What is Cryptocurrency?

‘What Is Bitcoin?’ – The Matter That Concerns Everybody

Bitcoin was created by an anonymous person who is referred to by the name of Satoshi Nakamoto. There is much speculation that the said might actually be a group of skilled coders, programmers, and software developers. The truth is still covered in mystery but the latter rumor appears to be more plausible due to the fact that most crypto currencies have a complex underlying protocol and it would have been extremely hard for a single person to design and write them.

The first crypto currency remains the best cryptocurrency to invest in 2018. It is the unrivaled forefather of all other Altcoins and the average Bitcoin price remains the highest. Needless to say, one single unit of the crypto-coin costs a dozen times more than one ounce of gold. Making it a much smarter investment than it.

Anyone can generate favorable daily results on the Altcoin market nowadays. Users don’t have to have even the slightest idea of how crypto tokens work because there are lots of cryptocurrency exchange platforms that make matters more than smooth.

Lots of people engage in cryptocurrency investments without even knowing what is Bitcoin. In order to provide visitors with the simplest but most accurate answer possible, we are going to say that all Altcoins are basically lines of cryptographic computer code that hold an individual monetary value.

They can be traded, exchanged, and sent freely from one user to another with the use of Bitcoin wallets and their respective public addresses and private keys. The underlying technology is called a blockchain. New crypto coins are generated every time a block of the chain (a sophisticated mathematical puzzle) is solved by the crypto miners.

Did You Know?

The current number of Altcoins in the cryptocurrency market is close to 1,800. Not all of them are viable investment opportunities, however! Crypto traders must do their very best to follow the most recently-issued Altcoin news in order to find out which ones from the list of cryptocurrency by market cap are the most financially lucrative and rewarding. Exactly 23 crypto currencies have a capitalization of more than 1,000,000,000. More than 120 surpass the 100,000,000.

Bitcoin Whitepaper – Cryptocurrency Explained

The official launch of Bitcoin is preceded by the release of Nakamoto’s Bitcoin whitepaper, also known as a blueprint. It was called ‘Bitcoin: A Peer-to-Peer Electronic Cash System’ and published in October 2008. The cryptocurrency itself was launched on the 9th of January 2009.

Satoshi Nakamoto Fact:

The supposed birth date of Nakamoto is often listed as being on the 5th of April 1975. This information is taken from the personal profile of Satoshi on the P2P Foundation website. The published messages stated that he began the initial work on the code in 2007. Every line of code was written in such a way as to support a wide range of different transaction types. The Bitcoin domain was registered in August 2008.

This event was marked by the symbolic crypto mining of the so-called genesis block of Bitcoin (Block No. 0). It is estimated that he must have accumulated about 50 units of the crypto-coin at the time being for the work that he did. Satoshi embedded the text ‘The Times 03/Jan/2009 Chancellor on brink of the second bailout for banks.’ in the coinbase transaction.

Bitcoin was not actually traded on any digital exchange platform up until the spring of 2010. Exactly 5 days after the infamous Bitcoin pizza purchase (May 22nd, 2010), it appeared for the first time on the cryptocurrency charts of a now defunct digital Altcoin exchange platform.

During this 5-day period, the Bitcoin price grew with 900% – from $0.008 to $0.08. The cryptocurrency’s first year of existence (2009) was not marked by any significant change in value and this is one of the main reasons why people did not realize its true potential. A given number of units of the crypto token had to be mined for in order for the upward trend to begin.

Nakamoto’s peer-2-peer open source blockchain network was the first new-generation digital payment system. He set the perfect foundation, on top of which all the other crypto currencies would build upon. The Altcoin sphere has expanded to such levels that some cryptocurrency exchange platforms seek to solve other problems than just serve as a payment method.

Ethereum, for example, seeks to introduce the digital community to the smart contract system. The current Ripple price places it in the top 5 list of cryptocurrencies by market cap, thanks to the fact that it was designed specifically to serve the needs of the banking industry. Others, like LiteCoin, Monero, and Dash, mimic the way that Bitcoin works with only a couple of basic differences in the operational process.

