading platform and create a wallet; you can find some examples by searching Google for 'Bitcoin trading platform' instructions they generally have names involving 'coin', or 'market'. Immediately after joining one of these platforms, you click on the assets, and then visit crypto to choose your desired currencies. There are a lot of indicators on every platform that are quite important, and you should be sure to observe these individuals before investing.
Simply buy and hold
While mining is the surest and, in a way, simplest way to earn Bitcoin, there is too much hustle involved, and the cost of electricity as well as specialised computer hardware makes it inaccessible to most of us. To avoid this, make it easy for yourself, directly input the amount you want from a bank and click "buy', then sit back and watch as your investment increases according to the price change. This is called updating and takes place on many exchanges platforms available today, internet site trade between many different fiat currencies (USD, AUD, GBP, etc) and different crypto coins (Bitcoin, Ethereum, Litecoin, etc).