What is Bitcoin? If you don’t know what Bitcoin is, you’re not alone. Few people do (even most of the people who are buying it). Yet it’s possible that you’ve already heard of Bitcoin – or even used it – and not realized it. Whether or not you use it yourself, there are plenty of good reasons to consider investing in Bitcoin. Here are 7 of the most important facts to keep in mind before you get started.
1) Overview
The world is experiencing a revolution. What does that mean for you and your bank account? Cryptocurrencies have existed since 2009, when Satoshi Nakamoto, an unknown developer (or group of developers), released bitcoin as an open-source project. But recently, cryptocurrencies have been gaining steam—and we’re not just talking about bitcoin, ethereum and litecoin.
2) Why Should I Trust Bitcoin?
On a personal level, there is no such thing as perfect trust. It’s important that people recognize there is inherent risk involved with any investment or purchase—and it is up to them to weigh those risks against potential rewards and decide whether or not they will take action. The same goes for trust in Bitcoin; many people have reasons why they believe it should be trusted (or not), but it’s up to each individual person to do their own research and decide what they think is best.
3) How do I get Bitcoins?
What is Bitcoin? How do I get bitcoins and how much are they worth? This guide will answer all your questions about buying, selling and trading Bitcoins.
4) What Can I Buy With Bitcoin?
There are many things you can buy with bitcoin and a variety of places where you can spend it. In our experience, however, it’s still limited. Although companies like Microsoft and Overstock have adopted bitcoin as a payment method, there aren’t many grocery store places where you can just walk in and pay for something using bitcoin – not yet anyway.
5) Where can I use my Bitcoins?
Before we delve into whether or not it’s a good idea for you to invest, let’s briefly discuss what it means for something—or someone—to be worth something. Ultimately, everything has value because people say so: The U.S.
6) Is Bitcoin Legal Currency?
Only about 30% of Americans think that bitcoin is a legitimate form of currency—and it’s tough to blame them, given that it doesn’t seem at all like other currencies we’re used to. Despite its oddities, bitcoin has been around for over 8 years, with early adopters using it for transactions as far back as 2010. The currency is currently worth about $4 per coin and costs around $0.40 to mine.
7) Risks and Rewards
When it comes to investing, it’s always important to think about risks and rewards. With any kind of investment, no matter how great or risky, there is going to be a risk that your money will go down in value. While there is always a chance that Bitcoin will go up over time, remember that as an investment, it comes with its own set of risks.
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