The Legitimacy Of Bitcoin

There have been increased discussions, related to the ‘Is Bitcoin Legal?’ matter, both within the digital trading community and among the general public. The subject is more than complicated and can not be viewed in a one-sided manner. This is mainly because the first crypto-coin is not an official currency, like the USD or the EUR.

But users will not find a single problem if they try to purchase a given good or pay for a service, using the token. One can order almost every item in the catalog of eBay, Amazon, Microsoft, and many others. Clients can also proceed to purchase air and space travel tickets from Virgin Galactic and Virgin Atlantic using the first cryptocurrency.

Not to mention that one can also easily order food products from the household with the crypto token, as well as get Domino’s pizza and Subway sandwiches. Avid gamers can take advantage and place a fraction of a Bitcoin unit to play different games on Steam. Transactions with PayPal are also eased.

IMPORTANT NOTICE: FOR A SAFER ALTERNATIVE  - See Our TOP RATED TRADING SOFTWARE!

On the other hand, the crypto-coin is not subject to official government regulation. Such a thing is expected somewhere in the near future but, for the time being, it is not considered completely legal by most of the authorities around the world. This also has a positive side to it as users do not have to pay any additional taxes or fees.

The open-source code it utilizes has set the grounds for all of the subsequently-released crypto currencies. It is possible for an Altcoin to have been developed without the blockchain technology that Satoshi Nakamoto developed but this would have taken a very long period of time.

His underlying protocols meant that developers already had a base foundation with which to work with. The peer-2-peer distributional system meant that the information about them would be dispersed much quicker than usual. Transactions are also sent and received much speedier than with traditional online banking methods.

Bitcoin makes up for exactly 42% of the entire cryptocurrency market capitalization. Even the recent price fluctuations of January 2018 which led to the so-called cryptopocalypse did not manage to dethrone it from the Number 1 position. The scarce amount that is left from it implies that it will continue doing so in the future, as well.

Fun Bitcoin Fact:

The total supply of Bitcoin is estimated as being 21,000,000 individual units. Experts have estimated that there are currently more than 17,000,000 crypto-coins in circulation. The first cryptocurrency was intentionally created to have a limited number in order to suggest that it is something ‘precious’, much like gold, silver, and diamonds.

Do Your Best To Get A Bitcoin In Your Crypto Wallet!

Milton Friedman was the first person to share his view in the 1990’s that an e-currency would one day hit the markets and change the life of every person on the planet. The man was a prominent American financier who even received a Nobel Memorial Prize in Economic Sciences in 1976. Less than a decade later, his world came to be even though he sadly passed away.

Bitcoin’s P2P and open-source code managed to turn every aspect of investments upside down. The game-changer is here to stay and the best thing that the individual can do is to adapt to the shifting trading environment and try and acquire some units of the crypto-coin, keeping them safe in a secure Bitcoin wallet.

Find the BEST Crypto Tool

Investment solutions get released every day. But that does not mean each is good for your trading ambitions. You need secure and proven to work platforms if you want good returns on your investments. We have found the best among the best and we strongly recommend them. Visit the industry leader if you are eager to start trading.

 

To start making investments, do the following:

1. Go to the Official Website of the Platform

2. Complete the Sign-up Process

3. Start Trading


Jamie Portiss

My name is Jamie Portiss. Let me tell a little bit more about myself. I am a Financial Analyst by profession. Having worked my entire life in the financial services sector, I have managed to build a solid investment portfolio. It all began with a Bachelor’s Degree in Finance and right after graduating from university, I began working as a Junior Financial Analyst at a startup company, dealing with financial solutions. I want to bestow our know-how and understanding of the virtual markets (the cryptocurrency exchange, Bitcoin trading, and Altcoin investment spheres, in particular) with users. All that it takes is to do it the right way!

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