Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system.
How does Bitcoin concern you? As a developer, individual or business person. Everything. Digital currency is changing the world we live in.
Let’s say for an example, you wanted to transfer money from Australia to US. How would you do that? At the bank right? $100,000 AUD/US, whatever. It will take at least 3-5 days to get the money across and also a hefty fee on top as well for service fee etc. Bitcoin probably will take less than 24 hours depending on the network. Probably 1-2 hours or less with a very low fee. There are other cryptocurrencies where you can check here.
Article here IF you invested $10,000 of Bitcoin Investment in 2010, NOW it is Worth $200 Million, Gold $9,900.
Tip*: Best to buy at least 1 BTC and hold. (I have been following the market sometime now and there are speculations that it will hit $10,000 by next year)(Possibly 1 Million dollar) Never too late to get in and buy one!
At this time of write up.
1 BTC = $2344.06 AUD | $1731.52US
If you don’t want to buy Bitcoin (BTC), you can buy Ethereum (ETH). It is the next boom.
What can you buy with bitcoins?
Many things such as:
Buying physical goods with bitcoin:
- Online e-commerce sites
- Using bitcoin to obtain discounts
- Bitcoin gift cards
- Physical stores that accept bitcoin
Hotels and property
Bars and restaurants
Buying services with bitcoin:
- Web/tech services
Bitcoin gambling sites
Online bitcoin marketplaces and auctions
Tipping, or donating bitcoin to a cause
And much more…
Do your research.
* This is purely my research and opinion. I take no responsibility. It’s like stock, only invest what you can afford to lose. High risk = High reward.
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