Saturday, 4 Jul 2020

4 Things You Wanted To Know About Bitcoin But Were Afraid To Ask

Bitcoin is the first decentralized cryptocurrency that is based on blockchain technology. Although Bitcoin was created just in 2009, it has become one of the most popular cryptocurrencies since then. Here is what everyone needs to know about Bitcoin.

Who created Bitcoin?

Bitcoin was presented to the public in 2009, but who invented it? According to reports, it was an anonymous programmer, or a team of programmers, under the alias Satoshi Nakamoto. It was claimed that Nakamoto is a man living in Japan, but no one knows exactly who he is.

4 things to learn before buying Bitcoins

  1. The transactions are irreversible. This is true for all cryptocurrencies. Bitcoin transactions can’t be reserved, so be careful before making them. Make sure you work with reliable businesses and people.
  2. It is not completely anonymous. The transactions are available to the public on the network. It means that anyone can check the balance and operations of any Bitcoin address. While personal information isn’t provided, the identity can be disclosed during a purchase.
  3. Bitcoin transactions are fast, and the fee is low. The payments are almost instant: it usually takes just several minutes to make a payment and receive coins, while traditional bank transfers can take up to five banking days.
  4. Bitcoin investing is exciting. The crypto market is volatile, which means the value of Bitcoin can (dramatically!) drop or grow in a very short time. It is the rule of this game. If the price increases, you can multiply your savings in no time. On the other hand, you may lose some money if the price suddenly decreases. It is better to see Bitcoin as a high-risk asset with both its advantages and disadvantages.