Bitcoin is a decentralized cryptocurrency peer to peer, and the first of its kind. It is one of the most fascinating innovations in finance in at least the last hundred years. Bitcoin is completely determined by an algorithm and everything is open source, so there are no surprises. No central agency can control the supply of Bitcoin, unlike materials like fiat currency or gold. The world has only seen 21 million Bitcoins.
Like any new innovation breaker, Bitcoin has a very loyal group of supporters and followers who are passionate about ideas. They are the ones who take the lead and spread the idea and take it to the next level. Bitcoin has many fans with the idea and how it can shape the future of finance, instead of returning the power of money to the masses under a central control.
It’s not just fleeting fashion. Bitcoin is there to stay. Miners are preparing to get the best equipment to make Bitcoin more efficient. Exchanges are investing heavily in the security and effectiveness of the Bitcoin system. Entrepreneurs are taking their chances and building great businesses around this idea. Venture capital funds have begun to support projects around Bitcoin (Coinbas has just raised a $ 5 million venture fund from some of the best VCs, including the group that sponsored Tumblr).
There are many scenarios, black swan and otherwise, where Bitcoins can become a major force in the financial industry. There are plenty of unfortunate and gloomy scenarios where you can imagine where Bitcoin will store its value and value, as hyperinflation consumes the fiat currency of a weak central government (at least there has been one case in Argentina where a person sold his house in exchange for Bitcoin). ). However, that is too pessimistic. Even if nothing bad happens, Bitcoin can live happily with the traditional currencies of the world.
Some of the biggest advantages of Bitcoin are realized in efficient markets. It can be split into a hundred million pieces, each called a satoshi, as opposed to a fiat that can usually be split into just a hundred pieces. Also, transactions in this network are essentially free or sometimes require a small transaction fee to influence miners. As children, we are talking about less than a tenth of a percent. Compare this with the 2-4% fee that credit card companies typically charge, and you’ll see why this concept is so appealing.
So now that you are convinced that Bitcoin is a long-term solution, how do you use this? It’s still in the early stages of development and there are plenty of places you can do some Bitcoin. Faucets, for example, only accept ads and captcha and have no catch – you enter your wallet ID and get free Bitcoins.
There are a number of other Get-Paid-To concepts in the world that have been translated, especially for the Bitcoin economy. For example, there are many ways to do surveys, watch videos, and visit advertiser websites, all in exchange for some Bitcoin. This being new is a great way to test the water and secure some of it in the process. Remember that giving Bitcoins is much easier because micro-transactions are very convenient. There should be no real minimum payment and even when there is, it is usually very minimal.
To participate in the Bitcoin economy, you do not need to be a technical expert or delve into how the currency works. You can use a variety of services to make the process as easy as possible. It’s up to you to make that leap of faith and keep it in the long run.