An Outside Perspective (BTC)

Bitcoin: A History

Bitcoin is a cryptocurrency and/or a digital asset designed to work as a medium of exchange and rather than relying on central authorities; it uses peer-to-peer cryptography to control its creation and management (Bitcoin Project, 2021). It was invented by, presumed, pseudonymous Satoshi Nakamoto, who put in many existing ideas from the cypherpunk community (O’Hagan, 2016). The structure of bitcoin is a blockchain technology that it uses to record transactions on its network (Conway, 2020). A blockchain is pretty much, just a publicly spread ledger. It records every bitcoin transaction made on one of those blocks. When that block's memory is full, it is added to the chain of blocks. This ledger is freely available on any computer in the bitcoin network and validates bitcoin transactions, stores the blockchain, and relays transactions to other network computers. The correct term for these PCs is nodes.

“Mining” Bitcoins

Cryptocurrency mining is costly, and occasionally rewarding (Hong, 2021). Nonetheless, “mining” is a magnetic appeal for several investors inquisitive about cryptocurrency because the miners are rewarded for their work with crypto tokens. This may be because entrepreneurial people see “mining” as pennies from heaven, like Californian gold prospectors from back in 1849.

Why Does Dogecoin Never “Catch” Bitcoin?

Dogecoin was designed to be a friendly, more approachable kind of cryptocurrency that might reach users postponed by the cold complexity of Bitcoin (Bowden, 2021). The Doge community has close to form a charitable and friendly community, which might be able to assist anyone in need. One dogecoin is worth $0.07 (CoinDesk, 2020) - while one bitcoin is worth 736,968.1 Dogecoins (at the time of this writing.)

How Much is BTC worth?

Bitcoins are divisible into smaller units called Satoshis; every Satoshi is approximately one hundred millionths of a bitcoin (Conway, 2020). This price changes to suit the market on any given day and may fluctuate during any particular hour. One bitcoin is worth 47,416.17 USD, as of Feb 11, 10:59 AM MST (CoinDesk, 2020).

What Big Shots Have Invested in it?

“Barry Silbert, Dan Morehead, Tyler, Cameron Winklevoss, Michael Novogratz, And Digital Asset Holdings” (Anderson, 2020) are 6 of the biggest Bitcoin investors. Tesla is a well-known investor, at least I should hope you would know of Elon Musk and his company (Roberts, 2021). That, and Satoshi Nakamoto is probably the richest by far.

Should YOU invest?

You can definitely trade bitcoin, with ease, for traditional currency or other assets almost immediately with next to no fees (Cochrane, 2018). The high liquidity associated with bitcoin makes it a decent investment vessel if you're trying to seek out short-term profit. Digital currencies may also be a long-term investment thanks to their high market demand. Bitcoin is additionally gaining popularity without delay, but that alone doesn't make it a wise investment. Before you invest any money, give some thought to your risk tolerance. If you have got money to burn and are willing to risk it, it's definitely worth the gamble. Apart from most investors, it is best to steer beyond Bitcoin for instantly.

Can writing about a cryptocurrency get you bitcoins?

You can earn a substantial amount of bitcoin through its many facets: like playing mobile games (Android ONLY), completing work on an internet site, and/or writing about cryptocurrency for the correct websites and firms (Chi, 2018).

What do I Think of Bitcoin?

I don't care much for Bitcoin at this time, but I think that Bitcoin would be an excellent investment for the long run. This can be mainly because Cryptocurrencies are in the long run, I don't see solid objects getting used as currency soon. Meaning that when physical money starts to decrease in popularity, cryptocurrencies will skyrocket. So, if you're puzzling over using bitcoin, roll in the hay now while the worth is (relatively) low. I don’t plan on using any e-Currency besides debit, credit, or the other transaction of currency that you simply can physically see/hold.

Citations / References:

Anderson, S (2020, November 20). Bitcoin (BTC) Profit Potential makes it Worth the Risk despite High Volatility. The Currency Analytics. https://thecurrencyanalytics.com/21508/bitcoin-btc-profit-potential-makes-it-worth-the-risk-despite-high-volatility/

Bitcoin Project (2021). Bitcoin is an innovative payment network and a new kind of money. Bitcoin.org. https://bitcoin.org/en/

Bowden, S. (2021, February 10). Will Dogecoin Go To the Moon? The Real World Value Of Doge. Commodity.com. https://commodity.com/cryptocurrency/dogecoin/

Cochrane, M. (2018, April 2). The History of Bitcoin. The Motley Fool. https://www.fool.com/investing/2018/04/02/the-history-of-bitcoin.aspx

CoinDesk (2020). Bitcoin and Cryptocurrency Calculator. CoinDesk. https://www.coindesk.com/calculator

Conway, L. (2020, November 17). Blockchain Explained. Investopedia. https://www.investopedia.com/terms/b/blockchain.asp

Hong, E. (2021, January 7). How Does Bitcoin Mining Work? Investopedia. https://www.investopedia.com/tech/how-does-bitcoin-mining-work/

Chi, C. (2018, October 23) How To Get Bitcoins: 6 Tried-and-True Methods. HubSpot. https://blog.hubspot.com/marketing/how-to-get-bitcoins

O’Hagan, A. (2016, June 30). The Satoshi Affair. LRB.

https://www.lrb.co.uk/the-paper/v38/n13/andrew-o-hagan/the-satoshi-affair

Roberts, D. (2021, February 11). How crypto adoption by companies like Visa, PayPal, and Tesla is creating a network effect. Yahoo Finance. https://finance.yahoo.com/news/how-crypto-adoption-by-companies-like-visa-pay-pal-and-tesla-is-creating-a-network-effect-214639389.html