Understanding the Basics of Bitcoin

Bitcoin is perhaps the leading cryptocurrency in the world right now. You might not be familiar with it, but you will almost certainly have heard the name mentioned. Bitcoin is growing in popularity and importance, and it could have huge impacts on our economy in the future. That’s one of the reasons why it’s important to learn as much as you can about it now.

The more you learn and understand about Bitcoin, the more you can get involved in it, and this will be of great benefit to you in the long run. So, we’re going to take a look at Bitcoin and find out a little more about it. There are so many facets to Bitcoin, and it can get a little complicated, so we’ll try to keep it simple.

Who Invented It?

The first thing to know about Bitcoin is that it has an enigmatic inventor. The cryptocurrency was introduced in 2008, and released in 2009, by a man calling himself Satoshi Nakamoto. Now this name is a pseudonym, and there has long been speculation as to the real identity of Nakamoto. Last year we thought the puzzle had been cracked when Australian Craig Steven Wright claimed to be Nakamoto. However, he has not provided any evidence to support his claim, so many remain sceptical. It is thought that Nakamoto owns around one million Bitcoin, and, with its growing success, surely his identity will be revealed sooner or later?

How Does it Work?

So how does Bitcoin work? This is the question a lot of people have asked and is one of the many appeals of Bitcoin. See, the transactions involved in Bitcoin are recorded in a public ledger known as the blockchain. This provides security and transparency and makes it very difficult for people to commit fraud using Bitcoin. People can mine Bitcoin using hardware and software with their computers. This helps generate new Bitcoin and ensures the community grows.

Is it a Good Investment?

One of the questions you might be asking yourself is whether Bitcoin makes a good investment. There are so many opportunities for investment these days, so is Bitcoin worth it over other options? Well, the answer is yes, if you have the money to invest. In April of this year, Bitcoin reached its highest ever value – $1,400. This value has grown significantly since Bitcoin first came on the scene, and looks to grow even more in the following few years. If you can afford the costs of investing in Bitcoin, it is definitely the right move for you.