There are a lot of people who believe that the future belongs to Bitcoin and with the way physical or fiat currencies are going, this may not become a reality. Ever since Bitcoin was first introduced to the world back in 2009 by a person or group called Satoshi Nakamoto, Bitcoin has enjoyed its fair share of the limelight with people flocking to praise it or discredit it. Unfortunately for the latter, Bitcoin has only shown great promise since it first started. Bitcoin has grown tremendously and beautifully in its few short years. Five years ago, Bitcoin’s value was only around a few cents but now it is valued at $645. So while Bitcoin’s future is hard to predict, owing much to its volatility, its growth shows a promising future.
If you plan on getting into Bitcoin, there are a few things that you must know. Bitcoin is digital currency that is independent from any central authority like banking institutions and the government. Instead it is controlled by complex algorithms. This means that you have full ownership and responsibility of your bitcoins and that there is nobody else who will be accountable for its loss but you. Bitcoin is not regulated meaning the liberties that it provides you should come with a bit of caution.
To get into Bitcoin, you must first get the best bitcoin wallet you can find. This bitcoin wallet is what you will use to store and send bitcoins. Once you have downloaded a wallet, it is time to get a bitcoin address. Like an email address, this is what merchants or other people will use when making transactions. Know that you can have as many bitcoin addresses you want for your wallet. You can also get a client for your wallet which can turn it into something similar to a bank.
Once you’ve accomplished all that, it is time to purchase your first bitcoin. The most common way of doing this is through a bitcoin exchange which is a marketplace where people can trade bitcoins. All you need to do is find an exchange that trades in your currency, register and then trade.
When you’ve become adept at Bitcoin, you can even start mining your own bitcoins using software that is programmed to solve complex math problems.